Managing Change during Turbulent Times
Journal Title:Organization Leadership and Development Quarterly (OLDQ)
Most businesses in developing economies encounter tough times as the countries undergo some radical (disruptive) and at times gradual (evolutionary) economic transformation through policy reforms and legislative alignments. The changing business environment is characterized by complex technical and adaptive challenges which cause severe distress and failure to those businesses that fail to adapt. Though change affect most businesses, the degree of impact varies considerably between businesses that take proactive planning as a strategic imperative and those that assume change is something to be bolted on (more often at lightning speed) and as such operate without documented strategies and a clear vision. What can be done to keep businesses afloat in the changing operating environment? In this article, I tackle this question from a Small and Medium Enterprises (SMEs) perspective. However, the concepts and recommendations are relevant to businesses at any life-cycle stage.