Can your company survive and thrive in today’s evolving business environment?
By Dr Sinem Bulkan
Lecturer in Leadership and Organisational Behaviour
We are in an era of constant change. For businesses, the environment is evolving at a rapid pace. How can companies not only survive these challenging and volatile conditions but also look for opportunities to thrive?
In the last few years, we have encountered unprecedented challenges – from Brexit to the COVID-19 pandemic, leading to new ways of working – and now the war in Ukraine is adding to the ongoing economic crisis. For the business community, this has compounded a growing list of challenges, such as severe disruptions to business operations and staffing, a rise in energy and fuel costs, reduced availability of raw materials and the dilemma of how (or when) to pass increasing costs on to the consumer.
Businesses need to respond swiftly to this VUCA (volatile, uncertain, complex and ambiguous) environment, not just adapting with the intention of surviving. They should be seeking to thrive, remaining successful and staying one step ahead of the competition. Lack of adaptation has already led to some companies disappearing. Your business may manage to survive in the short term, but for how long?
Can your business adapt?
This is at the heart of the question; are business leaders providing the best solutions to cope with the new normal? Many companies have been caught unprepared and are experiencing significant problems due to weaknesses in their management approach to change. Companies that lack an infrastructure able to combat crises and risks will have to race to establish one. Until they do, they will be on the back-foot compared to those that have.
Can your business overcome challenge?
Can organisations survive and thrive in today’s evolving business environment using a more holistic approach? Is survival related to an adaptation process or is it based on a proactive approach and investment? There isn’t a ‘one size fits all’ solution. Every organisation is unique and will respond to challenges and change in a different way. There are many concepts that can help organisations consider and reflect on their future (for example, looking at systemic thinking or organisational culture), but let’s look at four in particular: strategic thinking, technological upgrade and digitalisation, leadership in change and spotting the opportunities.