Why preserving the status quo in business is a wrong idea
Preserving the status quo – the current state of affairs in your business may not be a wise strategy. You might not want change, but the world and its people are changing at an alarming rate. You not only risk being left behind, but the external impact of forced change on your life and business can be devastating if you are not ready for it.
Kodak is an example of a business that was too slow to adapt to the market’s changing habits. It did not seek to change but consumer habits made that decision fatal. The fact that Kodak invented the hand-hand camera shows that past glory offers no protection.
“The 133-year-old firm has struggled to keep up with competitors who were quicker to adapt to the digital era.” – BBC News
Other reasons why you may want to review the status quo are:
- The status quo could be costing you a lot of money. There may be ways of operating your business in a cheaper more cost effective way.
- Preventive action is always cheaper than remedial action. Updating the status quo to prevent problems is a stronger stance than waiting to take remedial action.
- Opportunities may be lost due to a lack of awareness and resistance to change. The status quo may be significantly limiting growth.
- The status quo may be damaging your brand.
- You risk being obsolete if you refuse to adapt to the changes happening in the market.
The best people and organizations in the world are constantly seeking to improve the status quo.
Savvy small business owner should do the same. It doesn’t matter whether you are a one man band or a 500 strong team. You should always be seeking to improve on the status quo.
Love of the status quo is an ailment of average to successful businesses. Complacency and the need to preserve and repeat current success stops you from constantly reviewing whether the current approach will work 5,10 years down the line. Struggling businesses know change is needed to improve.
The way to avoid this is to:
- Keep seeking growth and improvement even when times are good
- Constantly seek fresh insight and expertise
- Speak specialised external support when needed
- Be willing to try new things
Growth goes hand in hand with change. You can’t have one without the other.