In times of uncertainty, our gut might tell us to baton down the hatches and stick with the status quo – the same e-commerce journey, the same filing structure, the same online payment methods. The status quo feels safe – it’s what we know – but is it best to stick to well-worn routines when things feel unstable? Could we improve our situation by instead approaching things differently and trying something new? Has the pandemic and cost of living crisis forced us to change our behaviour and what’s the consequential effect on our business model or processes?
The dangers of the status quo
We’ve all heard the phrase – if it’s not broken, don’t fix it – and while that might make sense for the appliances around your house, it’s not always the best approach for a business. In sticking steadfastly to old ways of doing things, you may feel comfortable, but you run the risk of being left behind as the environment changes around you. There are many infamous examples of once successful companies that didn’t evolve and lost out as a consequence – do you want to be the next Polaroid, Blockbuster Video, or Kodak?
Many businesses stick with the what they know, not necessarily because it’s working well for them, but for other reasons unrelated to vision, productivity, and profit. Rosabeth Moss Kanter of the Harvard Business School lists 10 reasons people are resistant to change. These include:
1. Excess uncertainty – if people aren’t assured that the change will be positive they are reluctant to try it. Rather than take a risk, they’d prefer to stick with old methods even if they can be improved upon.
2. Everything seems different – People like what’s familiar and the thought of change can be unsettling and scary.
3. More work – No one wants to increase their workload, especially during trying times. Many organisations resist change because of the fear that it will be more complicated and time consuming than their current way of doing things.
How to initiate change in your business
Thankfully, there are ways to initiate changes in your business while addressing these fears. A study by McKinsey & Company found that open communication about a planned change is one of the major ways to ensure a change is successful. Also important is empowering employees in change initiatives, so the change isn’t happening to them, but with them.
Keep your business evolving
Just like your car needs a scheduled MOT, you should regularly assess your business in order to spot areas that could benefit from change. Change doesn’t necessarily mean a complete rethink of your business plan – it can be something like arranging your office space to make things easier to access, re-thinking your invoice reconciliation process, or instituting green initiatives in your office. These changes can save you time and money and improve employee satisfaction.
When assessing your company, ask yourself – What parts of my business have I never changed and are there new systems out there that I could benefit from? Waiting days for direct debits to clear and paying through the nose for card payments mean your business is being left behind, and that can spell disaster for your company. Switching to Ordo’s open banking payments solutions from other online payment methods, means instant payment, low-cost payment and frictionless payment. Try Ordo today and see how it can benefit your business. Take a risk, keep looking out for change….it’s risky not to.