Disrupt or be disrupted. New realities have spurred rapid changes in technology, demographics, and consumer preferences and the pace will likely accelerate over the next few years.

The perpetual rise in customer expectations in an increasingly connected world and the disintegration of traditional business models due to giant shifts in the economy and culture have caused many organisations to struggle with keeping their value proposition relevant to the times.

In this volatile environment, companies of all sizes may risk becoming casualties of the disruptions brought about by competitors who dare to take the proactive and innovative route.

Now more than ever, businesses must learn to shed all apprehensions and legacy thinking so they can take charge and disrupt themselves first. Otherwise, they risk hurting their coveted bottom lines.

In this third instalment to our “Staying Relevant” series, we highlight the three traps big businesses usually succumb to which hamper them from cementing their place in the business world, boosting growth over the long term, and quickly and decisively reshaping their ecosystems in fundamental ways.

Trap #1: Not Making Use of Accelerators

Accelerators play a significant role in developing and executing new ideas and, therefore, are organisational innovations in their own right. Compared to other more traditional venture finance options, they seek to open better, faster opportunities to manage the financing aspects of high-potential, early-stage businesses.

By providing much-needed mentoring, product and technical support, fundraising advice, and capital, accelerators help facilitate investor diversification by making it easier and cheaper for investors to pinpoint the most promising start-ups and scale-ups — even those outside of their networks.

This then helps up-and-coming companies scale faster because of expert support and guidance while overcoming early-stage problems, including internal cultural or resource impediments and personal or professional conflicts that threaten to jeopardise ideas.

Trap #2: Not Viewing Newcomers as Threats to Consumer Trust

Unfortunately, long histories of success and high brand recognition do not always triumph over newcomers’ game-changing technological innovations that fill the gaps that established businesses fail to address.

The growing number of consumers with disposable incomes presents new markets that have not been accounted for by legacy companies — and this is where emerging alternative players win.

By tapping into these “neglected” markets, newcomers often create stronger, broader connections without ever competing with big brand names and, in turn, highlight the incumbents’ weak spots. With this slow and steady rise toward brand recognition, it will only be a matter of time before these newcomers start tapping into their predecessor’s markets, too.

Trap #3: Not Adapting to and Growing with Market Changes

Legacy business models, no matter how successful in the past, can only go so far in today’s fast-changing landscapes. It takes continuous market research and deviation from the status quo to reach the end goal: consistent exponential growth.

Ironically, smaller businesses are more likely to adapt to changes quickly than their bigger, more successful counterparts. It is this unwillingness to change when faced with problematic situations — brought about by complacency or risk-averseness — that causes even the most established organisations to plateau.

Businesses should realise that their success is conditional — one that is only sustained through effort. Also, failure should not be treated as such. Instead, to drive innovation, stay ahead of market trends, and stand out in their respective industries, business leaders must encourage employees to continuously make smart risks around great ideas and pick out the best one.

It is important to remember that disruption is not just a singular event, but an ongoing challenge for businesses of all sizes. The continuous efforts in mitigating the impacts of volatile trends while capitalising on their resulting opportunities for growth is a crucial part of any business’s ongoing success journey rather than a final destination.

In the fourth instalment to our “Staying Relevant” series, we will be breaking down the importance of investing in market research to find out what your consumers really want and make tapping into new markets possible.

We at BeingIconic are a growth consultancy and creative team of specialists who create strategies that help big business in fostering disruption within their organisations to become more agile in the face of emerging trends. Partner with us today to find out how we can do the same for you.