Start with a small span of change
Whatever business strategy is agreed upon, it’s recommended to pilot with small-scale steps towards change. Starting at a slow pace allows business parties to test, iterate, and deliberate results with more accurate precision. Once the enforced change proves prolific, it’s easier to expand and capitalize on its range.
Placing change within an operational setup always poses a risk. However, handling alternations in a slow pace might not do as severe damage and opens a broader frame to enforce damage control in time.
Amanda Setili, an internationally acclaimed expert on strategic agility, puts a great highlight on taking change slow and steady.
“Agile companies don’t abandon what made them successful, but they put a focus on objectively understanding the changes going on in their business environment and taking steps to capitalize on those changes. New strategies often entail risk, so they devise ways to test and experiment. When you are afraid to change, place small bets that you can learn from. This way, you’ll minimize risk while maximizing the speed with which you adapt to market change.”
In the context of placing an action forward, corporates and startups need to define their vulnerable spots at the beginning so the change can be applied at adequate intensity and place. This way, the existing weak spots can be toned down, and additional risk circumvented.
Keep track and evaluate the progress
Observing the course of the developing events helps stakeholders acknowledge flaws in the plan and keep the pace from taking wrong turns. Monitoring the progress can show if the adopted approach will come to fruition to execute the plan as intended.
Putting the action under assessment and evaluation opens more ample space for mobilizing prompt response on the weak spots and identifying emerging hurdles.
Supervision of external variables must be conducted as well. Customer behavior, the pace of market penetration, competition’s response, and general public response constitute a small fraction of influencing factors that need to be scrutinized. These matters require frequent discussion between the stakeholders, so the progress doesn’t plummet and evade occurring complications.
Combating emerging challenges in joint effort strengthens the reliability between the partners and nurtures excellent communication along the way. By fostering a culture of mutuality, companies portray reliability on the business landscape, which in the long run, awards them with a reputation of a trustworthy entity.
Celebrate Victories Together, No Matter How Small
Cherishing milestones together, regardless of their proportion, tightens the feeling of unity. For business partnerships, every progress is a victory on its own, as it delivers a comprehension of uncharted territory.
During the early stages, startups experience obstacles that seem minor and long overcome by established companies. This is why moral support between partners is essential: to help young companies mature and establish business character.
When entering an alliance with a startup, it’s important to celebrate victories together as every milestone is a product of a well-functioning business relationship. That can only indicate that the approaches taken are well underway to succeed.
The business landscape is a complex, dynamic, and ever-changing environment. Due to its rapid-evolving nature, business contenders must follow the pace if they aspire to preside in the dominant league.
Prolific networking and perpetual ingenuity are paramount to maintaining relevance on the market. For corporations, joining forces with startups opens a broad avenue to innovate. Startups possess an untapped capacity to disrupt markets and introduce technologies that reshape living standards.
“Collaboration between corporates and startups is a challenge for the mindsets on both sides. Corporate employees are trained to follow standardized processes and are challenged by the creative behavior of entrepreneurs. Many entrepreneurs start their companies to disrupt the status quo and are challenged by the idea of working with the players they set out to topple.” – World Economic Forum