Change comes from so many different directions
Change comes from so many different directions that companies and leaders can be forgiven for feeling overwhelmed or blindsided.
Every day, we are facing a multitude of changes that affect every aspect of running a business. Laws, regulations, compliance requirements, customer preferences, technologies, competitors, changing demographics and shifts in lifestyles are only some of the forces at work.
All of these present immense challenges for any business, but when magnified by the many other countries, businesses and customers entering the global marketplace having different legal requirements, customs, cultures and consumer preferences, the challenge is truly immense.
Time moves on and markets evolve. Success will only follow for those organizations that respond effectively and swiftly to the only constant left in business: change.
Think Holistically, Act Personally
So, why do companies persistently fail to adequately prepare for change when they know it is such an inevitable, essential aspect of doing business?
I would suggest that it is not because they are unaware of the constancy of volatility, ever-changing legal requirements and market conditions; it is more likely because they do not know how to best fit their companies for this new challenge.
Some companies, however, stay the course. In fact, there are those that thrive through the years: entities of every size in industries and geographies across the board that fend off challenges of all kinds.
The insights from these firms are revealing as they suggest several actions that are needed to fortify your business. In other words, they highlight how to position your company for distinctive, long-running, profitable progress.
In summary, it’s a matter of Rs – to be precise six Rs that, when used together, help businesses achieve their objective of sustained, gainful growth.
These will be explained over the course of the next set of articles but they are based on several key elements, including: focusing on the reason behind the business, generating and maximizing revenues, rousing people, developing a good reputation, building business relationships and ensuring resilience.