How often have you recently looked at your business, your customers and your competitors and found yourself questioning the types of services and products you’re offering? Maybe you’ve even started to question the type of business you’re currently in?
Don’t worry. You’re not alone. In turbulent times, driven by increasing digital adaptation and disruption, your customers don’t act as they did a generation ago. And your competitors are likely to be upstart start-ups or new arrivals from a different industry sector. The smartest companies are the ones that look to challenge in-built complacency and quick to adapt to take advantage of these new opportunities.
In speaking with the world’s top CEOs and Entrepreneurs on a daily basis, I’ve found an optimistic group of business leaders who appear to be actively seeking positive disruption. Their outlook suggests their organizations are equipped to act on emerging opportunities – even in the most daunting circumstances.
Resilience is an organization’s capacity to anticipate and react to change, not only to survive, but also to evolve and seize advantage. To survive and evolve today, companies need do more than simply innovate incrementally or tweak their balance sheets; they need to prepare their entire organizations to take advantage of big shifts. And this is what these resilient CEOs and Entrepreneurs seem to understand as well, so as to be able to act on emerging opportunities before competitors.
In my experience, these resilient CEOs and Entrepreneurs are more likely to:
- Anticipate competition from outside of their industry
- Enter a new industry themselves
- Foresee a range of trends as being more disruptive to their industries than other CEOs, including changes in distributions channels, in industry regulations, in customer behaviors, and in core technologies, as well as increasing competition
- Pay attention to societal concerns, such as unemployment and social instability
- Collaborate with non-traditional partners or are considering collaborating with start-ups
Resilient leaders have a heightened sense of risk, but this risk mindset isn’t a hindrance; rather, it’s an indication of how they intend to grow. As they plan for growth, they’ve changed their risk management functions not only to mitigate value destruction, but also drive value creation.