When you’re running a business, it’s easy to get set in your ways, especially if you’ve had some measure of success. However, Josh Melick says that staying open to change will help you stay ahead of the curve. “If someone has good ideas, they should be listened to,” Melick says.
“I don’t believe in ‘not invented here.’ I think if you have a better idea than your current idea, then your current idea should be trashed, and you should implement the other idea,” he said.
Melick went on to say that while there can be a downside to change, the world moves too fast today not to be open to it. “The downsides of changing and pivoting in a business are small,” Melick says.
“The downsides of not changing and continuing on the same path that you’re currently on, especially if it’s not working, can be catastrophic.”
Melick said that change is very important in business because even something as simple as implementing an email marketing campaign can help improve sales.
“Even if it’s under 10 percent, those emails could make the difference between you staying in business and going out of business,” he says.
Melick also points out that change is important when looking for new employees as well. “If you’re hiring someone and they don’t show initiative and flexibility, then they’re not going to be a good employee,” he said.
Although there are downsides to change, it’s vital that businesses continue to move forward instead of stagnating in place. “Some people think if something isn’t broken, don’t fix it, but I would say nothing is broken until you act like it’s broken,” Melick says. “If you continue down the same path, you could be setting yourself up for failure.”
Melick advises setting aside time to evaluate every aspect of your business’s operations on at least a quarterly basis. “Take that time to re-evaluate where your business is at and think about what you can do to improve it,” he says. “It’s crucial in any field, especially when you’re growing so fast like we are in the tech space.”
Melick adds, “I wouldn’t recommend you jump on something just because it’s a hot trend, but if it makes sense for you and your business, then go with it.”
We asked what signs he looks for that a change is needed. “Anytime that your business model is not working, you need to change,” he said.
“If you’re growing and it’s working, and it’s predictable, then you need to double down on what’s making money and stick with those trends.”
He says that one of the most important traits for entrepreneurs to have is flexibility. “Flexibility can be one of the most important traits for an entrepreneur,” he says.
“You need to know when it’s time to cut your losses and move on from something that isn’t working.”
A sign that things aren’t working is when you start having more bad days than good, Melick says. “When you’re running your own business, you need to stay flexible when it comes to saving the revenue,” he says.
“One bad day could turn into 10 or 100 if it’s not fixed.”