Where Do We Go from Here?

We’ve all seen it on the news, many of us have witnessed it exploring on vacation, and a few of us have even lived through it. It is the small town that was once a bustling metropolis. The decrepit area in the business district with dozens of abandoned buildings that used to be ranked as one of the best places to work. And the washed-out city that previously served as the home of a powerhouse in an industry.

What happened?

Why did everything fall apart?

What changed?

The truth is, everything changed, except for that small town, that area in the business district, and that washed-out city. And because of this, that location is suffering.

Industries and markets are constantly transforming, making it necessary that companies adapt, evolve, and improve. This concept is unsettling for many businesses, especially for those that are in front. When you are winning the game, the last thing you want is for the rules to change. It is much easier to ride the wave of success. This causes companies to go blind to the changes that are happening all around them. Truth is overshadowed by emotions, clouded judgment, and subjectivity. Rather than accepting facts and objectively analyzing your business, industry changes, and unique trends that materialize, leaders make decisions based on what they want to be true. This broken practice destroys the opportunity to deliver positive results.

To be successful, ill-advised decision-making based on subjectivity and personal interests cannot be a part of the equation. Instead, impartial analysis must take place, with specific focus on transforming to meet future customer demand. This comprises analyzing how the global market is evolving, avoiding the belief that the good old days are going to make a resurgence, and placing emphasis on setting aside egos in order to focus on what is most important moving forward.

Some companies have been able to keep their doors open while maintaining a stagnant business model in spite of the market navigating away from their core competence. However, the overwhelming majority has lost and will continue losing. Though you may have been able to acquire considerable market share years ago with a certain business model or product line, singing about past glory is not going to get you anywhere today. You must transform your products and services to meet the demands of the future.

The landscape of the business environment now encompasses global challengers at every level. You are no longer competing with traditional businesses in your local market, but rather, companies throughout the world. This global shift requires you to focus on what will sell in the future, while avoiding the temptation of doing what used to be valuable in the past. It truly is the only way to remain viable moving forward.

Bringing It All Together

The globalization of business has created new ecosystems in virtually every industry, market, location, and environment in the world. Because of this, the pillars from which companies built their success on are no longer relevant. You cannot function as you always have and continue to thrive. The competitive landscape has increased to a global scale. This requires you to recalibrate.

You need to stop celebrating past successes and naively believing that they will carry you to future glory. Eliminate investing in old business models that lack relevance in today’s society and reject pushing products and services that are outdated and lack value in the market. Instead, you must transform.

Even if you have made significant changes in recent years, the notion that you are finished is wrong. The global economy we are now a part of is in constant motion and continually transforming. This requires you to maintain the same pace. The value you created for customers in the past served its purpose, but it is no longer enough. Decisive action focused on generating new value is necessary to thwart off global opposition and continue winning.

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