The 10 Steps Every Organization Must Take to Combat Inertia
Companies, their management teams, and employees suffer from a malaise of inertia. There is talk and meeting about the need to change; followed by falling back to “what we have always done.” Ironically, management teams create excuses about why changes cannot be implemented. Employees set up roadblocks to accommodate their comfort levels. The seeds of the organization’s demise were planted in its inception and company culture. The fear, risk and discomfort of change or business transformation in a time that demands action; the organization’s inaction will doom the organization to oblivion.
Adopt new thought leadership and strategic planning
Identify new business metrics for its success tomorrow
Build a synergistic marketing, sales, and financial plan to fuel the growth of your company in today’s new normal
Develop a new value proposition that is on the lips of every employee
Recruit new talent and weed out employees adverse to change; and ensure every going-forward employee understands how their role impacts the business
Implement professional development plans to ensure your employees acquire the skills and expertise to make them successful
Stop promoting people to levels beyond their incompetence
Develop a culture where no one is allowed to devalue the work of others
Train its people to an inch of their lives
Develop a culture that embraces change
A study from the John M. Olin School of Business at Washington University estimates that 40% of today's Fortune 500 companies on the S&P 500 will no longer exist in 10 years. It is no surprise as 90% of Fortune 500 companies vanished since 1955, but the latest estimate is in 10 years, a fast decade away. This study from 2016 did not consider the impact of the current pandemic, the current debt of $22 trillion, and the contradiction of protectionism in a global economy. There is no doubt that this ‘vanishing act’ will hasten. The question is whether your organization will join them.
