The phrase “Nothing stays the same” is often used when we look perhaps nostalgically at the past.
I expect it was something we might have said to ourselves a lot four years ago when we were asked to stay at home during the repeated pandemic-related lockdowns, to make us remember that all things shall pass.
But when we look at our business, what attitude do we take? When we apply for finance, the provider will often look for stable business performance to offer their most preferable terms, but whilst this is desirable, is it sustainable for the longer term?
Our history is littered with examples of companies winning for today without consideration for the impact it could have on the future. The Victorian factory owners paid little mind to the pollution of our towns and cities when the industrial revolution took place. Whilst I recognise that this is a very relevant challenge from an Environmental, Social and Governance perspective, it’s not what I want to discuss today. Whilst I fully appreciate that the preservation of our global ecosystem is vital to our collective survival, I want to look at this from a different angle, that of the survival of your business.
Businesses must adapt to survive
Think about how car companies have had to make their engines firstly more fuel efficient and with fewer greenhouse gas emissions, then to be hybrid and electric. This can be known as a pivot, where a business moves from one product line into another.
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