This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/07/03/how-business-leaders-can-push-for-change-before-a-crisis-demands-it/
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by Juan Riboldi, president of Ascent Advisor
The financial challenges and social disruption imposed by the pandemic have forced many companies to change — often drastically. As with any change, there are new opportunities that if seized can be turned into gains.
Leaders of some organizations are acting now to reposition their organizations for growth. But how many thought their business needed transformative change well before the economy was shut down? And did their inaction then make their struggles more pronounced now?
Companies need to transform before financial performance has started to decline. The world is changing fast. To remain relevant, we must adapt to the new conditions, but merely reacting to change is insufficient for success. We are required to reinvent ourselves, reimagine what we do and reposition our organization. We need to strategically transform.
Here are some ideas for leaders to consider about strategically transforming their companies:
Strategic transformation is about value creation.
Strategic transformation is how leaders create value in today’s economy. Strategic transformation follows predictable patterns that if correctly applied will lead to value creation. Those who are able to implement the new direction with speed, clarity and precision gain an edge. To fuel economic growth and attain success, leaders need to reinvent their organizations around creating value.
Reframe change as opportunity.
Many people balk at change and feel threatened by it. Anything that happens to us can be immediately framed as a threat. But it’s important not to stay stuck in that frame of mind, which can make us limited and vulnerable. As we reframe the situation as an opportunity, we take charge and shape the future. It’s no… Read More
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