Reflecting on my journey over the past few years, I am reminded of the story about the tragic sinking of the Titanic. One of the survivors, a lookout on that fateful night, testified at the inquisition, that binoculars could have significantly altered the course of events. He explained that had they been able to spot the iceberg earlier, a timely warning might have allowed the ship to change course and avoid disaster.
So, where were the binoculars? Locked away in a cabinet in one of the ship’s offices. Unfortunately, the individual with the key had been asked to sit that journey out, and the key was never passed on. Initially, when the Titanic was launched, it was proclaimed unsinkable, leading to the decision to leave the binoculars in that locked cabinet.
This story serves as a powerful metaphor: the binoculars were meant to scan the horizons for potential dangers, providing crucial warnings to the captain and navigators, as well as business owners and managers. It begs the question: Where are your—or your company’s—“binoculars”? How do you scan the “horizons” to anticipate potential disruptions in your life or business?
According to a Gartner report, the rate of change (disruption) in the past seven years has surged from 4% to 200%. This highlights a crucial point: it’s not a matter of if disruption will occur, but what form it will take. By anticipating disruptions, you can better prepare yourself and your company for the challenges ahead.
In South Africa, we have faced numerous disruptions over the past few years: COVID-19, riots, load shedding, and severe natural disasters. Many of these events were anticipated, yet few people and entities were adequately prepared. Additionally, a significant number of school leavers are entering the world, each year, are unprepared for life after school, contributing to unemployment and potentially exacerbating economic instability.
Consider the potential disruptions your company may face in the near future:
- What if a key supplier suddenly goes out of business?
- What if a new competitor enters the market, either as a startup or an existing competitor introduces a new product?
- What if a crucial employee is poached?
- What if you become too ill to run your business?
- What if a vital trade agreement, such as one with the USA, is terminated?
Are you prepared to respond effectively to these disruptions? Is your strategic planning agile enough to seize new opportunities for growth?
Research by Dr. Nadya Zhexembayeva, founder of The Reinvention Academy, indicates that companies who are not ready for, and delay responding to disruptions, due to ineffective anticipation and planning, are unlikely to regain their previous levels of success, and many may not survive.
Is your organization is actively scanning the business and economic landscape for disruptions and opportunities? What actions are being taken based on the information gathered?
How ready are you to reinvent your products or processes to meet your customers' evolving needs?
In a world of rapid change, having your “binoculars” ready isn’t just advisable; it’s essential for survival and growth.
As you prepare yourself, and your company, for 2025, make sure you have “binoculars” ready, and use them.
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