There can be many turning points in business that demand the need for change. Frequently changes are planned and lead, like growth and expansion. However, unplanned and disruptive change can leave us floundering, wondering which way is up.
While we certainly don’t profess to have a crystal ball to identify organisational change (wouldn’t that be nice!) there are certain vulnerabilities and indicators beyond economic outlook that can be evident before a change occurs. To help you identify and prepare better for unplanned change, here are five indicators that change is coming.
1. Complacency
Complacency is a danger in business. The moment you get comfortable and stop listening to customers and the way society and technology are progressing you are on a slippery slope. Look at what platforms like Netflix did to video stores. You can’t afford to be operating in an outdated business model, with outdated thinking.
If your industry is complacent and there is a lot of “this is how it’s always been done” talk, consider yourself on notice. Gone are the days when you can do business the way it’s always been done and expect to maintain your market share.
2. Customer frustration
While your business may solve a problem, ask yourself, is it solving the bigger problem or providing only a band-aid solution? If there is a customer pain point that no one is completely solving in your industry, or if you are sending customers out the door with frustration still exposed then you can bet someone will come along to address that frustration.
For example, while the ability to capture memories through photos was revolutionary, there was an element that left customers wanting more. To share the photo we had to wait to have the film developed, hope it would turn out and then physically show someone the print. Now, we take a picture on our phone, retake or edit it as we see fit and share it via text or social media almost instantly. There was more to the customer’s problem. Companies like Apple, Facebook and Instagram, seized these opportunities, and now they are among the biggest brands in the world.
Don’t think entrepreneurs and competitors aren’t looking for the same opportunities in your industry.
3. Industry inefficiency
Efficiency has become the battle cry of business. Couple this with the instant gratification society we live in and you have a change storm building over inefficient industries that require greater automation.
Think back to how we used to search for properties that were for sale or rent before realestate.com.au or domain.com.au. Or how much harder it was to upskill while working before we could get qualifications online.
Customers want faster, better and more flexible options and are waiting for someone to offer a more convenient and automated solution that will solve their frustrations.
4. Surge in interest and investment
Has there been a sudden interest in your industry or an influx of competitors? Or perhaps your industry has made the venture capitalist watch list. If this is the case then you can know that change is needed and anticipated, it’s time to prepare or get out in front of it. Where the money goes, innovation quickly follows.
5. Change in workforce needs
Skill shortages and the need for a more flexible, qualified workforce can be huge drivers of change, and the cause of many restructures. Whether expanding to allow for growth or reacting to a downturn, organisations will often make changes to ensure their survival.
Indicators that point to a change in workforce needs are fluctuating customer demands, a shift in the number of sales, high staff turnover and growing knowledge gap among staff often resulting in burnout, conflict and greater mistakes.
Do you think that change is on the horizon and need help to prepare? Going through change and need to support your team with career transition and or leadership coaching? Call the experts at Turning Point Partners today on 1300 27 83 45.
