It’s not easy, counsels Andrea J. Simon, Ph.D., President and Founder of Simon Associates Management Consultants (SAMC), in her article, “How To Grow And Change, While Retaining What’s Best,” published January 22, 2015 in Forbes. “Yes, a legacy business and all of the success it represents must be protected, but it may not be the right configuration for the innovations and changes required for new business environments,” she reasons.
As times change, it’s not the fittest who survive, it’s the most adaptive
To clarify the best direction forward, Dr. Simon offers three ways to hold onto your competitive advantage while determining how to adapt your company to new business environments. Her solutions include identifying a team of innovators to drive new initiatives, creating separate units versus “all hands on deck,” and either having a crisis or creating one.
Dr. Simon’s advice to companies encountering changing times? Courageously embrace change and develop a process to adapt to it while the core business remains viable.