In the beginning, Brian’s business was on fire! He seemed to have a Midas touch so that anything he did was productive and rewarding. He was on top of the world! Until he wasn’t.
Brian had built his business during a bubble in his industry that allowed him to ride the wave without much difficulty. But, when disruption occurred in the industry, the bubble burst and Brian found himself floundering for how to rebuild.
Fortunately, with a lot of hard work, Brian was able to pick himself back up and start over again. This time, though, he wanted to make sure he wouldn’t be caught off guard again. He wanted to know what would help his business to remain viable in the long run.
So Brian looked at several effective businesses that have lasted over time. He began to see they have a few things in common that keep them sustainable and successful.
Theoretically, every business begins with strategy. And it doesn’t even have to be super complicated. Strategy is simply a road map to get your business where you want it to go. Most entrepreneurs and business leaders are well aware of their need for this portion of the business model.
A business strategy roadmap can be built by answering simple question such as:
Who are my clients?
Who do my clients want to be?
What do my clients need and/or want?
How can this business provide value for my clients?
Going beyond the standard of expectations, innovative businesses introduce new ideas, processes, products and/or services in order to improve what they have to offer to their customers.
One critical part of innovation that can help to protect your business from disruption is committing to effectively execute the Digital Transformation Journey. Rethinking old operating systems and committing to become more agile within the world of modern technology is vital to keeping your business relevant and dynamic in real time.
When a startup disrupts an established company simply by doing something better, that’s disruption. The disruption may come through new technology or even processes that interrupt the standard way of doing things. In the business world, being a disruptor offers a competitive advantage, while you want to avoid being disrupted by another business when possible.
Disruption in Business
Today, let’s focus more carefully on the disruption factor of business. Because we live in a time of constant disruption and quick life cycles, many technologies and processes are appearing on the scene that disrupt the status quo in a variety of industries.
In order to stay ahead of the game, constant innovation is a must! Companies must avoid the “old way” of doing things simply because it’s the way they’ve always done it.
Consider this list of questions that you, as an entrepreneur, need to be regularly asking about your business. The answers to these questions should provide ideas and enlightenment that will help you promote innovation and avoid disruption from competitors.
How am I, as an entrepreneur, renewing and innovating? (Remember not to hold onto these innovations too tightly because they may not be needed in exactly the same way in the future. You must be flexible and change with the times.)
How do I define my own business? Values? Positioning? New Products?
How will I deal with disruptions to my business?
How can I potentially DISRUPT the industry?
How will I be the catalyst so that others are trying to keep up with me?
How willI build a competitive advantage?
These and other questions will give you a good start on how to build a business that proactively works to innovate and disrupt within their industry. But there’s so much more to it than we can share here.
As a first step for more insights and practical solutions to these and other business matters, join my masterclass.