Future-proofing your business: Embrace change and prepare for disruption

While many business owners find it difficult to adapt to business change, adaptability is important, especially given that disruption to business is occurring in many industries.

Managing change at the organisational level involves strategic planning. The goal here is to implement an initiative that will change your operating model in order to reflect current customer needs or business needs. It’s not uncommon to feel detached from the business when planning the systemic actions that are needed to support the business. Comprehensive action plans may make it seem well-managed and controlled, but this is not always the case.

To grow a small business you need to be agile and “change-ready”. You should be ready to accept that you simply can’t know, see, or decide everything. Even when decisions are made quickly, the best plans and actions rely on the support of your full team. You also can benefit from reducing your exposure to risk by investing in Business Insurance*, which includes Contents insurance.

Leaders who are ready for change may still feel that they should lead the business change themselves, but they can’t do it all on their own and appreciate their team’s support. This type of leadership inspires team members to step up and contribute in meaningful ways.

So, let’s dig into how to prepare your business for future disruption as you navigate the rapidly changing business landscape.

10 steps for becoming a change-ready business

Disruption to business isn’t going away – in fact, it is only increasing. To keep pace with disruption in your industry, consider the following 10 steps.

1. Recognise adaptability as a valuable asset

Firstly, recognise that your business needs to be flexible. Businesses that can quickly pivot and adapt can survive even if this era of rampant digital disruption. While business owners cannot predict the future, they can build their business to not only survive, but to thrive in times of disruption.

2. Identify potential disruptors in your industry

Create a list of disruptive changes with the help of your team. Categorise these changes into four categories based on their impact and likelihood of occurring. This is your, “change matrix”.

3. Embrace innovation and technology to help you see the warning signs

This is where you get ready for change and define the changes and early warning signs of disruption to business on the horizon. Think about what you can do right now in anticipation of pending disruption. Ask yourself these three questions:

  • What are the potential consequences of the change for your business?
  • How will you know when it’s time to adapt to the change?
  • What you should be doing now to get ready?

To navigate business disruption successfully, it is important to embrace innovation and develop world-class tech innovation capabilities. Digital disruptions can be the most fertile ground for innovation.

They offer business owners the opportunity to reinvent themselves, find new business models, or explore uncharted markets. By integrating innovation into the core of your business, you will improve its resilience by increasing its ability to adapt to future disruption.

4. Develop a plan for change

You can clearly itemise and define your change process into four sections for each change you wish to make to prepare your business for future disruption, as follows.

5. Get buy-in from your team

To grow your small business your team should be able to understand and accept the changes you plan to implement. It’s difficult to convince your team to accept a change if you don’t have compelling reasons for it. Clearly explain why you are doing this and how it will benefit the business.

6. Provide the tools or skills required to implement the changes

This is important, especially for older employees who may be afraid of being left behind. Use formal mechanisms to reinforce the change. To encourage innovative thinking you can set up a process for employees to submit ideas. Be sure to not only reward successful results but also those that encourage learning and taking risks.

7. Adopt an entrepreneurial attitude

In times of disruption, business leaders can promote an entrepreneurial mindset by encouraging their team to embrace risks, accept failures, and use them as learning opportunities. They also can benefit from maintaining a laser-like focus on the needs of customers. Staying agile means allowing for quick pivots and continually iterating products and services in response to feedback and changing circumstances.

8. Empower and engage your employees

Employees are the first to be affected by disruption and must deal with its effects every day. You can improve the resilience of your organization to disruption by engaging them and giving them more power. Open communication, collaboration, training, development, and recognition of innovative solutions and ideas are all required.

9. Early-warning systems are important

Changes in your business can have a variety of consequences and you will know when it is time to adapt. It could be that your competitors begin to adopt new technologies.

Act early – what can you do to prepare? You can start by identifying small, easy steps that you can do now. They won’t take much time or resources but will help you adapt when the need arises. Researching what other industries did in similar situations can inspire you to take action.

10. Start small, embrace failure, and learn from it

While growing a small business isn’t easy, you can get your small business off to a winning start by purchasing your business insurance from BizCover. We make business insurance such as fast, cost-effective, hassle-free, which is why more than 220,000 Australian small business owners buy their business insurance from BizCover.

At BizCover we help small business owners grow by taking the pain out of purchasing business insurance. Call us today on 1300 920 873 to find out how we can help you reduce your exposure to risk and purchase Business Insurance in as little as 10 minutes and be on your way.

This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
© 2023 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769

Compare multiple quotes online in minutes

Compare FREE quotes

Compare multiple quotes online in minutes

Trusted by over 220,000 Australian small businesses.

Compare FREE quotes

Popular Searches