Employee using computer
Change management has long been a core part of business education—whether you learn it in the classroom or the boardroom—but today’s rapidly shifting environment makes change even more important and, perhaps, intimidating. Learning how to cope with change, how to plan for the future, and how to live with flexibility and let go of expectations are all vital lessons for today’s entrepreneurs.
I got in touch with four successful business leaders from different industries to discuss how they stay relevant and connected to their clients when so much is changing in the world. Here’s their advice for entrepreneurs and other leaders:
1. Constantly evolve: Kara Hertzog, president of Innovative Employee Solutions
The one constant in life, and business, is change. IES has had 50 years to learn this lesson. The times when the business has failed to change or avoided its own evolution have been the times when the team has given in to complacency. A purposeful, active approach to evolution has always been the most successful strategy.
This strategy is becoming even more powerful as complacency is becoming less possible. Technology is constantly updating, and the industry gets flooded with potential competitors, all attempting to use those technologies to develop solutions that make people’s lives easier. If you don’t continually invest in new ways of thinking and new offerings, competitors will rise above you.
To practice active evolution, IES recently hired a chief innovation officer. This role is designed to ensure our team continues to stay ahead of the market. Practicing constant evolution is a game of two halves. You need to balance staying true to your core business values with pushing forward and adopting new ideas. Remember Blockbuster? The company remained true to its original values but avoided moving forward and shifting its business model, causing it to fail.
I recommend balancing values and innovation by keeping an eye out for industry trends, technological advancements, and emerging markets. Attend industry-related conferences, foster continuous learning in your team, and be prepared to change your strategies if you notice something that excites customers.
2. Move with purpose: Matt Beer, cofounder at Fortress Brand
Being a dynamic leader requires evolving your business and adapting to the new challenges, innovations, and technologies that the future brings. Evolution is necessary to break through the noise. It’s not enough to be a brand with a mission statement; in today’s ever-changing landscape, companies are required to move with thought and purpose at all times.
How do I handle this as a leader? I pride myself on two major things: my people and my technology. At Fortress, we focus on supporting clients through different stages of their lifecycles and evolving service offerings according to what clients and competitors are doing. We do this by continuously hiring passionate individuals who are plugged into the industry and leveraging our own proprietary technology to tap into deep marketplace insights.
I like to get face to face with clients, even in this era of constant video calls, and I recommend that other leaders do the same. At least twice a year, I get in a room with each client, and together, we poke and prod to find their frustrations and ease their worries.
Every decision you make as a leader must come from a place of true partnership with your clients. Just as the wants of consumers consistently change, so do the needs of the brand partners you work with. Keeping your technology up to date and providing a high level of data will allow you to deliver thoughtful strategies and grow your partnerships.
3. Anticipate change, don’t just adapt to it: Jennifer Shirley, president of Saatchi & Saatchi Wellness
It is now cost of entry for any business to accept, monitor, and adapt to change. To be a true leader and outperform in your respective market, your business must learn to evolve in anticipation of change.
Creating a business model and a culture that anticipates change means keeping a flexible value proposition—one that is as relevant to your people as it is to your clients. I stepped into the role of president of Saatchi & Saatchi Wellness in the first quarter of 2020, just when the pandemic was emerging. Our clients were consumed by dramatic change, and we needed to reinvent what we meant by wellness if we were going to stay true to our market.
It took a lot of listening and difficult check-in conversations in this new context to redefine what wellness really meant for our people and our business. It wasn’t enough to redefine our corporate ethos; we needed to find true honesty in our self-evaluation and take the lead from what we heard.
Focusing on talent was the first step that allowed Saatchi & Saatchi Wellness to expand our service offerings to accommodate clients’ shifting business needs. So, start with your people. If you want your ideas to be more than just slides in a PowerPoint deck, you’re going to need a team that is invested in making your vision a reality. Your team and your vision need to be aligned. Listen to your team’s collective wisdom and make an investment in culture initiatives that will bring your values to life for people.
4. Build a contagious culture: Katelyn Winker, VP of client strategy & services at Taylor & Pond
In the competitive beauty space, staying on top of trends is vital. That’s why my team at Taylor & Pond encourages everyone to lead with an entrepreneurial mindset. I encourage my leaders to pitch new ideas not only to our clients, but also internally so that we’re constantly evolving and strengthening our team to keep up with a fast-paced industry. This culture of entrepreneurship is contagious. When one person is empowered to share their ideas, others catch on and start sharing, too.
We also use social media to stay aware of trends. I get weekly social media trend checks from my team, for example, outlining what is currently happening on all social channels. We then utilize these reports to pitch timely ideas to our clients on a daily basis.
I’ve learned that it’s important to stay youthful. Many more established businesses and older business leaders will avoid listening to new generations’ ideas, but it is important to evolve with the times and listen to any and all opportunities. I consistently lean on my Gen Z team members to help me better understand why and how a key demographic would react to a specific trend.
Remaining relevant amid change
Change management is a crucial skill for entrepreneurs, and it has become even more critical in today’s fast-changing business environment. These leaders have found productive ways to react to change and be nimbler by preparing for future change. By balancing values and innovation, staying ahead of the curve, and fostering continuous learning, entrepreneurs can successfully navigate change and thrive in today’s dynamic business landscape.