Each Sunday our goal is to share a piece of gold with you. Some small piece of information that helps you to have a better week and achieve a better outcome.  

This week, I want to talk about taking risks in the business. It is normal human behavior to become more focused on protecting what we have as gain more in life. We become more conservative and more risk adverse. It may be a physical assets, the security of an operating business, or even in our personal relationships. We’ll fight hard to make sure and “not lose” something rather than spending and equal amount of time fighting for the next level of outcome(s). Once we earn something, we fight to keep it.  

My challenge for you to consider, isn’t to ask the question, what are we risking if we take the chance or how much does a risky investment cost, but instead, ask the question, “What are we risking if we don’t take the chance?”  

We have seen evidence of this over and over when looking at history. Kodak, Blockbuster, even Toys R Us all held on to their business model and failed shift to new customer preferences and business model requirements.  

Evolution is inevitable. Shifting customer preferences is predictable.  

I think this is even more relevant today as a result the recent public announcements in Artificial Intelligence. AI is absolutely going to disrupt many organizations and professions – as much, if not more than ecommerce. There is already evidence in this as it relates to marketing, law, medical research and diagnosis, and obviously in education.  

Making large investments to change the way that we do business is absolutely uncomfortable. We never want to break something that is working (or we think is working). However, as a good friend of mine often reminds me, “Would you rather be the hammer, or the nail?”  

I share this with you today to challenge you to consider this: Doing business in the same way you have operated for the last several years may be the biggest risk you face in the coming year(s).  

Adaptation require that we shift to new models, new delivery methods, new products, and new styles of customer interaction. A key question to ask is how is the delivery of your product or service going to look in 5, 10 or 15 years, if you abstract yourself from your operation? What steps do you need to take between now and then to ensure you are prepared for those expectations? What technologies do you need? What training do you need to consider for your Team – and even to train your customers.  

If you focus on being the hammer, then you can shape the expectations, while preserving the integrity of your relationships and brand.  

I’d love to hear from you… What are you worried about as technology continues to mature?  

If you are interested in a brainstorming session for your business, please reply and let me know. I’d love to help!  

The goal of AoD is to build better leaders who run better companies and change the world. Better leaders doesn’t just mean in the office, but at home too.