Blog

07.08.16

3 Ways to Embrace Change in Your Business

By: Karl R. LaPan, President & CEO, Northeast Indiana Innovation Center

We live in an age of rapid change and growth. As business leaders, we must stay relevant or face the consequences. History reminds us that adaptability and resilience are keys to long-term success.

But how? What’s the key to reinventing yourself and your business? Here are 3 strategies for staying and being relevant in the marketplace today:

1. Be picky. Only about 2 ideas out of 1,000 are really blockbuster. So, you don’t have to follow through on every great idea presented to you. Instead, carefully assess each opportunity so you can focus on what you determine will be the most strategic and profitable one(s). If you’re spread too thin, it’s easy to lose focus and traction. This is a case when being selective is a good thing.
2. Tune in. It’s easy to get caught up in the behind-the-scenes tasks that come with running a business, but don’t let yourself become disconnected or out of touch. Look to the trenches and gain customer insights; iterative and ongoing customer discovery and validation is paramount to your long-term relevance and sustainability. Customers needs change. We need to evolve with our customers.
3. Stay hungry. Staying on top of the trends and news in your industry is one way to up the ante. Trade publications, industry association meetings, innovisits, blogs, professional education, seeking certifications to better professionalize your experiences and LinkedIn are all great sources of staying current. What trends can you capitalize on? You might consider joining a professional trade organization to further network with peers and stay current. Speaking of networking, connections matter—and we can help. The Innovation Center has connections all over the State, Country and World to entrepreneurial service providers, capital sources, subject matter experts, specialized resources, mentors and other really smart people that can help you achieve your entrepreneurial dreams.

Do you have any examples of when you’ve “leaned in” to change your business? How did it help you?