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The World Is Changing

  07/06/10 09:44, by Len, Categories: Risk Management, Change Management

The World Is Changing

I believe that the globally co-ordinate efforts of central banks have prevented the global economy from sliding into a depression but we are now certainly in a recession.
What has astounded me the most was not how fast this crisis spread around the world but how it has reached every corner of the globe and literally affected every single person on the planet from the world’s wealthiest to the homeless?
I am sure we agree that Change is the only constant in our universe and it has been speeding up as time goes on. In recent years this has largely been driven by innovation in technology and communication. We have experienced greater change in the last ten years that in the last fifty years before that and it is unlikely to slow down any time soon.
If your business is going to survive you will have to regularly challenge your thinking. There is not going to be anywhere near as much credit available in the next five years that we have seen in the last five years. New business models and new ways of generating revenue are constantly being developed in all business sectors.
How would you compete with a competitor who can offer the same or better product or service you do for free and they can still making money? Your competitor can do this because he has found alternative sources of revenue and simply uses a particular service or product to draw clients in.
I would like to share some ideas with you regarding risk management and some of the risks we face going forward. I will also attempt to introduce you to a scenario planning model that will hopefully help you with decision making in your business.

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