A Time to Change

Have you ever wondered how to know when you need to make some changes to your business?

One Clue

Not too long ago I wrote a piece called Ready for Some Change? in which I reflected on how business today is subject to constant change. The reasons for this are varied and include such things as changing demographics, shorter product life cycles, and increasing rates of technological advances. So, the first clue to knowing when you need to change is to understand that change in today’s business climate is ongoing. True, you may stay pretty much the same for a while, but during that time it is critical to stay aware of things and plan for potential changes, even though those changes may look quite different from what you envisioned.

Another Clue

Sometimes the time to change is thrown in your face simply because things are not working. No matter how well you prepared for what you thought was going to happen, there will be times when you are surprised at what you find yourself facing. This is the case of, “If’s it not working, maybe you need to do something different.”

“Insanity: doing the same thing over and over again and expecting different results” – Albert Einstein

This may seem obvious, but this warning is ignored more than we like to admit. If you don’t believe me, just take a look at some of the big retailers who were slow to change when things were not working. Some that might come to mind are K-Mart, Sears, and J.C. Penney. Also, some of the automobile manufactures have failed to keep up with the changes in their industry caused by new innovations from other companies and changes in consumer taste. Consider General Motors and Chrysler. Their failure to adapt resulted in them to seek bankruptcy protection. In all of these cases, changes are being forced on these companies. It would have been better if they had demonstrated sanity in making needed changes when expected results continuously fell short, rather than the insanity of doing the same thing over and over.

The Bottom Line

One constant in life is change. You can help prepare for much of this by simply staying abreast of market and technological changes. In addition, when something isn’t working and you cannot correct it with minor adjustments, it may be time to stop the insanity and make drastic changes. This can include such things as what goods and services you offer and how you market them. It is your responsibility to watch for clues as to when it is time to change.

What about your company? Are you and others on you management team looking ahead and planning the changes needed? Are you willing to recognize when something isn’t working and make needed adjustment?

If you want to know more, contact AimCFO – Contact

As always, your comments are welcomed.

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