Overcoming productivity inhibitors
Do you have a morning ritual? For some it is coffee and toast with bacon and eggs. The bad news for these people is the report of the increased health risk from consuming too much processed meats. There will be those who will continue with their morning bacon ritual with a belief that it has made them feel good for years and so a little health risk is worth it.
Many businesses are like that, sticking resolutely with daily rituals because it continues to “bring home the bacon” in the form of steady sales and profit. There is little time spent on evaluating the possible risk that their business may become obsolete sooner than they think.
Why rock the boat with new ideas and change? Well, the reality is, in most industries, innovators are looking at creating fresh opportunities by disrupting the market with new products and services. Soon, the convenience of digital downloads may see the disappearance of music CDs and movie DVDs. This has happened to music and video cassettes.
Already the postal service is promoting the tag line, serving the online world. Email that replaced office memos and letters is already a several decades old technology. What’s new out there to ease communication?
While change is happening all around us, many businesses resist change and spend too little time being learning organizations.
Will your business be impacted soon by disruptive innovation?
For sustained high growth businesses need to become learning organizations that explore and embrace innovation.
Business leaders who neglect to invest in learning and innovation do so at their own peril. Make sure you have business consultants who will challenge you to ask the right questions. This will compel you to act on innovative ideas that give your business the competitive edge.
Continual learning, innovation and change have been the mantra of many global corporations such as those in the automobile industry. Yet we find too many product recalls for defects.
It is easy to preach but more difficult to act on good ideas. To do this we must overcome the following productivity inhibitors:
Past Success Limiting Drive for Change
When you are at the top of your industry, it is difficult to see room for improvement. Many in the 19th century horse and carriage industry did not see the automobile as a disruptor in the transportation industry.
Henry Ford is reputed to have said, if I had asked what consumers wanted they would have replied, “A faster horse”. The automobile industry did deliver more speed, but through the horse power of an engine. Now we hear of companies innovating to create electric, solar and even hydrogen powered cars. Maybe the future lies in rapid transit high speed rail which reduces the need for individually owned cars?
Businesses need to have individuals with a mindset that accepts new ideas, knowledge and skills. In this knowledge driven global economy continual lifelong learning is critical for continual high growth earning.
The challenge then is to train our business team to embrace those who think differently so we are challenged to look outside the box to find ways to do things better or to do better things with our business capital.
Points of View and Viewing Points
The passenger may have better peripheral vision than the driver who is focused on the road ahead. You need a team that includes individuals with a mindset that constantly questions the specialist view by laying out the big picture. This enables the business to better utilize the specialists skills available.
There is a tendency for humans to be biased towards advisers from within their industry. Yet, digital download of music and movies was an innovation from the computer technology industry that ate into the markets of both the music and movie industries. The disruptive change came from a different industry and impacted greatly the bottom lines of the music and movie industries.
Today there are singers who do not make much money from online music sharing. Instead as much as 85% of earnings could come from ticket sales for live concerts with online broadcast being merely viewed as a marketing expense.
The Need To Take The Lead
Success comes to those who dare to act. When you have a good business idea you should act on it. Don’t wait for others, Just get on with it. High growth businesses take pro-active steps to recruit fresh talent when their existing talent team are unable to act on an innovative idea.
High growth business leadership requires a learning mindset that embraces fresh ideas. There is plenty of positive things to be said about sticking to what your business team is good at. So, if your business team lacks the mindset to embrace change, take the lead to engage consultants with the mindset for change to work with your team.
International Business Consultant
Reboot your business plan for sustained high growth
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