H.G. Wells famously wrote, “Adapt or perish, now as ever, is nature’s inexorable imperative.”
Ironically, as humans, we tend to be creatures of habit, which means we’re oftentimes reluctant to changes that must occur to best adapt and adjust to our changing environment.
Essentially, change is inevitable, and the ones who don’t adapt will be left behind. And, now with rapid advancements in computing technology – think AI, autonomous driving, Google Maps — the “evolution of the ever-changing” is happening much faster than previous generations.
Managing this change dynamic is especially important in today’s business world. For example, COVID-19 pushed many consumers away from retail stores and into online shopping platforms with home delivery options and/or online shopping with curbside pick-up. Businesses from Amazon to pet product manufacturers and veterinary hospitals to Apple stores have all made significant changes in day-to-day operations in effort to meet different customer needs.
Once popular retailers like Bed, Bath & Beyond, Party City and David Bridal have all recently filed for bankruptcy. However, people haven’t stopped sleeping in beds, having parties or getting married.
In reality, the key driver behind these downfalls is inexplicably linked, in one critical way or another, to the failure to adapt to the changing environment in which it finds itself.