When companies, or even entire industries, run into difficulty, change is often seen as the solution. In some cases, new CEOs are appointed to make changes as an attempt to bring the company back to greater success. When companies or industries are struggling, change is often seen as way to turn things around.
In today’s times, there have been a number of examples of companies or industries that need revitalization. The business press recently reported on several. For example, major challenges have been reported in the auto industry. Staff layoffs and store closures were reported at Starbucks. And, an article about Six Flags, the amusement park operator, reported that activists were pressuring the company to improve its performance by selling the land that its theme parks occupied.
With many companies needing revitalization, change may be seen as the answer. Making changes is often thought to be what’s needed to fix the problem. However, this leaves companies with a major challenge. In order to turn the business around, it is important to focus upon making changes that are right for the company. When change is needed, it is so easy to think that doing things very differently is the solution to the company’s problems. But, companies must be careful with this. It is ever so easy to make the kinds of changes that are not a good fit for the business. And, making those ill-fitting changes, can actually make things so much worse at a time when the company urgently needs to make things better.
So, if your company is in need of a turnaround, be sure to carefully think through your revitalization plans. Don’t make the common mistake of thinking you need to refocus your efforts on entirely new areas that are a poor fit with the strengths of your business. Instead make changes that fit your business well and can actually help with the revitalization. Making the right kind of changes is crucial for success.
