Moore’s Law states that in the field of computing, computer processing speed doubles every eighteen months!
Just as much as computers impact modern business, the fields of business knowledge and business science are also increasing exponentially, and while I’m not aware if any similar Law has been stated for the growth of innovation in business, anyone can tell that business today has changed exponentially from business just 5 years ago.
Yet, you say, my business is actually thriving, why should I change?
Well, if your business is thriving today, good for you, because we are in difficult economic times. But how confident are you that your business will continue to thrive, and for how long?
Why should you change? Here are a few reasons:
- “Thriving” is a description of a state in time – it does not denote “perfect”;
- You should strive for continuous improvement, or the time when you thrived will pass by;
- When you are thriving, small flaws are unimportant and can often be ignored, but flaws grow with time to become problems;
- External, market-driven changes creep up on you, like someone else’s innovation that disrupts your industry (think Uber in the world of taxis).
Watch this video to see why, when, and how you should – need – to change.
Because the world would change around you if you stay still. Anticipate disruption and don’t settle.
When to change?
Change before you have to, because when you have to, it’s too late. Change takes a long time – look ahead and anticipate new opportunities and impending threats. A regular period of introspection is required by every business. Change ahead of the market and your competitors and you will become the Uber in the world of taxis; the Air BnB in the world of holiday accommodation.
How to change?
First, understand what you will change to, and the advantages and benefits of that change. Then inspire others to move toward this “better” image or vision of the future by using the right and inspiring language. Review everything you do regularly. Always seek improvement in everything you do from marketing to sales, from production to delivery, from service to administration – always ask, how can I improve on this even more?
Implement new – common sense – systems that support the change. If there’s a way to shorten the marketing to sales to collection cycle, why continue using a tedious book-keeping system that holds it up?
Change any structures that hold up the change; create new structures that encourage it. When reporting, cut out the middle man, use technology to get reports to the people who need them in real time.
I don’t know if Moore’s Law actually applies to innovation in business, but my theory is that there is some similar formula. If you lived in the 70’s would you really think that within 20 years almost every home would have a computer? In the 90’s would you have predicted that we would have “a thousand songs in your pocket”? Ten years ago who thought cell phones would become the powerful computers they are today? Five years ago, who would have bet against taxi companies and their monopoly?
What do you think? Get over to my website at www.teikoh.com and write a comment – I’d love to get your opinion on the why’s, when’s and how’s to change your business.
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