{"id":1064,"date":"2020-10-14T17:23:12","date_gmt":"2020-10-14T21:23:12","guid":{"rendered":"https:\/\/blogs.sw.siemens.com\/partners\/?p=1064"},"modified":"2026-03-26T12:49:11","modified_gmt":"2026-03-26T16:49:11","slug":"how-to-stay-adaptable-and-relevant","status":"publish","type":"post","link":"https:\/\/blogs.sw.siemens.com\/partners\/how-to-stay-adaptable-and-relevant\/","title":{"rendered":"Journey to Recurring Revenue Series Part I: Adaptability is the new collateral"},"content":{"rendered":"\n

Boy, we saw a lot of changes this year! Which path did you<\/strong><\/span> take? What changes did you make and how are you leveraging them to make your business more relevant? In today\u2019s business landscape, it will serve you best to be adaptable.<\/p>\n\n\n\n

Your adaptability quotient<\/h2>\n\n\n\n

According to the e-book ADAPT or DIE<\/a> published by Forbes Books, \u201cYour Adaptability Quotient (AQ)<\/strong> is a key determinant of your business success.\u201d \u00a0It is the ability to adjust course, product, service and strategy in response to the unanticipated changes<\/em> in the market.\u201d The word adaptability<\/em> itself comes from the word apptissimus or adaptico meaning \u201cto fit, to fit in, to mold yourself\u201d, and that is exactly what businesses need to do now. I am not recommending that you adapt to just<\/em> \u2018fit in or mold\u2019 your business to today; I am stating that it is imperative and the minimum move to stay relevant.<\/p>\n\n\n\n

Stay relevant. Don\u2019t become extinct<\/h2>\n\n\n\n

Do not become blind due to your past or current successes and so stuck in your thinking and processes that you will not be able to adjust quickly and swiftly, let alone think differently. I\u2019m guessing you do not want to become the next Blockbuster\u00ae or Kodak\u00ae. They were leading giants in their time. Now, where are they? Exactly my point. The same e-book talks about these companies and others as becoming \u201cperils of their success and their consequent failure to innovate.\u201d<\/p>\n\n\n\n

\"extinct<\/figure>
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When Reed Hastings of Netflix fame approached John Antioco, Blockbuster CEO, to propose that Netflix run their brand online, Antioco and his team laughed at him. Antioco basically told him: \u201cI have millions of existing customers and thousands of successful stores. I need to focus on where the money is.\u201d Blockbuster started to adapt in 2004 when they launched their own subscription services, but it was too late. Hastings admitted that if Blockbuster would have launched their service just two years earlier, Netflix would probably be out of business today. The lesson of not being adaptable early was a hard one for Blockbuster as they filed for bankruptcy in 2010. Blockbuster did not have a culture of adaptability.<\/p>\n<\/div><\/div>\n\n\n\n

Take two minutes to understand your level of adaptability<\/a> before proceeding to the next section.<\/p>\n\n\n\n

Adaptability culture<\/h2>\n\n\n\n

Adapt today and plan for the future by creating an adaptable leadership and company culture. The story above evokes the importance of not only acting but acting quickly<\/em>. Being a proactive, adaptable business leader rather than a reactive one is setting your company up for the future. Adaptability, as characterized by Harvard Business Review, is the new competitive advantage<\/em> and is described by Fast Company as the future of work<\/em>.<\/p>\n\n\n\n

In the blog<\/a> written by our global enablement lead, Jason Watkins, the topic is partner business planning and execution. Watkins says, \u201cNow is the time to effect change and transformation. Right now.\u201d He explains the benefits of digitalizing the business planning and execution process to enable live, continual review and responsiveness to the data.<\/p>\n\n\n\n

However, if your leadership AQ is low, you may react with a traditional approach. For those of you with a high AQ, you may react very differently to the data. For example, would you have ever thought restaurants would offer subscriptions for their food? It\u2019s true and that is some very different type of thinking to think you can acquire repeat customers, very different from the traditional gift card idea. Gift card runs out and so do the people. Subscriptions for the cost food each month brings people and their friends in the door over and over again.<\/p>\n\n\n\n

In the Ted Talk<\/a> delivered by the vice president of Early Stage Practice at Silicon Valley Bank, Natalie Fratto, she shares with the audience that AQ is one of the key characteristics and skills she looks for when deciding to back an entrepreneur in a new venture. Why? Because she understands that in today\u2019s business landscape, good ideas and talent are great, but the ability to have an adaptable mindset and related skills is even more important.<\/p>\n\n\n\n

Three ways Fratto looks for adaptability in someone:<\/p>\n\n\n\n