We have seen several examples of companies that had success stories over the past decade but which, unfortunately, recently filed for bankruptcy despite their track record of success, impressive growth and development—accompanied by dividends distributed to shareholders and partners—and a solid reputation and foundation built over several years. and inevitably, many questions come to mind: how, why, and where was executive management and the board of directors when they failed to address the causes and accumulated issues that led to bankruptcy?
Perhaps it is particularly appropriate, in terms of management approach, to draw on the experiences and expertise of major global companies—especially when it comes to publicly traded companies in the local market—since the management approach is the same and the results are often similar. It occurs to me to recall a statement by Jack Welch, the former CEO of General Electric, regarding the importance of change, in which he said, ”If the rate of change outside the company is higher than the rate of change within it, the end is near!”
The False Assumption of Continued Success
Many executives, with the support of the board of directors, believe that past success will continue for years to come! They fail to take into account external changes in the markets and, of course—most importantly—internal changes in the company’s management environment, as well as its effectiveness, professionalism, flexibility, and ability to keep pace with change. well-considered change—whether in products and services to keep pace with new developments or through effective managerial development to improve the company’s internal programs and operations—along with sustained competitiveness to retain customers and attract investments and partnerships, will be of the utmost importance, with God’s help, for continued success. However, the belief that past success alone will lead to future success without making the necessary adjustments and changes to keep pace is merely a gamble with unpredictable outcomes and may lead to inevitable failure.
@MounesShujaa
