Many businesses are guilty of doing things a certain way, simply because that’s the way they’ve always done them. Sticking with methods that worked in the past but no one has thought to or had the courage to update. While a certain approach may have been successful in the past, they aren’t necessarily going to guarantee success in the present or the future.
Many industries today are very fast moving. With new technologies, changes in trends, more informed customers etc., businesses run the risk of being left behind if they stay with the same processes that once worked but aren’t relevant today.
Classic examples of this are policies and procedures that are outdated and have never been updated to suit today’s circumstances. Businesses can quickly be seen by customers or clients as being out of touch if they don’t seem to be moving with the times. Although long time customers may desire the familiar, attracting new customers means being relevant. Finding a balance between the two can be tricky.
A successful business, who were once a leader in an industry, can quickly lose their advantage. It is dangerous to become complacent and be of the mindset of being untouchable therefore, continuing on exactly the same path ignoring the need to evolve. While the competition find new and improved ways of doing things, they can soon overtake the one time leader.
To prevent this from happening, leaders within a business must be open to change, being open to adapting and adjusting to an ever-changing world. Seeking out new ideas, information and being on top of industry trends and changes. Leaders cannot afford to let themselves become stagnant and resist the need to embrace new platforms and ways of doing business that didn’t exist ten or even five years ago but are vital in business today.
Employing from the outside the company for key roles can help with this. While it is great to promote from within, having fresh eyes and a different voice can bring different ideas and a new approach that people who have been within a business for a long time, may not have. It’s vital these people are listened to and empowered to make the necessary changes, rather than viewed as radical outsiders.
Businesses who were once hugely successful can soon become a news story of another business closure because they didn’t evolve. They must learn from the mistakes of other businesses who have gone from the top of their game, to non-existent simply because they were set in their ways and weren’t open to change.