Adapt Or Die: Your Business’s Only Options In An Evolving Economy

With a little forethought, leaders can create organizations that are agile, resilient, and consequently better equipped to experience sustained success.

BY FAISAL HOQUE | May 16, 2014

When Adam Smith wrote The Wealth of Nations in 1776, he described the characteristics and benefits of a free market, in which wealth was transferred between the producers of raw materials, manufacturers, and consumers of refined goods.

Smith argued that a free market would ensure competition that resulted in higher quality goods at lower prices. The underlying presumption was that manufacturers would always have to create or respond to changes in the market to ensure their viability and success. In Smith’s era, however, change came at a glacial pace; it would take years, sometimes decades, before change rippled across global markets.

The modern economy–global, domestic, and local–however is fast and dynamic; it’s in a constant state of change. And so the greatest overarching challenge facing leaders and their organizations today is to be able to quickly respond to market change; they must be the catalyst of organizational change that will guide their businesses to market leadership.

Read the full article @FastCompany.

[Image: Nicholas Swanson via Unsplash]

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