- 22 Mar, 2021
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- 1 Min Read
CEO of a medium-sized firm that has been trading successfully in the UK for 50 years
You are the CEO of a medium-sized firm that has been trading successfully in the UK for 50 years. Let’s assume you manufacture high quality dining tables for two national retail chains. You have become aware that the market for high end dining tables is changing and that you need to adjust your business strategy within the next two years to reflect this change. Again, for the sake of argument, let’s say you need to develop a range of new products that must be built to order and delivered direct to the customer quicker than you can currently ship out pre-built items to the retail chains.
If you do not change your business trajectory in light of the market changes, you forecast that you will go bust in four years. However, your business culture is very internally focused (so the business does not gain new ideas and insights) and your employees are unwilling to change (and so you are unable to innovate even if you could identify a winning product).
What can you do to change the culture within your business in the next two years to (a) support your strategy, and (b) to get your employees to remain loyal to this new look business?