At the best of times, stress resulting in poor mental health is prevalent in small business owners: blurring of boundaries between home and work, financial stress due to unpredictable income, risk of business failure and day-to-day isolation are just some of the factors regularly faced.
Compounded by COVID-19, the constant change to day-to-day business and new rules and regulations introduced seemingly overnight have sky-rocketed the stress levels of many – and with limited resources and agile teams, small business owners in particular have felt the brunt. Facing longer work weeks, no sick days or annual leave and on average, less take-home pay than their employee counterparts; many have been pushed to the edge and make personal sacrifices to keep employees paid, the lights-on and wheels turning.
To embrace the idiomatic expression, ‘hindsight’s 20/20’, those that have walked a challenging path before us provide insight on what to do (and what not to do), and Kodak, Blockbuster and Apple are top of the list. Not to be glib, but every dark cloud has a silver lining, and history can help build a roadmap for moving forward.
From Roman times to modern day, those that refuse to adapt to change have always become obsolete. From bartering in the marketplace to modern-day innovation, change management is critical to survival. Facing industry evolutions and complex and expensive change, Kodak refused to innovate to digital and BlockBuster told Netflix it will only ever be a ‘niche business’. Both examples of what not to do, these companies reveal that fighting change – in whatever format – can produce undesirable results. Conversely, Apple was on the verge of bankruptcy in 1997, but turned-itself-around by embracing new thinking and change.
For some businesses, change provides a platform for repositioning, while for others, it presents an insurmountable hurdle. Either way, volatility in the macro environment and social change provides new ways of doing business, and throughout the history of time, savvy business owners have found a way to push forward. So what sorted those that thrived from those that demised? Attitude to change.
Of no surprise, humans innately resist change. We cling to old habits even after they cease to provide benefits and hold-tight to ‘tried-and-tested’ methods long after they’ve become redundant. Embracing change isn’t easy, and it certainly isn’t something that comes naturally. But amid volatility and unpredictability – quick change attitude adjustments are exactly what’s required and are what set Apple apart from Blockbuster. However, to manage change without increasing stress, support and advice that inspires confidence you’re on the right business-track is essential.
Without question, COVID-19 has disrupted business and changed the way we do things. But business will not stop – consumer wants and needs will still need to be met and products and services required – it is the way they are provided and the habits of purchasers that will change. Those that take-stock of the ‘new way of doing things’ and adapt quickly to an evolving business landscape will prosper sooner than those who resist change; and those that think things will return to exactly where they were will likely fall-by the wayside.
Got questions? Need help? Looking for an attitude adjustment? To reposition your business and manage change better, contact Start Grow Run today.
