How many times have you had conversations with team members where they reminded you of how things were done in the past? “We used to do it this way,” one colleague said to me recently, perhaps implying we should be doing the same thing today. But demand for the product she was referring to no longer exists, so we have to evolve to identify and meet new consumer needs. 

Not only does it take work for leaders to reinvent product lines and organizations, it takes equal effort to impress upon our teams that rapid transformation is not just optional – it’s actually essential to the future of our businesses. We can’t necessarily do or make what we used to, even if we wanted to, because the world and the consumer has changed.

“There’s never been a more challenging time to be a CEO or member of senior management,” says a recent Harvard Business Review article called “How the Best Leadership Teams Navigate Uncertain Times.” Research indicates many leaders believe reinventing their enterprise is critical in today’s environment. In fact, PwC’s recently released Annual Global CEO Survey reports: “Nearly 40% of CEOs think their company will no longer be economically viable a decade from now, if it continues on its current path.”

Despite consensus on the need for organizational change, the Harvard Business Review article maintains that CEOs and senior leaders are often so focused on running the business that they don’t make time for necessary reinvention. However, the article states: “Strong companies are putting the bold reimagining of their business at the top of the agenda.” 

“Bold reimagining” sounds courageous and forward-thinking, but also a bit daunting depending on your workload. In such a demanding day-to-day environment – with recessionary pressures, continued supply chain interruptions and talent shortages making it challenging to operate – how do you actually go about reinventing your business? 

Both the HBR article and PwC study, as well as other articles on the topic, suggest that reinventing your business is a full-time job and requires dedicated individuals or teams that can concentrate on nothing but transformation. That may be feasible in a Fortune 500 company or a larger organization, but for the majority of enterprises, having a “reinvention department” or chief transformation officer is likely unrealistic. Generally, the C-suite leaders or executive team are the reinvention department on top of their day jobs.

A case in point is our media company. As a small, privately held enterprise in a rapidly shifting industry, it’s all hands on deck all the time. We have a strategy for transformation and priorities in place, but because our industry and audiences are changing so quickly, we are rethinking products and processes on a regular basis, adjusting on the fly, adapting quickly, and responding to needs. The good news is that because of our size, we can be nimble, try new things and course-correct quickly if needed. The challenge is that the pace of change is so rapid that it can be hard to act fast enough, evolve organizational structures, or truly understand when team members need clarity or support. As such, we routinely have leadership retreats where we can step back and evaluate not only current performance, but how we might transform as we go forward.

Even if you have a direction in mind, reinvention is always a work in progress. Are you making the time and prioritizing what the future could be in your organization?

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Best practices for reinventing your business:

Make reinvention part of your strategy, even if you call it innovation. If you don’t plan to evolve, you probably won’t, so it is necessary to have at least a general plan for change. Some companies embark on major transformation and others iterate or innovate in specific ways. Know what your strategy for reinvention is versus simply hoping for the best. 

Invest. Reinvention takes time and resources, likely both financial and human capital. While investment may look different at each company, consider what staff, technology, data, consulting or other support or enhancements you need to be able to reinvent your business. 

Carve out time to think. Day-to-day work can absorb all your time and energy, so it is critical to schedule time to dedicate to strategy. Be intentional about blocking time, which can range from extended retreats to regular hours marked on your calendar to study industry research, examine competitors, read about technology, or delve into your own data. 

Include all voices. To truly reimagine your business, you need to include internal and external constituents who will be candid about the way they use or see your company, products and services. The more diverse that group is, the more comprehensive the feedback and ideas will be. Listen, and take all views seriously. 

Encourage honest dialogue. When you are moving fast, ensuring that your team feels comfortable sharing positive or constructive feedback is critical. Equally important is that the feedback makes it up the ranks to decision-makers, so leaders at all levels are hearing and acting on input from everyone.  

Diversify and experiment. My farmer grandma used to say, “Don’t put all your eggs in one basket.” If you’re reinventing, test many ideas at once. Some will work and others will not, but having enough experiments in the pipeline will enable you to learn and then double down when you find success.