This month at 100Ninjas we are exploring the idea of forces of change in business.
Business is constantly evolving; new markets emerge, new technologies are discovered, and new, more efficient ways of accomplishing tasks are uncovered. The collective bright minds of our times never rest in a relentless quest to discover the forces of change in business and innovation. All this being said, being nimble and agile is profoundly important for every business, no matter the size–getting left behind is a liability. Consider that just fifty years ago, the average life expectancy of a Fortune 500 company was 75 years but now it is less than 15. This dramatic shift is the result of a world that is moving ever faster.
External pressures can lead to forces of change in business. A primary reason for change is rapidly advancing technology. It’s important for businesses to not only stay current on new technologies but to also anticipate what is coming around the next corner. Anticipating what customers will want, as well as working to meet their current demands, is another major impetus for change. After all, if one business is slow to adapt or innovate, the competition is always ready to jump in and grab the market share. So awareness of the competition and reacting to what they do is another powerful driver of change.
It’s not only practical business factors that ignite change, however. Societal pressures can also be in play. As we’ve grown more aware of our human contributions to the climate crisis and understand more deeply the ramifications of workplace discrimination based on gender or race, it makes sense for progressive businesses and organizations to make changes that address these issues. Concern for the environment can lead to new processes or materials being used while programs that promote inclusion can address discrimination and bias.
Motivation to change can come from within an organization as well. Employees leave and alter the dynamic of the team and workflow. New leadership comes in with different ideas on how to manage, different skill sets, and different business insights, all of which affect the processes and culture. Sometimes, a business realizes they are not meeting their financial goals or discover that they have a huge gap between performance and goals. In order to survive, changes have to happen. Rapid growth, mergers, and acquisitions can also be reasons an organization will need to restructure, add to their staff, or expand operations with multiple storefronts. Perhaps no company understands rapid growth and change like the startup!
No matter the reason for change, every business will be faced with multiple changes, both large and small, throughout their lifetime. While it should be handled with care, change doesn’t need to be feared! It should be celebrated and embraced as it so often signifies progress for humanity and growth for individuals and businesses. A healthy and fearless attitude towards change reflects well on a business and inspires confidence and trust.