We live in a world where every day consumers expect and demand more, ground-breaking new technologies are changing the way we live and work; and businesses are learning that continual evolution is the future…so what are you doing to keep up?
Just look at the likes of Woolworths, Polaroid, Kodak, Blockbuster…the list goes on. Innumerable organisations have learnt the hard way that not embracing change is no longer an option. Take Blackberry, whose CEO was once famously quoted saying:
“We know we have a very poorly diversified portfolio. It either goes to the moon or it crashes to earth – but it’s going to the moon pretty well right now so we’ll stick with it!”
What about the organisations that are thriving in this environment? There are a number of commonalities that can be found between these, and we’ve outlined just a teaser view of what some of the more innovative firms are doing…
Keep the customer at the heart of everything you do – Having been charged $40 in late fees for an unreturned film, an irritated Blockbuster customer decided to set up his own business. Unlimited films, fixed price and no late fees – Netflix was born. And by the time Blockbuster followed suit…well, it was far too late.
All businesses have a strategy, but the best ones are built fully around quickly understanding and acting upon their customers’ needs (and recognising that these needs may not be the same now as they were 20 years ago)!
Crowdsource Ideas – Use the power of the crowd. Businesses are beginning to realise that good ideas no longer just come from a few at the top of the organisation. They come from the heart of it – from all of its employees; and also from the customer – what best to talk about what they want.
Embrace failure – For every good idea, there are a thousand bad ones, and it is easy to forget that successful businesses undergo multiple failed ideas and ventures. Take James Dyson; in 1978 he became fed up with his vacuum cleaner clogging up all the time. 5 years and 5,127 prototypes later he invented the world’s first bagless vacuum cleaner. Embrace and learn from failure, the worst strategy is to do nothing.
Just do it – It can be tempting to plan until every minute detail is catered for, but the reality of the world that we live in means that sometimes it’s better to figure some things out on the way as plans will change. A great idea doesn’t necessarily require perfect detail, it just requires someone to go ahead and implement it.
These behaviours work together to cultivate not only a culture for success, but also a culture that enables survival in this ever-changing world that we live in. Keep up!