When it comes to making a business thrive, past success is not a guaranteed indicator of future success.
In today's ever-evolving and increasingly competitive business ecosystem, change is becoming "the new normal." Much like Madonna and Lady Gaga, the most successful organizations are those who have mastered the chameleon-like art of constant reinvention. Successful SaaS companies and software consultants that know how to stay relevant and aware of market demands naturally embrace change and evolution. When it comes to making a business thrive, past success is not a guaranteed indicator of future success.
The development of new tech moving at breakneck speed means more businesses are scrambling to delight their customers and stay competitive in a changing market. While industries like print and publishing should have seen the advent of change a decade ago, companies like Netflix had the foresight to capture the technology that would soon replace DVDs to become the largest provider of online streaming. Not bad for a company that almost went the way of Blockbuster.
Depending on Your Talent
You're only as good as the people you hire (and retain). The most recession-proof companies understand this and make hiring and engaging their workforce part of a winning strategy to withstand the whims of the market. Leaders of innovation-heavy organizations should bear this in mind and resist the pressure to go lean when times get tough. Focus on mentoring up-and-comers as well as longtime high-performers to optimize their output and grow your business. A steadfast commitment to talent creation is one of the best methods for encouraging innovation and fostering a culture of reinvention.
Even in the tech business, there are two types of leaders: those who excel at running the daily operations of a business and those with a unique talent for innovation. None is necessarily better than the other, but forward-thinking leadership is an essential part of staying ahead of the competition and on the cutting edge of the market. Make sure your leadership team is an inspired one that continuously strives to push forward.
Going the Distance
Post-recession, one of the most common organizational pitfalls is to sink back into complacency. Entrepreneurs and business leaders begin with good intentions to create an agile, customer-centric culture but fall back into old habits and assume things will plug along as they once did.
In today’s increasingly demanding marketplace, agility and responsiveness to the demands of the customer may be the only thing that saves you from becoming obsolete. How does your organization stay fluid and open to change? We'd love to hear about it in the comment section below.