Our daily lives move faster and faster each day and a big reason for this change is major advancements in technology. It’s difficult enough to keep up with these changes, so imagine what a large corporation must do to constantly keep itself relevant in a changing world.
Companies that are not ready, able or willing to reinvent themselves from time to time risk becoming relics or “dinosaurs” in their market or industry. While large companies will set trends and changes in the industries they’re in, even the largest of companies need to be able to adapt to changes, no matter how big they get. Innovation can’t stop once you see success.
What Are Some Things Companies Can Do to Remain Relevant?
Of course, every company will look to achieve different things, but for example, many companies will see the problem with their core demographic getting older, and their interest in their product dwindling. Easy to say, but not always easy to accomplish solutions may include updating their marketing campaigns to advertise to a younger audience, looking to market trends to refresh their products or services, or even changing their product line entirely. This can happen when new technologies emerge and the new tech renders a previously popular product obsolete.
Be Willing to Change
Before anything else, a company must be ready to embrace change when it needs to do so. A company may need to reinvent itself many times over its lifetime just to show they are forward thinking, innovative and adaptable. Reports show that companies willing to change will be profoundly more successful than those that are not willing. One example is when CEO Alan Mullaly turned a broken company into the industry’s comeback kid. Again, it’s easier said than done, and change may require companies to show openness and readiness to questions and complaints — or ideas from their employees, stakeholders and customers.
Embracing change through technology is important for many companies who wish to remain agile and relevant. Technology is a major catalyst for change in the 21st century so it makes sense that by allowing technology through, employers can see certain success. For example, tech that allows their employees to work on their own terms, remotely or with better timelines due to better access will definitely create opportunities for success. Cloud computing is one such technology that provides an affordable way for employees to communicate and collaborate when working remotely. The cloud also offers storage solutions to companies from a large number of devices and with internet connection.
Set Smart Goals for Growth
A growth plan can allow concrete goals to be set for your employees and company. For success, the goals have to be assertive and aim higher than current market conditions. However, it should create the right amount of tension in your company to be challenging, motivating and innovative, without being so difficult it diminishes morale. Foster an environment that generates creativity and collaboration; opportunities for innovation will help your company achieve these goals.
Create Happy and Productive Employees
Happy employees are more productive employees according to this study conducted in Britain by the Social Market Foundation and the University of Warwick’s Centre for Competitive Advantage in the Global Economy. When people are happy, they’re working at their best and are continuously striving to meet their own personal potential. It stands to reason then that a company should make every effort to keep their employees happy. One of the best ways to keep people happy is to make sure that they have a safe and comfortable place to work. Your team will appreciate working in an office that has taken special consideration to its employees health and comfort, so it’s a great idea to invest in the right tools for the job. For example, most employees will spend their entire day sitting so adjustable height workstations, ergonomic office chairs and other high quality office furniture is a small gesture that shows you care about your employees’ comfort. It’s also so subliminal that most employees won’t even realize how much comfort fosters their creativity.
What are some ways you’ll show your employees that you’re ready to keep your company competitive in a changing market? For smaller companies, start with smaller changes to influence positive ripples to the top. Take it from the ground up by asking for feedback from employees on what they wish to see in the office, or what they liked to see from the company in previous years. Understanding the collective thought of your corporate population is the right step forward. It doesn’t have to be rushed, or fancy; it just has to show you’re listening. Are you ready? What will you do first?