You Lose Because You Dont Change

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You Lose Because You Don’t Change

Summary

  • When the marketplace changes or a competitor builds something better, it's crucial to adapt quickly.
  • We often lose because our team can't change fast enough, not because of the competitors.
  • The rate of innovation in technology is faster than the rate at which humans can change.
  • The problem isn't that we can't change; it's that we resist change too much.
  • Instead of resisting change, focus on finding solutions to adapt quickly.
  • As technology advances, our teams must be agile and adaptable to keep up.
  • My first company had a core value called "grow or die," which emphasized adaptability.
  • Nearly every company should adopt the value of adaptability to survive and thrive.
  • What really destroys a company is its inability to change and adapt to new circumstances.

Video

How To Take Action

I would suggest implementing a core value of adaptability within your business. Embrace the idea of "grow or die." This means always being ready to adapt to new changes in the market. Encourage your team to look for ways they can change quickly rather than resist change.

A good way of doing this is to have regular team meetings to discuss new technologies or market shifts. Everyone should brainstorm how these changes can be opportunities rather than threats. This helps to create a mindset of innovation and adaptability.

Since the rate of technological change is fast, invest some time in continuous learning. I recommend setting aside a small portion of the workweek for the team to explore new tools or strategies that could benefit your business. Online courses, webinars, and industry news can be valuable low-cost resources for this.

Foster an environment where team members feel comfortable suggesting new ideas. You can even set up an "ideas board" where anyone can post their thoughts. Regularly review these ideas as a group and decide which ones to implement.

Focus on small, quick wins. Start with changes that require low effort but can have a high impact. This could be something like automating a simple task or using a new social media platform to reach customers. Small wins build momentum and show that change can lead to positive outcomes.

Lastly, keep an open line of communication. As a leader, you should actively listen to your team’s feedback on changes. This helps to reduce resistance as everyone feels heard and valued in the adaptation process.

Full Transcript

a competitor builds something better the marketplace changes now all these things are happening at a rate faster than ever we look to our companies and say like I lost because the competitor beat me I lost because this technology came out you and the people with you on your team were unable to change fast enough if you look at the rate of innovation of technology and the rate that a human can change it's not that you couldn't change it's that you were unable to keep up with it you had too much resistance to change and you spent so much time resisting the change rather than focusing on a solution as technology continues to advance faster and faster for us our teams have to be able to also adapt in order to keep up one of the core values that I had in my first company was like adaptability and we called that grow or die that is a value that damn near every company should have because what wipes a company out is its inability to change

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