Change Is Hard, But So Is Being Left Behind.
Edition — 005
Welcome to The Obsession, glad you’re here.
Change is hard, if you don’t change and adapt you just might be left behind.
Below are a few examples of how hard change can be.
Apple went against BlackBerry on creating a phone, many people laughed at the fact there was no keyboard and that it would never work for real business. Apple is worth about 3 trillion. Change is hard.
Netflix started as a DVD by mail service. When it pivoted to streaming, critics said internet speeds weren’t fast enough and people preferred physical media. Blockbuster went out of business quite quickly after resisting this change. Netflix is worth about 490 billion. Change is hard.
When Airbnb launched in 2008, the idea of renting out a room in your home to a stranger was seen as risky, weird, and even unsafe. Investors were skeptical, and many people thought no one would ever use it. Airbnb is worth about 74 billion. Change is hard.
When Tesla started electric vehicles were considered impractical, slow, and niche. Tesla faced ridicule, production challenges, and near bankruptcy. Tesla is worth about 1.35 trillion. Change is hard.
When Bitcoin was introduced in 2009 by the pseudonymous Satoshi Nakamoto, it was largely ignored by mainstream finance. Early critics called it: a scam, a Ponzi scheme, a tool for criminals, technologically flawed, unsustainable, and magic internet money with no intrinsic value. Banks, governments, and economists dismissed it as a fringe experiment. Even tech leaders were skeptical. Bitcoin trades at about $120,000 a coin (a 26,722% return from 2016). Change is hard.
Why share these stories?
Because most of you use the things above almost every day. Some of them are now so embedded in your life that you can’t imagine living without them. Yet each one faced resistance and criticism in the beginning.
Your business is no different, it’s going to require change. Why? Because your clients’ needs are changing. They want more.
More service. More investment options. More advice.
Not every new idea is a good one. But many innovations have been proven to increase client retention, enhance the value of your practice, and give you more time in your day. It’s one of the favorite things that I get to do is help business owners think about how to make changes and implement them.
A simple place to start is this: know your clients better.
Not “I know them” better. I mean: do you have a system that proves it? A way to capture what they care about, what they’re worried about, and what they want next, so you’re not guessing.
Because the businesses that get left behind usually aren’t lazy. They’re usually just operating off old assumptions.
The Weekly 3
1) One Question I Asked Myself
Where am I holding onto “the way we’ve always done it” because it feels safe?
2) One Idea That Shifted Me
The biggest risk usually isn’t trying something new; it’s pretending the world isn’t changing.
3) One Challenge to Take Into Your Week
Pick one part of your business you know needs to evolve. Don’t overhaul it. Just take the first step: ask 3 clients (or customers) one question, “What do you want more of from us this year?” Then write the answers down and look for patterns.
