Section IV What’s Next?
Globalization, technological advances, and changes in the way people live and work have created a new recipe for success in business and has generated a tidal wave of disruption in every industry and market in the world. Take heed in this extraordinary transformation and treat it as a warning. Businesses that had loyal customers have already closed their doors permanently because of an inability to meet the new demands of the market. If you do not change, you will be next.
There is no greater risk to your business in today’s environment than attempting to remain the same. While you may make excuses as to why you do not need to change and justify reasons to avoid adapting, the end of your road is predictable if you do not transform. You will die.
The only way to succeed is to embrace the four core questions. Connect these questions to how it relates to your industry, market, and business. Determine what value you currently deliver to consumers and how you will need to change to continue delivering value by objectively answering these questions:
What do you do?
What could make you obsolete or replaceable?
- • What change can you make to eliminate this risk?
- • What specific actions can you take to execute this change?
What could not be foreseen in business in the past is now reality, and how you handle the changes that are taking place in your industry and market today will inevitably mold what your business looks like in the future. The unimaginable is here. The need to level up is present. And the time for action is now. Because the truth is, unless you build a foundation that is grounded in the extraordinary transformations that are occurring now, and will continue to occur in the future, you will not last.
Have you ever thought about putting your nicest clothes on and driving down to the coast and into the harbor so you can wave goodbye to a ship that is heading out to sea?
Of course not.
If anyone suggested this idea, they would be laughed at and ridiculed. Yet numerous decades ago, people flocked to the shoreline in their finest attire to wave at a boat until it disappeared over the horizon. And almost no one who participated in this activity knew a single passenger on the ship.
Many years from now, people will be equally shocked about the things that we choose to spend our time on. For example, millions of adults watch a television show about a recently married couple looking to buy their first home, and children all over the world spend countless hours watching other kids (they don’t know) play video games online. Truth be told, waving at a boat, watching other people buy a house on TV, and observing kids play video games on the internet are all odd behaviors. Yet for some reason, in certain circles at different points in time, these actions are viewed as normal.
The overarching concept is the same: technology, social movements, and access to information affect the way people live their lives and inevitably cause the world to change. This disrupts the way industries function, markets shift, and businesses operate. What was unimaginable a few years ago is now the norm, and what is seen as incomprehensible today will be commonplace in the future.
It is essential to get ahead of this by eliminating the notion that what you are doing currently will work in the years to come. Every industry, market, and environment will continue to go through extraordinary transformations, requiring every company to change as well. And while this has always been the case, changes in the world are happening faster than ever, causing markets to fluctuate with increased frequency and variance.
To be fair, change in business has always been present. However, what is different is that changes now occur in the blink of an eye, often without notice. This means you must be comfortable being uncomfortable. Resisting the urge to change and reminiscing about how things were better in years past will not have a positive effect on the outcome of the future. It will only push you away from being relevant.
The world has changed, and the unimaginable has now invaded every part of the business ecosystem. This will not stop. Instead, the unimaginable will continue to affect industries and markets throughout the world, requiring you to transform your operation.