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Business disruption is inevitable. Just as our personal lives change constantly and unpredictably, the business environment continually evolves with the introduction of new products and services. In some cases, we hail the disruption as revolutionary, incredible, or the product of genius. In others, we perceive it as disturbing or threatening. However, it is not the circumstances that cement a company’s legacy, but rather the way that company manages them. In other words, we define disruption – and what it does is up to us.
Carol Dweck’s Growth Mindset Theory offers insight into this process, examining how success (and failure) can be influenced by attitude. When faced with a challenge, do we see it as a problem or as an opportunity to learn and grow? Adopting this latter perspective doesn’t always come naturally, but with practice it can be a crucial business advantage. As we continue to navigate the fallout from the pandemic, now is a good time for business leaders to remember that a simple change in mindset can be the difference between getting deeper into trouble or reaching for more. new heights.
Related: 7 Tips for Managing Disruption in the Workplace and Maximizing Remote Workers
The bright side of the disruption
There are many ways for businesses to leverage disruption in their favor. Methods may vary among organizations and industries. However, three clear examples of strategies that all businesses can benefit from emerge when we look at the most fundamental aspects of growing a business: value proposition, profitability, and customer satisfaction.
Here are the three best practices for businesses looking to take advantage of disruption to grow their businesses:
1. Take a human-centered business approach
Every business is the sum of its internal and external parts – from customers, investors and suppliers to employees and end users. Without all of these people, a business cannot exist. This means that the main effects of disruption are on the people who make up the organization, not the business itself. To opportunistically manage the effects of disruption, leaders need to consider what they mean to everyone in the organization.
In doing so, they can identify areas – including employee well-being, customer relief, or partner loyalty – where increased focus can produce exponential results. Substantial evidence supports the benefits of a people-centered business approach, and times of disruption are a great opportunity to realign operations and policies on this axis.
Related: How to Adapt in a Rapidly Changing Economy
2. Investigate and redefine customer experiences
Whether it occurs within a single organization, across an industry, or globally, disruption inherently drives changes in customer behaviors and expectations. While businesses with a ‘fixed mindset’ tend to focus only on the immediate negative effects, those with a growth mindset will treat the disruption as an opportunity to define and address new customer needs. proactively resolve.
3. Update your business strategy
Disruption can take the form of viruses, new technology, or upstart competitors, to name a few. Their common denominator is cash, and this change can affect both the basis and the feasibility of a given strategy. While a company’s service mission may remain the same, its specific plans for accomplishing that mission should be regularly updated to reflect current possibilities. Product, sourcing, distribution, marketing, and infrastructure needs can all change rapidly amid major disruption, making it a great time to revisit business models and prioritize needed changes.
Related: Applying Incremental Innovation to Deal With Crisis
The disruption makes the future uncertain, but inevitably produces positive net gains in markets and economies. With these come opportunities for individual businesses to grow and adapt. Through this process, companies and brands can become stronger and increase their ability to serve. Leaders who harness this potential within their organizations can catalyze innovation, foster growth, and create a positive legacy.