A necessary question I believe business leaderships need to have answers to in order to stay competitive is:
Is the team working to hit only our short term and long term goals to maintain the status quo or working to grow?
Having the wrong team fosters a culture that hinder business growth, repress innovative ideas and maintains the status quo!
Experts have always said “knowing where you want your business to be in the coming years is highly pivotal to your company’s growth and success.” Yet, most businesses bring in people to maintain the status quo. This might be a good idea for the time being because it keeps the money coming in, but remember what happened to that big chain store called Blockbuster? In 2000, Blockbuster’s CEO and his team laughed Netflix’s founder out of the room. In 2008, Hulu came to play in the TV and movie provider industry. Blockbuster took lackluster actions and ultimately chose to maintain the status quo. Today, Netflix and Hulu are laughing while Blockbuster out of the industry!
When it comes to your hiring practices, you should strive to bring in a team and talents that will help you achieve your future business objective not just for short term wins, but also for the long term success and wins. Hiring to maintain the status quo will leave in you the status quo, hence deterring great talents with the necessary skills to achieve that future goal. Don’t miss out of the opportunity to be an industry leader and get laughed out of the industry.
There are still companies ignoring trends and haven’t addressed certain issues that can hinder future business growth. A few things you can do to minimize the chances of being laughed out of your industry:
- Allow your employees to think outside the box
- Stop searching for candidates that checks every box
- Culture fit
- Listen to your target audience
- Use available data to your advantage
- Experience matters, but it shouldn’t be the end all be all
Cumulatively, taking these actions can help your business grow substantially.