By Eric Woodruff, CPA
Partner, Audit & Assurance Services
[email protected]
Surrendering to routine is all too easy, especially in a well-established successful business, but that does NOT guarantee you FUTURE success! You may find yourself continuing to do things in a certain way simply because that’s the way you’ve always done them. Why is this a problem? Why try and fix something “not broken?” Even if it seems like your business is doing just fine, you won’t continue to grow if you don’t challenge the status quo! You must instill a creative entrepreneurial spirit within your team.
First, don’t be afraid to identify weaknesses or shortcomings in your processes and procedures. Putting them under the microscope will shed light on what’s actually working versus what has simply and arbitrarily become protocol. Is it the best practice possible?
Create a culture of constant improvement. Perhaps you should dedicate monthly meetings to discussing areas in which you can implement impactful changes. Be deliberate by putting someone in charge of affecting change. Appoint a Chief Innovation Officer (CIO) to develop ideas and long-term strategies for implementing them. This person could also help you identify these three important aspects of your business: what you should stop, what you should start and what you should continue.
Look at what happened when Amazon stopped solely selling books and started shipping CDs, DVDs, video games, groceries and more. Think about how movie theaters are getting rid of their stiff chairs and offering luxurious recliners. Change proved to be successful in these cases.
On the other hand, in the early years the railroad companies believed they were in the “railroad business” — think where they may be if they considered themselves in the “transportation business?”
In your time of reinvention, you should also turn to your customers. When was the last time you sat down with them and asked what they honestly think of your products and services? If they find them merely adequate, statistics show that you risk losing those customers to a competitor. Consider feedback from vendors as well. Outsider perspectives are crucial to helping you revitalize your business.
You shouldn’t be afraid of change. Embrace it! You should fear keeping with the status quo. So get back to the drawing board and start throwing bold, brave ideas at the wall. You’ll be surprised by what sticks. All stakeholders will benefit and your company or organization will have a new vitality that becomes contagious.
If we can assist you further with achieving success in your business, please call Eric Woodruff at (317) 613-7850 or email [email protected].