This Business News Story Was Uncovered By Us From: https://blog.eonetwork.org/2022/07/why-experimentation-must-be-the-ethos-of-your-company/
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Like many companies at the beginning of the pandemic, we knew that if we wanted to survive, we couldn’t wait for lockdowns to end. We had to think differently and make experimentation the ethos of our company.
In the past, we looked at trying new things as another “goal” to add to the list. But we couldn’t get hung up on perfection as revenue declined. So we decided to experiment and launch short digital workshops in lieu of our traditional offerings. To our delight, they were well-received, and we began trying more untested ideas and moving at lightning speed.
It wasn’t our goal to become agile. It was just a fortunate accident. The same thing happened to companies in other industries, too. Today, their businesses’ responses to the pandemic have become mainstream trends. (Think contactless payments, telehealth and other advancements.)
Moving forward, experimentation must become the ethos of your company. While we might have stumbled into agility, we now see that the landscape demands rapid iteration. Current obstacles, such as the Great Resignation and the supply chain crisis, can’t be overcome without experimentation.
As a leader, you can push your company forward by applying these three strategies.
1. Understand the distinctions between failure and experimentation
As humans, we don’t want to fail. We take fewer risks and avoid experimenting with untried concepts. But experimentation is the key to long-term success. For instance, click-and-collect shopping was originally deemed too risky. During the pandemic, however, it was a lifeline for companies that might not have survived months of social distancing and lockdowns.
While the cost of absolute failure may be high, the cost of experimentation is usually low…. Read More
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