Change in a Changing World – By JS Chong
Business today has changed rapidly in shorter time span. So, we must expect change to creep up, especially if a business model has proven to be reasonably successful or when companies overlook or lose sight of the drifts.
Even with no obvious crisis in sight, a business may discover that its current model is no longer sustainable. Conversely, where a business is profitable, complacency may set. When not alert to risk , strategic thinking continues to be superficial and the outcome is status quo.
If management is adequately disciplined, a fair portion of the management’s effort revolves around systematically ‘watching’ the changes in the marketplace as well as reviewing the challenges of initiatives executed internally. I realized that there are 4 broad questions that companies must address honestly:
(i) Should the organization’s structure be changed to fit the strategy, or should the strategy be based around the current organizational structure?
(ii) Should the new strategy be planned, or should it surface when certain trends have impacted the business?
(iii) Does competition threaten the business, or does it define the business model?
(iv) Should profit maximization remain as key priority or should the company act in the interests of a wider set of stakeholders (clients, staff, shareholders, other communities)?
It is time that companies acknowledge change bears two fundamentals: that change can occasionally occur, rapidly and intensively; and that business impacts from the changes are a result of internal deficiencies or inadequacies.
In my humble opinion, there is one thing for sure. The pandemic has force companies to be more agile and smarter. Stratez Ventures advocate that adapting today’s seismic change, we must first change our own mindset – a key principle in strategic thinking is to adopt a mindset-paradigm shift from arrogance and complacency (i.e. ‘that will not happen ’ scenario to one that is anticipatory (i.e. ‘what if this occurs ’ scenario).