For some companies, it's easy to see why they've been wildly successful during the pandemic.
For others, not so much.
And for many, these have been challenging times.
There are the companies that have seen the windfall of business just based on the type of business they're in. For example, companies in remote video teleconferencing were in the right space at the right time. For those in the hospitality industry, not so much.
But when I speak to those CEOs/owners/executives where the answer isnt as clear as day, I get a different story.
Even long before the pandemic, they recognized that what brought them to where they are today wouldn't get them to where they wanted to go. I like to contribute their success to having the brains and wisdom to hire me, but let's continue.
Here's what will stay true in a post-pandemic world.
1) Everything is still moving faster than ever and continuing to increase in speed.
2) Your customers and clients are more connected than ever before.
3) The very notion of "value" is evolving. The pandemic has and will continue to create new opportunities for those willing to look.
Think about the past year and what has happened with supply chains. Unfortunately, many industries, they're still dealing with the fallout from this.
But what innovations will come from this? Again, you can bet a lot.
What will change with manufacturing processes or buying processes? You can bet even more.
And yet, for many, there's still that desire for the "return to normal."
Businesses that failed to recognize the changing business environment were already in trouble. However, those who keep hoping things go back to the way they were 18 months ago are also in danger.
Aside from those in the right place and right time, I always see the same commonality when I look at those continuing to thrive. They're all continuously defying industry norms.
Industry norms are for those hoping for the return to normal. Industry norms are there for average companies to conform to being average and happy with average results.
What norms do you have to break to thrive?
Here's your challenge: Make a list of every single norm in your industry and ask yourself and your team to consider ways to challenge/break those norms.
Some thought-starters:
1) How are products sold?
2) Is our manufacturing process set in stone?
3) Do we/can we utilize a subscription model (with products, service, etc.)
4) What does "typical" customer service look like?
5) How does everyone else find new clients and new opportunities.
Tidbit: Make the list of every single thing in your industry that's considered a norm and ask the question, "How can we break or challenge this?"
As I shared a few weeks ago when talking about the new PEER/CEO Groups I'm building, "minor improvements come from inside your industry; breakthroughs and innovation come from outside your industry."
We'll be back to video Tuesday Tidbits next week,
Cheers
Noah
