Everyone wants to have a successful business, but even if your business has already boomed, that doesn’t necessarily mean you’re set up for success in the long term. With how fast industries seem to be changing, it’s important that every business realizes it will likely need to adapt at some point in order to continue serving its customers’ needs well. The companies that are closed off to change are at risk, as change equals growth, and growth equals success.
To help you evaluate whether your business is in need of an overhaul, your mission statement needs updating or if your culture needs a reboot, we've asked 12 experts from Forbes Coaches Council to share their best strategies.
1. Create Alerts For Change
J. Welch said “change before you have to.” In today’s volatile business environment, a good leadership rule of thumb is to use a dashboard of key business dimensions to create alerts when a change is required. That said, any dashboard is only as good as the people who populate it, so listening to and making sense of the signals that are being collected at the lower ranks is unparalleled. - Agata Dulnik, Ph.D., Global Leadership Experts
2. Schedule Regular Check-Ins
Well-executed strategy is an indicator that team members understand and are committed to the mission. By scheduling time to review strategy (methods, resources, projects and objectives), mission relevance and success are regularly evaluated. This keeps members engaged, offers opportunity for depth of insight, diversity of thought and can send up "warning shots" that change is needed. - Joynicole Martinez, The Alchemist Agency
3. Ask, ‘If I Were Starting This Business Today…’
Ask yourself, "If I were starting this business today, would I be going to market with what I am bringing now, with a revised version of what I am bringing now or with something totally new?" Unless the answer is that you wouldn't change a thing, you are at risk of, or are already, stagnating. If your answer is either of the last two, it is time to get busy with the changes you need to make. - Brian Gorman, TransformingLives.Coach
4. Keep An Eye On External Factors
It is important to periodically identify factors outside the control of the organization that directly impact business results: competitors, political, social, economic, etc. Engaging in an external environment scan will position the organization to identify and seize strategic and tactical opportunities in the marketplace as well as shift its business model to mitigate threats to operations. - Marvin Chambers, Built To Last Solutions, LLC (Marvin Chambers Coaching)
5. Reassess Every 18 To 24 Months
It is important to really keep your finger on the pulse of your ideal client and make sure you are still speaking to them. Have they changed? Have you changed? I reassess my website, social media and photos every 18 months, and I do a new photoshoot for my business every 18 to 24 months. I update my tagline and my messaging and then make sure my content reflects that. - Michelle Barr, Michelle Barr
6. Keep Tabs On Your Competitors
If you aren't innovating or growing you can bet one of your competitors is! So, don't be caught by surprise. Keep tabs on what your competitors are doing. Observe what they're doing well and any new developments they may have. Also, keep an eye on companies from other industries that also cater to your target audience. They could be plotting to expand their product portfolio. Always be one step ahead. - Gabriella Goddard, Brainsparker Leadership Academy
7. Measure Growth Readiness Via Employees
Our people are a proxy for our progress. That is, business health is often reflected by the relative health of its employees. To gauge growth readiness, we must get below surface pleasantries and ask: "Are our staff members vibrant? Are they growing as leaders and people? Do they serve clients with joy? Are they pushing us to improve? Are they challenged?" Look closely, honestly and frequently. - Mark Nation, Nation Leadership
8. Listen For Key Phrases
The signs to look for to determine if a business is stagnating include listening for phrases like, "We have always done it that way" or "We don't do things like that here." If employees always agree and no input is solicited at meetings, that is a significant sign that it is time to grow a culture of curiosity. - Dr. Diane Hamilton, Tonerra
9. Ask Your Customers
In business, we often get bored of what's working and tinker with "new" because it feels like progress. But, just because you're bored doesn't mean your customer is. If you're feeling stagnant or stuck, get out of the office and talk to real human beings who use your product or service. Hear what's really working—and what's not. You'll quickly know if your business needs to change. - Darcy Eikenberg, PCC, Red Cape Revolution
10. Make Data-Driven Decisions
Successful, innovative companies such as Toyota, Apple and Amazon compete by making data-driven decisions. It is critical for companies to understand what data they should be collecting, as well as how they should interpret and communicate it. If they are not making data-driven decisions then it's probably time to reconsider the overall direction of their business. - Rob Edwards, Molding Search Group
11. Check That The Mission Is Still Viable
Leaders have to ask themselves on a regular basis whether the mission is still viable in light of market shifts. If so, they must renew their commitment to the path and help their employees do the same by communicating the vision and realigning them to it. It may take a fresh narrative to infuse new life into the mission, and leaders then have to communicate it constantly and consistently. - Tracey Grove, Pure Symmetry Coaching and Consulting
12. Encourage Healthy Conflict
An indicator that a company is immune to change is when there is a lack of healthy conflict. Business owners can spark innovation through a healthy discussion around conflicting ideas and different perspectives on challenges the company faces in the business landscape. The ideas and perspectives shared can lead to the realization of new opportunities and be the fuel for future conversations. - Jonathan Silk, Bridge 3 LLC
