Buzzwords in business such as “disruption” and “shifting paradigms” has led to an obsession with innovation, discovering the next big thing and building something entirely new. But reinventing the wheel could be the biggest mistake that a business makes. We are often blinded by the glamorous appeal of re-invention instead of creating and capturing value in the opportunities that already exist.
It’s no wonder we are losing the plot. When we look at all the big names in business such as Steve Jobs, Bill Gates and Elon Musk for inspiration, they made history by creating products that changed the world. We look to them for inspiration and try to emulate what they have achieved. But what we forget is that they are famous because they are the exception to the rule.
Innovating and introducing something world-changing doesn’t happen every day, and it’s not the only path to success. There are thousands of successful businesses that are built on doing the basics right and improving on existing ideas, without reinventing the wheel.
Learn from the past
You don’t need to throw out everything that came before in order to build something new.
Use best practices
Learning from your own mistakes is smart. Learning from others’ mistakes is even smarter, because it saves you time and unnecessary frustration. Remember, whatever your problem or challenge is, someone else has faced it before, and you might be able to use their learnings to your benefit.
Adopt and adapt
Why go through the pain and expense of designing and creating a new system, when you make use of an existing system as a foundation? There’s nothing stopping you putting your own spin on it and repackaging it to make it your own, but get a head start by using what already exists. When you adopt and adapt existing solutions, the team can spend time on things that set your business apart such as customer service.
Sometimes businesses innovate in order to grow in leaps and bounds. But more businesses are likely to show incremental growth by taking baby steps and focusing on steady progress. And let’s face it, in today’s economic climate, any business going forward is successful.
Don’t fix what aint broke
Often we want to reinvent the wheel because the system is old or it’s been around for too long. Just because you are bored with the same-old, same-old, doesn’t mean your potential customers, who haven’t engaged with you yet, will find it boring. Don’t make changes for the sake of making changes. If it’s working… leave it alone.
It’s not often that I help clients by helping them reinvent the wheel. Sometimes the wheel simply needs a bit of an upgrade, a revamp or an enhancement. Small changes can make a big difference. If your business can afford to invest in business coaching, you are already doing something right, so we simply build on your foundation to take your business to the next level. Give me a call if you are ready to explore how we can help your business grow.