Business is changing. Will you adapt or be left behind?
You and your team are working incredibly hard and making progress, but you can’t help but wonder: Is this how it’s supposed to be? It feels like no matter how hard everyone on the team tries, we never get ahead of our problems. And we need some kind of breakthrough.
Old industries and business practices are disappearing
Change is rampant. New companies appear while others fade away. Products and processes come and go. In a few years, an industry can change from what seemed to be a stable oligopoly to fierce, cutthroat competition.
Businesses used to follow a hierarchical structure, with layers of management. Today, businesses are often flatter, with fewer layers separating senior management from junior staff.
If you take shortcuts now, it may hurt your business later
If you care too much about initial revenue and profitability, you will be tempted to design whatever products and services will sell rather than whatever will serve your customers best to hold onto and maximize the long-term value of whatever assets you build.
Enabling and supporting learning and adaptability
- Organizations need to become more adaptable so they can bring new ideas to market faster
- As the landscape shifts, businesses need to be on the lookout for disruption
- Any company that gives employees the best chance to develop their skills and use those skills in ways that matter to them will have a huge advantage
Adapt to the ever-changing business environment
- It is much easier to deal with a rapidly changing business environment if you have found and reassessed continuously the right growth opportunities
- A business that does not change will ultimately fail
- The challenge for companies is to renew themselves continuously
- This is usually done through a strategy of growth
Purpose behind money-making
A company needs to have a purpose beyond making money. Making money today might be difficult or impossible, but spending all your time working to keep the company afloat makes it impossible to keep an eye on tomorrow.
A purpose gives a company a reason to hope beyond the immediate future, beyond the next product release. Purpose-built companies are better suited to the modern world.
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