How sure are you of your company’s viability in 10 years’ time?
According to PwC’s 27th Annual Global CEO Survey, 45% of CEOs believe their company will not be viable in ten years if it stays on its current path.
The world is under attack from severe disruption in several fields. Technological advancement, climate change, socio-economic pressures, geographic conflicts, and war, to name a few. These put pressure on business models to continue to satisfy the (rapidly) changing market demands.
What to do?
PwC’s Survey reveals that 97% of CEO’s have taken varying levels of steps to change how they create, deliver, and capture value.
When you add into the equation results from the Gallup 2023 report on individual’s capacity to change, which indicates that only 23% of employees are thriving at work and are fully engaged; a staggering 59% of employees are employed, but disengaged, while 18% of employees are directly working at harming the organisation. This is a clear indication that, just changing the business model may not be enough.
The seriousness of the situation is amplified by the Accenture Global disruption index, which reflects that the rate of change between 2017 and 2022 has been running at 200%.
If the big corporate CEOs are concerned and taking action to change, should small and medium business owners not also be doing something about it?
We should surely not still be waiting for things to “return to normal”!
The normal has to be what you create it to be.
Remember, because it has always worked in the past, does not mean you can rely on it to continue to work in the future!
It is time to step out into the exciting new world of change, looking to take advantage of any opportunity that accompanies disruption, by creating a process which prepares you to be ready to change a process, product, or business model, whenever the economic situation demands it.
Small business owners may fear change, thinking this change must be radical. However, that is not always the case.
Most changes are small adaptations that need to be made to a product or service that will meet the customers changing need, OR, it may be an internal shift that facilitates better active engagement of all levels of staff, and the accompanying buy-in to the process of change.
Unlike Corporate CEO’s who have a board of directors to strategize and guide them, Small business owners are mostly on their own. Don’t stay alone, engage a coach or mentor that can assist you with processes and tools that are necessary to anticipate, design and implement for the change that comes in this disruptive ecosystem.
If you are uncertain as to whether you are ready to face this changing world, engage with a Reinvention Practioner to run a simple diagnostic test to assess your readiness for disruption, and make recommendations of how to be better prepared to, not only survive the present, but thrive in the future.
Change can bring new life into your business.
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