This is not the time to stay on course, make minimal changes, and wait for things to turnaround.

When we talk about adapting and changing as a company during an economic downturn, we tend to look at cutting costs as the only solution. This measure, for the majority of us, is inevitable for survival, and what we do next will define ourselves and our industry. This is not the time to stay on course, make minimal changes, and wait for things to turnaround. We all understand those days are now gone and will not return with the same vigor and ease we are used to seeing. This is an exciting time to reinvent ourselves and the way we conduct business in the future. Our environment will continue to become more complex and challenging. The companies that will succeed will be the ones who redefine themselves, are prepared, and have the flexibility to adapt and navigate through an unstable environment.

As Companies Enter 2016 They Should Consider Implementing The Following:

●  Internal Reviews
●  Risk Sharing with Partners
●  Innovation
●  Market Expansion

In order to reinvent ourselves as a company, we need to take a holistic view of the entire organization from the top down. The first step is to recognize change is necessary at all levels, and the leadership team will need to develop a new vision for the future that should include innovation and market expansion. This new vision should be derived from the employees at all levels of the organization as they can see the gaps, issues, and opportunities on a daily basis, which, more often than not, is hard to perceive from higher levels. They are a great source of intelligence on how to improve systems, personnel, and external relationships. This may also require a third-party to help evaluate existing systems and develop a new vision and fresh ideas for the leadership team. The second step will be to implement the plan at all levels and be prepared to take on resistance internally and externally. Finally, this new vision and plan must be flexible and ever-changing where reward and measurement are key components of a successful plan.