Employee using computer
Change management has long been an important part of business education, whether you learn it in the classroom or in the boardroom, but today’s fast-paced environment makes change even more important and perhaps even intimidating. Learning how to manage change, plan for the future, live flexibly and let go of expectations are all essential lessons for today’s entrepreneurs.
I connected with four successful business leaders from different industries to discuss how they stay relevant and connected to their customers while the world is changing so much. Here’s their advice for entrepreneurs and other leaders:
1. Constantly Evolving: Kara Hertzog, President of Innovative Employee Solutions
The only constant in life and business is change. IES has had 50 years to learn this lesson. The times the company failed to change or avoid its own evolution were the times the team gave in to complacency. A goal-oriented, active approach to evolution has always been the most successful strategy.
This strategy becomes even more powerful as complacency becomes less and less possible. Technology is constantly being updated and the industry is flooded with potential competitors, all trying to use those technologies to develop solutions that make people’s lives easier. If you don’t constantly invest in new thinking and new offerings, competitors will outshine you.
To practice active evolution, IES recently hired a chief innovation officer. This role is designed to ensure our team stays ahead of the market. Practicing constant evolution is a game of two halves. You need to strike a balance between staying true to your core values and implementing new ideas. Remember Blockbuster? The company stayed true to its original values, but avoided progress and changed its business model, causing it to fail.
I recommend balancing values and innovation by monitoring industry trends, technological advancements, and emerging markets. Attend industry-related conferences, encourage continuous learning in your team, and be ready to change your strategies if you notice something that excites customers.
2. Moving with Purpose: Matt Beer, co-founder of Fortress Brand
To be a dynamic leader, you need to develop your business and adapt to the new challenges, innovations and technologies that the future will bring. Evolution is needed to break through the noise. It’s not enough to be a brand with a mission statement; in today’s ever-changing landscape, companies must think and act purposefully at all times.
How do I deal with this as a manager? I am proud of two important things: my people and my technology. At Fortress, we focus on supporting customers at different stages of their lifecycle and developing our service offerings based on what customers and competitors are doing. We do this by continuously hiring passionate individuals connected to the industry and leveraging our proprietary technology to tap deep market insights.
I enjoy being face-to-face with customers, even in this era of constant video calls, and I encourage other leaders to do the same. At least twice a year, I get into a room with each client, and together we poke and prod to find their frustrations and address their concerns.
Every decision you make as a leader should come from a true partnership with your customers. Just as consumer needs are constantly changing, so are the needs of the brand partners you work with. Keeping your technology up to date and providing a high level of data will help you develop thoughtful strategies and grow your partnerships.
3. Anticipate change, don’t just adapt to it: Jennifer Shirley, president of Saatchi & Saatchi Wellness
It is now an entry cost for any business to accept, monitor and adapt to change. To be a true leader and outperform in your respective market, your company must learn to anticipate change.
Creating a business model and culture that anticipates change means maintaining an agile value proposition – one that is as relevant to your people as it is to your customers. I stepped into the role of President of Saatchi & Saatchi Wellness in the first quarter of 2020 just as the pandemic was emerging. Our customers were consumed by sweeping changes and we had to reinvent what we meant by wellness if we wanted to stay true to our market.
It took a lot of listening and difficult check-in conversations in this new context to redefine what wellness really meant for our people and our company. It wasn’t enough to redefine our corporate ethos; we had to find real honesty in our self-assessment and take the lead based on what we heard.
Focusing on talent was the first step that enabled Saatchi & Saatchi Wellness to expand our service offerings to meet clients’ evolving business needs. So start with your people. If you want your ideas to be more than slides in a PowerPoint deck, you need a team committed to making your vision a reality. Your team and your vision must be aligned. Hear the collective wisdom of your team and invest in culture initiatives that will bring your values to life for people.
4. Build an infectious culture: Katelyn Winker, VP Client Strategy & Services at Taylor & Pond
In the competitive beauty space, it’s vital to keep up with trends. That’s why my team at Taylor & Pond encourages everyone to lead with an entrepreneurial mindset. I encourage my leaders to pitch new ideas not only to our clients, but also internally so that we are constantly evolving and strengthening our team to keep pace with a rapidly changing industry. This culture of entrepreneurship is contagious. When one person is enabled to share their ideas, others join in and start sharing too.
We also use social media to keep abreast of trends. I receive weekly social media trend checks from my team, which outline, for example, what is currently happening on all social channels. We then use these reports to pitch current ideas to our clients on a daily basis.
I have learned that it is important to stay young. Many more established companies and older business leaders will avoid listening to the ideas of new generations, but it is important to evolve with the times and listen to all opportunities. I consistently rely on my Gen Z team members to help me better understand why and how a key demographic would respond to a specific trend.
Staying relevant with change
Change management is a critical skill for entrepreneurs, and it has become even more important in today’s fast-paced business environment. These leaders have found productive ways to respond to change and are more agile by preparing for future changes. By balancing values and innovation, staying ahead of the curve and fostering continuous learning, entrepreneurs can successfully navigate change and thrive in today’s dynamic business landscape.
Janice has been with businesskinda for 5 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider businesskinda team, Janice seeks to understand an audience before creating memorable, persuasive copy.