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When Economic Trends Force Organizational Change

When Economic Trends Force Organizational Change

Anything to do with the economy of a country will affect an organization.  A growing economy = expansion, new jobs, new customers – a shrinking economy = restructuring, cost reductions, job losses – and more.  In either case, the economy is a major force for organizational change.

Be Prepared

Worldwide economies now have a profound effect – whether the outlook is good or bad.  Successful leaders constantly scan the economic environment for threats and opportunities.  There are a number of economic indicators to monitor and successful leaders understand the need for strong and competent financial advisers and staff to monitor and report on these economic indicators.

No one can avoid changes or fluctuations in the economy. The key is to be prepared – to schedule strategic planning sessions where every possible eventuality is discussed and thought through. A calculated move can put the business one step ahead of one’s competitors.

Bring in an Outside Perspective to help brainstorm solutions.

However, if an organization is not on the ball and customers’ buying patterns change as a result of financial crises, or a competitor introducing a superior product, the leaders must take immediate action.  Gaining an outside perspective from a leading change professional is always a good bet.

An qualified outsider always has the advantage over an insider, even when the insider has years of experience with the organization.  They might suggest a complete turnaround in company policy, and show the company how an organizational change initiative can work during tough times.

In an economical period when all businesses are struggling, it sometimes pays off to restructure or launch a new product offering.  This way of leading organizational change can be risky if not done properly.  This is not the time for trial and error.  A qualified experienced professional is needed when economic trends force organizational change.

Successful companies are those that are in sync with the economic factors governing the world of business, but being on the cutting edge is what keeps successful companies sharp and focused, no matter what the economy is doing. Is your company sliding down into oblivion?

More on this tomorrow…