The path to reinvention

The Path to reinvention

Why do businesses fail? There are of course countless reasons, but a major one, in my opinion, is a failure to reinvent. Resting on your laurels is dangerous in business; business owners need to stay hungry, and be ready to reinvent and transform to stay ahead of the game. Reinvention doesn’t mean a huge overhaul and change of everything; it can just mean small steps of transformation and improvement. What can you or your business do better?

Are you a driver or a passenger?

As a business owner, you should always be the driver of reinvention. Don’t wait until you have no choice to reinvent because you’ve realised the market or you’re competitors have left you behind and you desperately need to catch up. The best drivers exercise initiative, develop and expand processes, and encourage the rest of the team to follow suit.

Team members who contribute little in terms of business development are along for the ride. They rely on the drivers to keep business thriving, and expect it will always be that way. This isn’t a viable or sustainable way of working, and passengers will get left behind as the drivers speed ahead.

Utilise SIRII

Once again I come back to my concept of SIRII. SIRII stands for “Small Improvements Regularly Is Innovation”. It’s very important in introducing change and improvements on a regular basis, which is key in continuing along the path to reinvention. If we stay where we are, we go backwards. Ask yourself how your business can improve daily, and get into the mindset of constant improvement, again – what can you and your business do better?

VUCA: Learning how to learn

We need to learn how to learn in the world of VUCA (volatility, uncertainty, complexity, and ambiguity). VUCA is a model for the environment we are in. We face an uncertain market, and we need to understand how we can always be adapting to changes. The world that you and I now work in, is constantly evolving. The skill set that it takes to survive and hopefully thrive is different to what it was even a year ago

Learning in a world of VUCA involves learning from others. Whether that’s colleagues or our competitors, we should look at their ideas for improvement and business transformation, and implement the best ones into daily reinvention. I believe there is a need for SMEs in particular, to connect, collaborate, learn & share with each more so than ever before. This is why there is a greater need for business networking and learning from your peers and that’s the reason why I have been promoting the concept of Peer Meetups.

Our ability to react and adapt is the key to success in the modern world. We have more emphasis NOW than ever before for training; webinars, seminars, and classes have a much bigger role to play along with learning from our peers, mentors, coaches and networking. 

If you input SIRII into your daily business routine and understand VUCA, you increase your chances of success and travel the path to reinvention. I would be interested to hear thoughts on how you reinvent in your business. Kindly provide your views and comments here and also connect with me via Twitter: @SafarazAli