Should You Reinvent Yourself Every 5 Years?
Good morning everyone and welcome to the think future podcast I’m your host Chris Kalaboukis. And once again we’re coming to you live from deep in the heart of Silicon Valley California. So. Reinvention. I was reading an interesting article in HBR the other day. And one of the. Authors. Made a comment about reinvention. And about how. In these times. Times of accelerated destruction accelerated innovation. Things are changing so quickly that you can barely predict what’s going to happen next. A typical company. Will need to reinvent itself. Every five years. Myself that’s a very interesting statement a typical company will need to reinvent itself every five years. So my question to you. Where does the reinvention come from? What do we come up with? The Reinvention of the reinvented concept of our firm of our companies where do these ideas come from what will we become See that’s the interesting thing is that we know what we are today pretty much everyone. In the corporation that you’re in the company that you’re in. You know what you’re doing. You’ve got your shareholders you’ve got your stakeholders you’ve got your executives you have your leadership you have your middle management you have your workers you pretty much know what you’re doing even if your mission statement is not very well articulated you pretty much what know what you’re doing today in order to keep your business afloat in order to build a profitable business with customers. Products services whatever you pretty much know what you’re doing but. If you need to reinvent your business every five years. If you need to reinvent your business every five years that means sometime in the next five years you will need to try and figure out what you want to be doing next and it doesn’t necessarily. Happen just from market forces I mean market forces will. Drive you to reinvent yourself because the demand for your products and services will plummet because something will happen to be the competitor or listen the different come out it’s like what happens what happened when we were talking about hard drives in the innovator’s dilemma something else will happen something on no one will occur. Are not necessarily unknown maybe we’ll be unknown to you but to those of us who work in the future we’re in foresight we may predict something like what might happen but it may not be exactly what might happen so. That prediction that. The foresight of where the world in your customers in your industry are going to be in a future time frame will inform your invention. So maybe you disagree with me maybe you disagree that companies will need to reinvent themselves every five years because if you ask me if that is true. Then you need a continuous innovation cycle within your organization you need to be continuously envisioning. And imagining and predicting where the future is going to be and figuring out how you fit into that future five years from now things could be completely different and if you don’t imagine where you will be in those five years how will you know how to reinvent your business in order to remain relevant in that five year time frame now this feels to me right instinctually because of the speed of disruption because the speed of change is accelerating and I think we can all agree. That that is case in some in some industries Yes the speed of change may not be accelerating as quickly but in many industries the speed of change is accelerating the speed of disruption is accelerating so a five year timeline where you need to reinvent your business completely in him because if you think about reinvention I’m talking about completely new right today you’re doing X. and in five years you’re doing Y. which is could be a completely different thing so the question is what is that why and how do you take your X. and help it to become Y.. So you definitely need to take the first step of at least in visioning where you will be in that time frame where you’ll be in five years and then. What is your plan to get to that point? So if you need to reinvent your company every five years what is your plan to reinvent your company within five years do you have a plan to be something completely different to address the needs of your customers in five years where will your customers be in five years and do you have a plan to address those customers. I don’t know I personally that feels right to me if that’s the kind of cadence of change that’s occurring but maybe you have a different opinion I’d love to hear your thoughts just pop me an email at the future G. Mail dot com Let me know what you think and also I don’t know Hugh if you subscribe to our blog I send out a. Note to everyone who’s a subscriber if you’re interested in coming on the show as you’ve heard I’ve got had a number of interview shows over the last well while that love to hear your thoughts on innovation disruption and the future so please let me know send me an email at thinkfuture G.-Mail dot com If you’re interested in coming on the show I’d love to hear your thoughts that’s every day see next time until then don’t forget to think future.