In a world that continues to innovate and develop extraordinary technological advancements, there is nothing more permanent than change.
As an accountant first and foremost, I believe in reflecting on previous results for a better idea of the future. So, let’s turn the clock back to 2010.
This was a time when DVD rental shops were popping up on every corner of every road of every village across the islands.
Ten years on, these corner shops have been replaced with barbers and beauticians – signalling new trends and a shift in priorities.
Opportunities in business are often sparked by change − some of it planned but most of it beyond our control. Sadly, when faced with change, the majority are likely to resist and avoid change for as long as they possibly can – or until it drives them out of business.
This is truer than ever with the unpredictability that COVID-19 has thrown into our lives.
In the business world, difficult times have always acted as a catalyst for companies to develop and adapt to modern challenges, allowing them to develop new technologies and processes to navigate them effectively and − ideally − profitably.
It is the exceptional few who will identify change as an opportunity. These are the change leaders that will dominate their industry as forward-looking pioneers and visionaries.
Making change your new normal
2020’s biggest catalyst for change was definitely the coronavirus, teaching us all a lesson that stability in business should never be taken for granted.
Generally, when a need for change is triggered, it is accompanied by a sense of great urgency. And change can be triggered by numerous factors – typically with negative outcomes:
• Company performance is in decline;
• Technological advancements;
• Change in legislation.
And we can now officially add ‘global pandemic’ to that list.
But what about the need for change when things are going well? What about change in, what we believe to be, ‘the best of times’? What about change when we feel that things cannot get any better?
You know how the age-old saying goes – “if it ain’t broke, don’t fix it”.
This is true to a degree – but when the only constant we can count on is change, how do we prepare for it?
A study published by Dell Technologies in 2017 states that 85 per cent of the jobs that will exist in 2030, do not exist today.
You read that right, 85 per cent of 2030 jobs don’t exist today.
Whoever you are and whatever you do, this figure should ring alarm bells in your head.
The only constant is change and it is here to stay − let’s embrace it.
Here are three key elements I’ve found crucial in managing my business in the midst of change.
Anticipate change
As a business leader, I suggest taking a step back to dedicate time to work ‘on’ your business rather than solely ‘in’ your business. This will help you to envision the changes that this disruption may bring to your industry. Understand or seek advice as to how you could implement the latest technologies to achieve higher levels of efficiency through simplification, integration and automation of your processes and systems.
Empower your team
Create opportunities for your team to receive training that will not only improve their skill set and elevate your business, but that will instil confidence in them.
Keep positive and see this disruption as an opportunity for you to become the leader in your industry. When you outline your long-term vision and break it down into shorter-term goals, objectives and targets, this will create a sense of urgency that will push your team to better understand and embrace your vision.
Use tech to your advantage
Whether you are a CEO or an employee, tech is a useful tool that will enable you to reach new heights. Advancements in tech and software have produced tools that can carry out repetitive tasks and processes, faster and more accurately than ever before.
With systems as powerful and intelligent as the ones coming out nowadays, they can easily pose a threat. They don’t make mistakes and are available to work 24/7/365.
But try thinking about it this way – is the maximum value you can offer your company based on how many repetitive tasks you can do?
Nothing beats a living, breathing human being with good values, ideas and passion. So, consider that adding tech capabilities to your operations will give your business the best opportunity possible to flourish.
There’s always a choice
Change may be beyond our control but we have a choice.
We can fight it and resist it for as long as possible, staying within our comfort zone.
Or else, we can seek to understand its implications and embrace change as an opportunity for us to lead the next steps and emerge as successful first-movers.
As Dan Millman wrote in Way of the Peaceful Warrior, “The secret of change is to focus all of your energy, not on fighting the old, but on building the new”.
Beppe Muscat, CEO, NM Group