We keep hearing how organizations need to adapt to stay relevant and profitable in a rapidly changing world. But is constant adaptation always the best idea?
Before taking your company through a big change initiative, ask:
- If customers really want you to change. The continued successes of some companies show that people often value consistency.
- If the rewards outweigh the risks. Remaking or radically changing your offerings has costs. If you do decide to overhaul your portfolio, be prepared for the consequences.
- If change will make you vulnerable. Shifting strategies or altering your offerings can open the door to competitors. Don’t get so caught up in something new that you leave your core business unprotected.