HOW DO I BUILD MY BUSINESS SO IT IS FUTURE PROOFED?
The simple answer is that you can’t. But you can take steps to reduce the inherent risks and ensure that you are more able to cope with change. After all it is genuinely difficult to keep up with all the changes in new technologies, new and disruptive business models and changing customer needs and tastes. All this without the everyday threat of new entrants into the market!
It is all about what is now known as the Red Queen effect. In Lewis Carroll’s Alice through the Looking Glassthe Red Queen tells Alice “Now, here, you see, it takes all the running you can do to keep in the same place.” This is a reminder that companies need to constantly improve just to remain where they are.
To cope in the modern marketplace a company must become less ponderous and more agile. The characteristics of a more agile company that is more adapted to the modern workplace are: a quick response to strategic opportunities, shorter decision making and production review cycles, focus on change management and elimination of organisational silos.
By its very nature this involves a more flexible and interactive style of management and means that one can respond more rapidly to changing market conditions. Interestingly one of the by-products of a more agile organisation is a well-documented 50%+ increase in Customer Satisfaction.