Change – How adaptable is your business?
Change is never easy. However, more often than not, it’s necessary. Greek philosopher Heraclitus imparted his wisdom on us that the only constant in life is change. For many businesses who don’t change, the result is generally that they disappear into the ether.
Do you remember Blockbuster Videos? A business that didn’t react to the changes going on around them. Enter Netflix. Polaroid neglected to keep up with the developments in digital imaging and digital processing. They believed that customers would always want a physical copy of their photos. And what about Blackberry? They, like any other business, had the opportunity to adapt and change according to customer needs and a changing marketplace. They chose not to.
These examples of big business failures can serve to teach any business owner a lesson in change and the importance of keeping up with developments. Property factors and block managers are no different and there are many facets that need to be monitored. The changing marketplace, client demographics, legislation and technological advances are all considerations that must be planned for.
How does your business deal with the changes that take place in your industry?
Are you staying ahead of advances in technology? Are you a leader in your industry utilising technology positively to help you to stay ahead and lead the way? Had Blockbuster been proactive in realising that people were starting to stream movies online, perhaps their business model would have changed to suit this shift in consumer behaviour. Blockbuster could have prevented Netflix from steaming in and taking their business.
As a business that constantly needs to meet the demands of clients, one way to move forward is to ask clients what they want. How often do you ask your clients what they need? And how do you react to those needs? Polaroid failed to identify that their customers didn’t want or need a physical copy of their photographs. Had they asked their customers what they want, Polaroid could have reacted differently and given their customers what they wanted.
Review your processes
Internally, when was the last time you reviewed your processes and assessed what you could be doing differently to make the business even better than it is? Toyota successfully implemented a change in their manufacturing process by introducing the Just In Time approach. Instead of holding parts they implemented a system that allowed them to receive deliveries of what they needed at the time when they needed them. This gave Toyota greater efficiencies as they no longer needed to buy in parts or stock that could potentially sit for months or perhaps never being used.
For a business to survive and thrive, it must continually move forward. To stay stuck in old ways is generally not an option. Change is never easy. It requires looking out of the business, keeping an eye on the market, on customers and on competitors. It’s about staying ahead of the game and proactively planning for the future.
Improve your efficiencies, reduce your costs and run your business with ease.