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Socrates was quoted as saying, “the secret of change is to focus all your energy not fighting the old, but on building the new.”
This Greek philosophy crystalizes the experience in today’s rapidly fluctuating, fast-paced business environment making Socrates more relevant today than he may have even been way back when (circa 399 B.C.). Technological advances, globalization along with the mandate for increased levels of transparency have morphed the current business environment and made constant change the new normal.
Check out change by the numbers:
- Fluctuations in market share more likely than ever before. According to a report from the Harvard Business Review, the percentage of companies falling out of the top three rankings in their industry increased from 2% in 1960 to 14% in 2008.
- Operating margins no longer trending stable. Operating margins, once a static metric, have been increasingly volatile and the gap between margin “winners” and margin “losers” has continued to increase.
- Adaptability is correlated to longevity. Credit Suisse analysts reported that the average age of a company in the S&P 500 has fallen from 60 years to less than 20 years now. They continue to note that the most likely to survive are those organizations that have mastered the ability to adapt to the pace of change.
So, how do you stack up to the adaptability test? Answer a few questions to assess your ready-for-anything status. (Be honest and don’t overthink your answers!)
- Have you ever said the words, “it’s my way or the highway”?
- When your client contact changes to a new person, do you dread having to forge a relationship with someone new?
- Do you repeat last year’s projects, because that’s the way it’s always been done?
- Do you feel anxious at the idea of learning new technologies, even if they might save you time?
- When your business encounters a challenge, do you typically think there is only one solution?
If you answered yes to one or more of these questions, you might need to work on becoming more adaptable to change. Not to worry, though, Crown Center Executive Suites has tips to help you tap into your inner Greek philosopher!
- Keep your finger on the pulse. It’s extremely easy to get caught up in the day-to-day grind and never take a pause to gauge your external environment. Changes may be coming down the pipeline that you can pivot toward as well as make work toward your business’s advantage. That is if you are paying attention!
- Always test. In the same vein of keeping your finger on the pulse of your industry, you should always dedicate a small portion of your time and budget to new ideas, new products or ancillary ideas. Dipping a toe in the waters to see if these ideas will be successful can help your business weather downturns and may even support growth.
- Create a change-welcome culture. We’ve all worked with the person who can’t handle change. A change adverse culture can be your business’s downfall, be sure to work with those who embrace the challenges that come with change.
- Don’t get attached. It’s easy to get emotionally tied to an aspect of our business and find it hard to let go when needed. Understanding that adaptability is hardest at these moments, but doing it anyway is key to taking your adaptability factor to the next level.
Dictionary.com defines adaptability as the quality of being able to adjust to new conditions and when used in a sentence the online tool chose this, “adaptability is an advantage in the harshly competitive global economy.”
The fact of the matter is that like or not change is constant and inevitable. Our ability to adapt when changes come can make or break our careers and be the determining factor as to whether our businesses succeed. Crown Center Executive Suites in South Florida is proud to help businesses solve their office space challenges often created by these external changes, such as unexpected growth, new market opportunities and even the occasional need to scale back. We are conveniently located in Fort Lauderdale offering businesses workspace options that range from a one-day solution to a long-term. Drop in for a tour today to learn more about our:
- 90 economically priced Executive Suites
- Five conference rooms and a training room
- Shared workspace and virtual office options