Remember MySpace? Kodak? RadioShack? Borders? Not too long ago, these companies dominated their respective industries. Now, they are prime examples of what happens when a company makes the colossal mistake of failing to change with the times. They simply did not adapt.
We are all one bad assumption away from making one bad decision. The key to making great decisions is to make sure you surround yourself with mentors who can help you see things with a new lens and a fresh perspective. This is how the best companies in the world innovate and grow their businesses.
It does seem that today’s businesses have embraced the significance of innovation. According to McKinsey, 84% of executives say that innovation is important to their growth strategy, and 80% think their current business models are at risk of being disrupted in the near future.
They’re probably right. Industry disruption has become the new normal. Consider that 85% of the jobs that today’s learners will be doing in 2030 haven’t even been invented yet, according to a report by Dell Technologies. As the company notes, “The pace of change will be so rapid that people will learn ‘in the moment’ using new technologies such as augmented reality and virtual reality. The ability to gain new knowledge will be more valuable than the knowledge itself.”
This brings up one of the most important questions you need to ask yourself about you, your company and all employees: Are you doing everything you can to stay nimble and ready to adapt in these times of exponential change? Or do you view disruption as some unpredictable force that’s out of your control? Before you find yourself asking, “What just happened?” give some real thought to the following.
1. Is your business plan still relevant?
When’s the last time you fine-tuned your business plan? Get it out of that drawer and into your hands as a living document that helps respond to real-time challenges. Set your quarterly, annual and three-year goals, then reverse-engineer each step to make it a reality. Review, monitor and evolve this every day.
2. Is the right team in play?
No matter how great your skills, you’re only as good as the team around you. Do you have the right people in the right seats? Have you given them the training and the tools to fulfill and exceed their promise? Are you able to inspire them? Remember, people leave managers, not companies. Take a walk around the office every day to connect with your people.
3. Are your people able to adapt?
Have you trained your employees to think and execute effectively? Do you encourage them to think outside the box and come to you with ideas? Do you reward innovation, or are you stuck in a holding pattern? Keep your vision in front of your people so they can forecast and project when they see, hear or feel change ahead. Then, most importantly, listen to them!
4. Are you always recruiting?
Are you constantly on the lookout for new talent or blindsided when a vacancy crops up and then panicked to find a replacement? Remember ABR: Always be recruiting. Interview even when you don’t have positions open. Fill your team roster and leadership with those who understand how to adapt to the everchanging business, industry and economy.
5. What’s your competition up to?
How are your competitors adapting to change? Are you behind or ahead of them? What is it costing in dollars, mindshare and retention if they are adapting and you are not? How will they look different from you in the next three or five years?
As Walt Disney CEO Bob Iger puts it, “Innovate or die.” Or to quote another great thinker named Steve Jobs, “Innovation distinguishes between a leader and a follower.”
How about it? Will your business lead or follow? Will you innovate and adapt, or go the way of Blockbuster?
Let your working and living business plan along with your instincts be your guide to a great and productive future for you and your company. Always be ahead of real-time when it comes to making smart changes. The last thing you want to do is look back with regret.
Think big!
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December 09, 2019 at 08:00PM
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Adaptability Is The Key To Business Growth: Five Ways To Stay Ahead Of Real-Time - Forbes
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