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Being adaptable is a key skill that makes our work meaningful and effective. Being flexible allows us to stay ahead of the game and provide new insights that help create better products and services. It is more difficult to overcome and survive economic challenges if we are less flexible.
Our ability to adapt depends on our ability and speed in discerning market trends. You must be able quickly to self-reflect and pivot, and then push on in a new direction. This is based on educated expectations about what the future will require and welcome. This is not an easy task. However, adaptability is far more important.
My professional life has taught me that the best environment for entrepreneurs is one that fosters adaptability. These are the habits that have helped me build every venture, from Charming Charlie and Boosted Commerce.
1. Embrace diversity
A diverse organization will be more successful in meeting its overall KPIs, OKRs, and other measurables. According to McKinsey's 2019 analysis, 25 percent of companies in top quartiles for gender diversity in executive teams are more likely to achieve above-average profitability. This is an increase of 21 percent compared to 15 percent in 2014 and 2017.
How does diversity and inclusion impact profitability? My experience shows that the most inclusive communities offer more diversity of thought. This is a crucial advantage facilitated by design-thinking communities who have spent decades developing some of our most loved products and services. IDEO is a well-known company that uses product design thinking to bring together people from different backgrounds. Studies that have shown intercultural friendships within the workforce are a clear proof of this. This creates products that embrace more perspectives, which results in a wider customer base that feels more represented and understood. This leads to innovation. This creativity is amplified when there are diverse executives.
Although diversity is not new to entrepreneurial circles, it should be a constant topic in order to create more inclusive spaces across all segments of society. This mindset will help companies gain greater access to talent, which ultimately leads to stronger businesses.
Related: 3 Questions that Will Change Your Mindset from Busy to Strategic
2. Intrapreneurs can be delegates and elevated
Employees should be proud of their entrepreneurial status within the organization, beyond their daily responsibilities.
This process is better known as intrapreneurs. It allows employees to take control of their own projects and transform the organization. Similar to encouraging KPIs in the same way, give colleagues at all levels the opportunity to talk to customers, get feedback, address their pain points, and continue to create innovative solutions for the company. After establishing CEO Time for new projects each quarter, give these intrapreneurial groups time to present their work to the executive and get approval to make internal changes. This creates a more efficient organizational workflow and encourages innovation by creating a culture of creativity within the company. Deloitte also highlighted the fact that it greatly increases cash flow.
Professor John Hunt from the London Business School points out that only 30% of managers are able to delegate effectively. They are too busy taking on more work than they should and putting them at risk. They are not only exhausting in the long-term, but also create inefficient bottlenecks that can cause harm to the business. Intrapreneurs can be a great way for executives to support a growing company's innovation while also fulfilling their day-to-day responsibilities.
Related: Change your mindset and stop complaining to become wealthy
3. Clarity breaks
You must be able to adapt to your market. You must also be willing to take risks. As an entrepreneur for over 20 years, I have discovered that downtime is where I find my greatest inspirations. This is because, as an entrepreneur downtime can be as simple as keeping one eye open while you sleep. Is it possible to be completely disconnected?
For me, downtime came in the form self-designed clarity breaks. Clarity breaks are moments when you allow your imagination to run wild, and do something that gives professional insight.
This is what I do in my case: catching up on my kids. I seek to create an environment that allows everyone to openly discuss their lives, whether it's through movie nights or sports. It doesn't always have to involve a trip to the spa or to the beach to disconnect. Spending time with those we love can give us a new perspective and help us understand.
My kids keep me updated about their lives, which gives me an insight into how the world is changing. My children are my anchor and reminder of what is important to me, what drives me to do what I do, and what kinda world I want for them. This is my greatest source of inspiration and encourages me to be flexible to build a world that I can be proud of.
Be flexible to changing times
The difference between businesses that expand and those that close is how adaptable you are. We see the negative impact on the hospitality industry as Covid continues its challenge to small businesses in the US. However, not all establishments have to close. Many establishments grew their revenue, gross profit margins, and gained trust from their customers at critical times. This ultimately created new opportunities. They were distinguished by their adaptability. They took the time to reflect and adapt to change their businesses and their communities.
Related: Why does it take a crisis for companies to change?
