One of our clients has robustly embraced the challenge of change.
They aligned their business around the undeniable fact that the next generation will not be doing things as they have been done before. While this company is in the telephone call centre industry, it realized that “demography was their destiny.”
The company recognized that younger people don’t use the phone to find solutions to their problems. They use the Internet, social media, blogs, and all sorts of other means to figure out a solution.
This company could see what was happening but also saw that their own clients were not paying attention. So, they determined they could lead the industry by opening up a new market space embracing all types of customer care into their business model, across many different technologies.
They were successful in adapting their business to the changing surroundings. Some businesses though are not all that determined.
What do you need in order to adapt your business to changing times?
Many companies need or want to change and feel that they too can be a success story.
This can certainly happen (we see it all the time) but change requires a combination of:
1) a crisis,
2) a willingness to make the unfamiliar familiar, and
3) a tool kit that can provide process and comfort as companies venture into the unknown.
Remember, the more comfortable solution is to flee the pain of changing a business. Or to fight the need altogether.
People—leaders and followers—are most comfortable with what is familiar and well-known to them. Their brains hate to change.
And being cheaper is not an effective way to adapt to changing times. This only leads to commoditisation and all-too-often, decline or disappearance.
It takes courage to change.
It takes hard work to bring great ideas to fruition AND the ability to overcome substantial opposition
Are you really ready to change? Here are 5 ways to know.
Ask yourself the 5 questions below to see if you are ready to Fight around new strategies, products, or markets, or if you are more inclined to Flight.
1. When was the last time you adapted or adopted something that was dramatically new?
This can be personally or professionally. This will reveal if you seek the new or flee from it. It also helps you better understand your own personal approach to change.
2. Who on your team is going to become the chief of a new strategy?
Are they bringing the right skill set to the journey? Do they have the confidence to lead a transformation—knowing that many of their colleagues will wish them well and then run the other way?
3. How are you going to mentor the team?
Who will champion their efforts, protect them from the naysayers, and give them space to successfully innovate?
4. Have you identified those first small wins?
These are very important. Nothing is as exciting as seeing new ideas come alive. Decide on the right first efforts early in the process. Focus on making them happen. Put into place the right dashboard to monitor and measure the impact. And, then keep pushing forward.
5. What type of culture do you have today?
Will it be the right one for tomorrow? Is your culture one of structure where the “rules rule” or rather, a place where ideas can flourish? A place where the comfort of the team or the family firm challenges those who want to step out of the familiar and try the new? Or are you a culture of results without the patience for discovery?
Big questions at a time when the speed of change is all around us and the need for continuously exploring and experimenting is essential for top-line and bottom-line performance.
Ask yourself these questions, then ask your leadership team as well. See what answers bubble up—and what new ideas come from the exercise that could turn your business around.
Flex Capital offers Invoice Discounting, Structured Finance and Purchase Order Funding solutions that inject cash flow into your business to you can implement the changes you need to keep doing good business.
The source of this article can be found here.