Leadership Principle #16 - Adapting to the Winds of Change

Leadership Principle #16  - Adapting to the winds of change

Change is coming.  That is a given.  Change is coming in the form of new competitors in the marketplace, governmental regulations, product and market lifecycle maturations.  Change is coming in minor and major forms at a continuous rate, so given this inevitability, what are you doing to anticipate it?  How are you working to understand the implications, minimize the risks and plan for the opportunities change brings? This ability to adapt is a core leadership principle, and the lack of this ability can have dire consequences for your organization.  Simple as that.

When I’m discussing adaptability, I think of the skill set needed to sail a boat.  You need finesse to subtly guide a sailboat through constantly shifting winds.  This isn’t a motorboat that can slice through any set of waves, but a boat that requires constant guidance and vision to move through the ever-changing water.

So in your business, how do you prioritize the work needed to analyze and prepare for the changes and new pressures that will continue to bombard your company?  Who on your team is talking to customers?  Who is assessing the competition and looking at marketplace data?  Have you identified the risks and opportunities?  Once you have a strategy, how often does your leadership team meet to review the strategy?

Unfortunately, it can be hard to prioritize this work because there isn’t always an obvious payback.  But not doing this work can have big consequences.  You need to be thinking about this continuously.  This should keep you up at night!  Companies go out of business when they fail to adapt to change.

With big consequences also comes big opportunities.  There are countless examples of companies that have capitalized on changing marketplaces, new technologies or innovations. Amazon and Netflix are two such companies that have successfully adapted to a changing marketplace, and in turn, have thrived because of their adaptability.  So if you want to be CEO of a company that is known for their ability to adapt in the marketplace, then you need to be doing the work to prepare for the change, even before you know what the change may be. 

To learn more about how to prepare your company for change and the skills needed to adapt to this change, contact me for a conversation about my CEO coaching opportunities.