November 21st, 2008
The past few months have challenged the mantra that “bigger is better.” Some of the largest companies across a diverse range of industries have discovered that they are “too big to be saved.” Overnight, we have witnessed, in disbelief, several industry titans simply evaporate.
We all want to grow, expand and essentially become BIG. This is the natural progression of business. But there is responsibility in pursuing big, becoming big and maintaining big.
Scale is an important component of achieving big, but it only goes so far. Focus and adaptability are more important, especially during times of economic adversity. Among the myriad of companies currently waiting on the bailout line, each has arguably lost their focus and ability to change with the times – essentially losing site of the very DNA that once made them big.
Lesson learned: stay focused. As you navigate through these proverbial stormy waters, there will be many disruptions and distractions that can veer you off course. Those that remain focused on their business and continue to innovate will be in the best position to survive and succeed.
It’s time to get small again. Rally your troops, get them focused and embrace the change ahead. If you don’t, your company may be lucky enough to get big – but without proper management, this will be no small problem.