Innovate or die. This old saying is cliché, but it’s true. Amazon. Netflix. LEGO. All these companies have reinvented themselves to survive and thrive. Chipotle is one of the most recent companies to reinvent themselves. Despite being known for its counter-service model, the fast-food chain was forced to pivot drastically during the pandemic. It created Chipotlanes, and drive-thru lanes to allow mobile pickup orders. Although it doesn’t seem like a significant reinvention it was one that helped the company get through Covid-19.
While most companies who have reinvented themselves over the past few years were doing so because of unprecedented events, there are more signals to watch out for. Poor talent retention, customer dissatisfaction, and stagnant conversion rates are all signs that you should reinvent your company. You risk becoming irrelevant if you don’t stay relevant and take advantage of the market.
Reinvention is not easy. The pandemic has transformed our organization, doubling its size. To be able to adapt to the future, We had to test our systems and ourselves. We had to incrementally reinvent our communication and accountability systems to make them fit for the future. We were able to get through it by informing our employees about the next steps and making sure everyone understood the necessity for experimentation. We were initially faced with uncertainty but we were able strategically to push through and get out the other side
Reinventing your organization might sound like a daunting task, and it can be a complex undertaking. It can be particularly problematic for larger companies because you are disrupting the status quo and may face resistance. Reinvestment can be a worthwhile endeavor if done with intention. Here are some ideas to get you started:
1. Pay attention to signals
Don’t wait for something to go wrong before you start rebuilding your business. You will often see subtle, but clear signs. These warning signs can make the difference between a spontaneous and painful reintegration or a difficult one.
What are the signs to watch out for? Let’s take, for instance, the job market. Employees are leaving their jobs at record rates, according to Microsoft. Microsoft discovered that 41% of workers plan to leave their jobs in the near future. According to a Pew Research Center survey the reasons are low pay (63%), lacks advancement opportunities (63%), or feeling disregarded at work (57%). You can avoid problems by changing the culture and approach to advancement in your company, even though salary increases may not be possible this year.
2. Develop a foundation for trust
Trust is a major workplace problem. According to an Edelman survey, almost half of people don’t trust their CEO. Don’t think that your company is immune from these risks. Without trust, you won’t be able to identify reinvention signs or undergo transformation easily.
Start listening to employees. Make people feel heard and create a sense of resonance. These actions can help build trust with others as well as yourself. Our company aims to build trust both professionally and personally. Even though we don’t often meet face-to-face, employees work together to build trust via weekly tactical meetings and monthly offsites for larger topics, as well as annual meetings to review our company’s purpose and vision.
3. Experiment, observe and adapt.
Many companies reserve agile methods for software development or project management. This collaborative and iterative approach is a great way to reinvent your business model. Considering that 70% fail in transformation projects, employee support and involvement can be a big help.
Get input and advice from your entire team as you try to find experiment opportunities. Make a decision, then execute it. Then, move on. If you fail, pivot quickly. When reinventing, agile methods create an environment that allows experimentation to be safe and allows for failure tolerance. People are more comfortable trying out new things than waiting for large-scale transformation initiatives.
4. Uphold your values at all costs
Anxiety and uncertainty are more common during a transformation. It is crucial to uphold your values. They are already able to guide your team’s work together and give employees a common goal.
These values can be used as a support mechanism to improve your chances of success makes sense. Employees who are working towards different goals or have different intentions will not result in a cohesive and productive team. You can keep your values front-and-center, as Patagonia does, You can help people stay together and direct their efforts. Think of your values as your organization’s North Star during reinvention and you won’t lose.
Also read: Top 10 Capacity Planning Tools & Software
5. Accept tension as a positive nudge
Tension is often a problem in the workplace. Systematic stress is clearly different and should be addressed according to CCP, Inc.’s 2008 Report shows that conflict costs U.S. companies 359 billion per year in lost productivity and lost time. However, tension, in general, When used effectively, is not something to be ashamed of.
Talking about conflict and tension is a good way to encourage conversations. Employees should be exposed to new perspectives. This can help companies innovate. Understanding that tension doesn’t have to be destructive is crucial. It is important that you frame the situation positively and empathize with others. This will allow for open discussion.
The first step in reinventing your organization is to identify a problem. You then explore solutions and settle on the criteria that will lead to success. Then you can start trying out different ideas. Take your time and learn from your reinvention efforts. It will be a great help later.