The interior design industry is always evolving. Whether it’s new technologies, shifting client expectations, supply chain disruptions, or evolving economic conditions, plenty is changing around you all the time! If you and your business don’t adapt, you risk disrupting your income, but having to do so can be uncomfortable and threatening. However, change is important even without outside disruptors. Embracing change means allowing your business to reach the next level of growth!
Why Growth Requires Change
Growth can’t happen without some sort of change. But it doesn’t just mean doing more work—it means doing things differently, and more effectively. Businesses often stagnate due to outgrown systems, outdated leadership, or fear-based decision-making. To quote one of Pearl Collective’s favorite books, “what got you here won’t get you there”. When you reach that stagnant period in your work or personal life, it’s generally because you need to make a change to reach the next stage.
If you have adopted a growth mindset, sometimes these changes happen naturally. But if not, you’ll need to identify where the resistance is coming from. It might be from leadership, or it could be from employees. Keep an eye out for these signs:
- Clinging to old inefficient processes, just because they’re known and comfortable
- Avoiding delegation because of fear of letting go of control
- Reluctance to raise rates for your services out of fear of losing clients
- Over-reliance on the founder to drive decisions
These aren’t the only ways to identify a need for change, though. If you’re seeing burnout and high turnover, it could be a sign that your business has stopped being an enjoyable place to work or to develop professionally. Plateauing revenue is a clear indicator that you’ve rested on your laurels and not refreshed your marketing or sales strategies. Finally, if you or your designers feel creatively uninspired, it might be time to shake things up and recharge your creative minds.
Change to Unleash Your Potential
Leadership Development: A common sticking point is leaders who cannot let go of control or are forced to retain control. To grow your business, a leader may need to step back by letting go of daily busy work. Delegate some of the daily tasks to employees so you can focus on the overall strategic vision for the firm. You may need to train or hire to meet these needs, but that is also an important step in evolving your business.
Team Structure: Your employees may not be using their strengths. Ask them if they like what they do and what they would like to do differently. You don’t have to act on everything they say, but keep it in mind. Realign roles based on personal strengths and your business’s current and future needs. When necessary, consider outsourcing or fractional C-level support.
Systems and Processes: Outdated or outclassed systems are common roadblocks. An inefficient or inadequate system can slow down the entire business process. This can often be solved with more appropriate software. A spreadsheet stops being an effective way to track all of your company’s data after a certain point, and you can benefit from the features of a more robust and task-specific software. This is also a great time to audit your processes to see if you have everything standardized and templated, or if every project is basically done from scratch.
Tracking: Many young businesses fly by the seat of their pants for far too long. To evolve and grow into a successful firm, you need to make sure you’re tracking metrics. This includes financial metrics, marketing metrics, and more. Knowing when and where cash is coming in and going out can help you see disasters before they happen, and can help your forecast. Marketing indicators will tell you if you need to do more outreach or change your strategies. As you move up the business ladder, make sure your branding and positioning match the current capabilities and goals of the firm.
How to Get There
Change is never easy, even when it’s good change. But luckily, you don’t have to do it blind or do it alone. Coaching, peer groups, and advisory boards are all valuable tools for making sure you’re on the right path and are making strategic decisions. Pearl Collective offers one-on-one coaching services, as well as education-packed retreats and workshops, and monthly mentorship groups with peers. Learning from other designers and business owners who have been in your shoes is often the most impactful and helpful way to make it through your own growing pains. Seeing where others have succeeded can also inspire you and assuage some of your fears or doubts about making sweeping business changes.
Remember, businesses that thrive are businesses that evolve! Make sure you’re going through your business journey with an open mind and a growth mindset.