Business Mentoring & The Winds of Business Change
23rd Oct , 2023
At international Business Mentors, we – like most people – accept that change is an unwavering force that shapes the very fabric of our lives, both personally and in business. Some individuals and businesses seem to effortlessly glide through the currents of change, while others find themselves struggling to stay afloat.
Today, do you stand at the precipice of a new personal or business era? Will change fundamentally be the critical ingredient needed for business success or survival?
International Business Mentors has previously discussed the impact of change and how it is vital to embrace it (see our blog post here). We would argue that although this previous article was published a few years ago, it is still relevant, as change is now even more important for businesses to succeed.
Navigating the Shifting Landscape of Business
The shifting landscape of business and of all the people involved are a dynamic tapestry continually rewoven by the threads of innovation in technology, evolving markets, staff and customer expectations, and regulatory and social demands. You and your business must navigate the moving business currents generated and meet targets with proactive approaches to strategy and leadership, along with flexible, systematic and critical thinking. Disciplined flexibility is needed to generate changing strategy that will need excellent implementation to achieve results that are consistent and good enough! This is where engaging with a business coach or mentor can be extremely valuable.
To succeed in facing business change, you will need guiding principles and a firm frame of reference anchored to your underlying values, purpose, mission, culture and financial performance requirements. The financial performance will be in terms of profitability, cashflow and returns that generate positive shareholder value. To meet your objectives long term, these positive financial results are required to generate cashflow and attract the funding required to fund the strategy of the organisation. Without funding and strong financial performance, growth and sustainability will not happen.
Financial performance is an outcome of the strategic and operational choices made, so their implementation should be focused on financial performance improvement and leadership of all aspects of the business from the top right down through the organisation. This must be done at the same time as meeting other strategic objectives with customers, suppliers, staff, the industry, regulators and society expectations.
For the not-for-profit sector, they still must meet financial targets in providing their services or products and delivering on their purpose and mission. Funding is not unlimited. No strategy or mission will be successful if it cannot be funded both short and long term.
The Impact of Technology
One cornerstone of the business transformative journey lies in the realm of technology – a behemoth that requires constant vigilance, investment and adaptation to remain relevant and competitive.
For example, the ever-evolving digital sphere mandates a comprehensive understanding of cyber security issues and policies. A successful business must navigate these turbulent cyber waters with a commitment to learning and staying updated.
Artificial Intelligence (AI) is probably the most significant shift in business for the last 100 years and will transform the business landscape faster and more profoundly than any recent technology changes.
Other Transformations
Change is not confined to code and algorithms. Within every organisation, a delicate dance unfolds when positions shift and leaders rise. Consider the leap from an accomplished team member to the exalted role of CEO. This change isn’t merely a shift in title; it’s a seismic shift in responsibility, vision and strategy. At International Business Mentors, we aim to be a guiding star in these transitional periods, providing a compass for these budding leaders as they navigate new territories. Simple honest feedback and ideas from a confidential business mentoring professional is invaluable.
Amidst the transformations that businesses encounter, one change stands as a towering challenge – the decision to pivot one’s career or entire business. This monumental shift requires the courage to leave the comfort zone and embrace the unknown. It’s a testament to the resilience and adaptability that entrepreneurs, business leaders and professionals must possess. Our business mentors’ roles are pivotal during periods of transformation, offering a steady hand as well as independent, confidential and insightful guidance to help you negotiate new challenges.
Change is Constant
In conclusion, the adage “change is constant” has evolved into necessary for the survival in the business world. You and your people must evolve and adapt in business to deal with the changes that will come or have already arrived, including:
- Acquisitions, disposals and mergers
- Business alliances
- Business growth
- CAPEX returns and funding
- Competitor pressure
- Corporate governance requirements
- Customer demand shifts
- Economic changes, both macro and locally
- Energy supply and costs
- Environment challenges
- Equity and debt management
- Financial dynamics changes
- Funding cost and availability
- Innovation in products and services
- Labour markets challenges
- Leadership improvement requirements
- Market changes
- Operational changes
- Opportunities assessment
- Personal development to improve
- Regulations tightening
- Risks changing and needing control
- Safety improvements
- Social expectations
- Staff restructuring, retraining and development
- Succession planning
- Supply chain massive disruption
- Technological jumps
- Working capital funding with growth
Leaders must ascend to new heights, and as individuals dare to reinvent themselves, the need to embrace change becomes ever more pronounced. Business mentoring takes on a sacred role in this transformation, providing wisdom, support and clarity in the face of uncertainty.
As you navigate the many aspects of business change, remember that a skilled business mentor or business coach can help you navigate your path and make all the difference on your journey to success. Contact International Business Mentors today to get started.