Is your company a dinosaur company? I’m not asking how long your company has been in business. I’m asking whether your company is staying ahead of a changing world. The dinosaurs failed to adapt quickly enough and went extinct, and the same can happen to any dinosaur company today. Here are three signs that your company is a dinosaur company, along with some suggestions on how to evolve:
1. Dinosaurs Get Stuck
Success can be a dangerous thing, especially if you decide that your current strategy will work forever. Recently, paleontologists excavated a set of fossils where a whole pack of predators chased a plant-eating dinosaur into a patch of quicksand and sank. The strategy that worked so well for them before failed them when the terrain changed.
In today’s world, the terrain can change in the space of a single innovation, and innovations are coming faster and faster. Former household names like Kodak and Sears have had to change business models that they used for more than a century now that we have digital photos and online shopping.
Even innovators need to keep up the pace. In 2008, everyone was addicted to their Blackberry. Who wouldn’t want a full keyboard on their phone? Everyone who uses Siri, it turns out.
I don’t want to say that you should change just for change’s sake. It’s important for everyone in your organization to be on the same page, not just for what’s happening this week, but with your organization’s values. If you don’t have everyone working toward the same end goal, you might as well be thrashing in quicksand, and that only makes you sink faster.
2. Dinosaurs are Cold-blooded
Jeff Bezos had a great insight:
I tell people that when we acquire companies, I’m always trying to figure out: Is this person who leads this company a…
Finish reading 3 Signs that Your Company’s a Dinosaur — and How to Evolve on Inc.com.