Top management want leaders to implement change, before change happens to them.

At Growth Wiser we're enabling our partners to grow revenue and margins, sustainable. But when it comes to implementing change, it is important to remember that past performance is not guaranteed for future success. Just because an organization has been successful in the past does not mean that it will continue to be successful in the future. The market is constantly evolving, and companies need to adapt to stay competitive.

One of the biggest challenges that organizations face when implementing change is overcoming the resistance to change. This resistance can come from both internal and external sources. Internally, employees may be resistant to change because they fear the unknown, or because they are comfortable with the way things have always been done. Externally, customers may be resistant to change because they have established relationships with the company or because they are used to a certain product or service.

To overcome this resistance, leaders need to have a clear vision and communicate effectively. They need to explain why the change is necessary and what the benefits will be. They also need to provide the necessary resources and support to ensure that the change is successful. However, even with the best planning and execution, there is no guarantee of success.

One of the reasons why past performance is not guaranteed for future success is that the market is constantly changing. New competitors can emerge, technology can disrupt existing business models, and consumer preferences can shift. Organizations need to be agile and adaptable to stay ahead of these changes. They need to be able to pivot quickly and make strategic decisions based on real-time data and insights.

Another reason why past performance is not guaranteed for future success is that organizations can become complacent. When a company is successful, it can be easy to fall into the trap of thinking that things will always be that way. However, this mindset can lead to a lack of innovation and a failure to adapt to changing market conditions. Companies need to continue to innovate and invest in research and development to stay ahead of the competition.

There are many examples of companies that failed to adapt to change and ultimately went out of business or experienced significant decline. Here are five well-known examples:

1. Blockbuster - grew from a single store in Dallas to a chain of 9,000 locations over two decades. But mistakes, such as declining to acquire Netflix when it was just a startup, led the company to go bankrupt and close almost all of its stores.Blockbuster was once the dominant player in the video rental industry. However, the company failed to adapt to the shift towards streaming and online video content. As a result, Blockbuster filed for bankruptcy in 2010.
2. Kodak - commanded 90% of film sales and 85% of camera sales in the U.S., according to a 2005 case study for Harvard Business School. Company sales surpass the $10 billion revenue mark. Kodak was a pioneer in the photography industry and once held a dominant market position. However, the company failed to adapt to the shift towards digital photography and instead continued to focus on traditional film. As a result, Kodak filed for bankruptcy in 2012.
3. Sears - At its peak, it was the world's largest retailer, with nearly 3,500 Sears and Kmart stores, including 2,350 full-line and off-mall stores, and 1,100 specialty retail stores.Sears was once a retail giant, known for its iconic catalog and department stores. However, the company failed to adapt to the shift towards online shopping and changing consumer preferences. As a result, Sears filed for bankruptcy in 2018.
4. Nokia - Nokia was once the world's largest mobile phone manufacturer. The company was operating in 140 countries as of 1999. Between 1996 and 2001, Nokia's turnover increased fivefold, from €6.5 billion to €31 billion. However, the company failed to adapt to the shift towards smartphones and the dominance of Apple and Samsung. As a result, Nokia sold its phone business to Microsoft in 2014.
5. BlackBerry - was once the dominant player in the smartphone industry, known for its signature physical keyboard and secure messaging. At its peak, they owned over 50% of the US and 20% of the global smartphone market, sold over 50 million devices a year, had its device referred to as the “CrackBerry”, and boasted a stock price of over $230. However, the company failed to adapt to the shift towards touch screen smartphones and app stores, and ultimately lost its market share to Apple and Android devices. As a result, BlackBerry's market share plummeted, and the company shifted its focus to enterprise software.

These examples demonstrate the importance of adapting to change and staying ahead of the competition. Companies that fail to adapt can quickly become irrelevant and fall behind their competitors.

Implementing change is essential for organizations to stay competitive in today's fast-paced business environment. However, past performance is not guaranteed for future success. Organizations need to be agile, adaptable, and innovative to stay ahead of the competition. They also need to overcome resistance to change by having a clear vision, communicating effectively, and providing the necessary resources and support. With these strategies, companies can implement successful change and continue to thrive in the ever-changing market.