It all started when I read over December “Exponential Organisations” by Salim Ismail
I knew I’d gotten complacent about this. This book scared me silly!
Firstly, because it made sense – I’d seen this happening by reading www.springwise.com and www.trendwatchers.com for the last ten years.
I’ve seen so many new disruptive business case studies to know that whatever business you are in, you either have to disrupt yourself…or be disrupted, oftentimes by someone with little resources and little experience in your industry, but a technical advance helps them to find a niche that steals away your business right under your nose.
Secondly, because our Prime Minister Malcolm Turnbull’s first statement after being elected as prime minister that “Australians need to embrace disruption as our friend”
And thirdly, because the NSW government has been reviewing their take on Airbnb, Uber and Kickstarter.
Late January this year, they announced that they released a position paper, and that they would be moving to regulate these three operators. – They are letting them in!
I knew I had to disrupt my business.
This was no longer something I could put off.
This was now a priority and I had to act with speed.
How I disrupted my business
The hardest part was to make the decision to do it.
I then set out a plan.
I would research what was going on in my industry, particularly regarding new disruptive competitors.
I would analyse my business for areas that could be digitalised and make a plan for that.
I would then put my disruption plan into action.
Researching my disruptive competition
There were a number of new disruptive competitors out there, who’d emerged under the radar, including a fully automated coach. “A robot coach?!” Yes there are at least two of those out there in the marketplace. How come I’ve been ignoring this?!
I found a couple of people who were using this automated process and asked them enough questions to find out what this method’s strengths and weaknesses.
They even told me what my strength are – that is – one on one coaching to keep them accountable. The automated coaching didn’t do that well. – Phew! Mental Note: Great to get that feedback. I must be more open and transparent with my clients. I must participate more online.
There was much to be done…and fast.
My second step was to analyse my business
I analysed every part of my business and clarified all the areas I could transform into a digital format.
This was a surprising and amazing process.
I could see how I could add enormous value to my business offering by digitalising as many processes as possible. It simply made my product better…and my many resources readily available to my clients.
Not only that, I could see how I could reduce my fee to nearly half of what I’ve been charging.
What I have achieved
I’ve got a sharper, more competitive product out in the marketplace.
I’ve reduced my fees by 45%, I’ve tripled the value I offer to my clients and I’ve addressed operational inefficiencies I’ve been putting off improving for years.
In short, I’ve achieved a lot in a short period of time.
What I have learned
It’s simple once you make the decision (like everything worth doing well)
The threats are already out there…and I need to stay alert (ignore disruption at your peril)
The best defence is active offence (thanks again Sun Tsu)
The changes I’ve been putting off for years were easy to make within the context of disruption. I could no longer tolerate inefficiencies
I’ve made a start. There’s much, much more to come.
Trust you find this useful
Let me know if you do something about it.
At least – the very least – read Exponential Organisations by Salim Ismail