In uncertain times, change can be frightening, but businesses must adapt to uncertain times, says Phil Morgan, CEO of SPS
We all know it’s a fundamental in life that change is the only constant.
In any industry, we face the inevitable transitional weathers of ﬁnancial circumstances, a changeable customer base, popularity of promo items, adjusting marketing budgets and also shifts in trends within the market. Change is the new normal for leadership success and all leaders must accept this fact.
The emergence of technology is fast advancing the promotional world which we must adapt to. With the proportion of adults who personally own and use a mobile phone in the UK being 93%, you can see the need for our range to include more gadgets and devices such as power banks and chargers which now hold a more prominent presence.
Change can be challenging, yes, and although it has been said that 70% of all change initiatives fail, change doesn’t need to be a frightening prospect. With the right strategy implemented, change can work momentously in your favour. It is essential to continually familiarise yourself with your business processes inside and out and ask yourself how will I adapt to them? Are they too ﬂexible or too rigid?
You have to also know your people and ask yourself is change linked to uncertainty? This then becomes the perfect opportunity to demonstrate leadership in the form of inspiring, guiding and motivating your troops to carry the right mindset through uncertain waters. Change management has become a much bigger, more interwoven part of the overall business fabric – an embedded leadership requirement that plays into everything that we do, every day, and how we go about getting things done, regardless of hierarchy or rank. With our recently introduced initiative at SPS of Pride, Quality & Engagement we have an integral mission statement that provides a consistent message throughout to ride the industry oscillation and prevent organisational culture from eating into the changes negatively.
Market conditions are by nature unpredictable but these ﬂuctuating and challenging periods can be the perfect time to embrace the challenges and to fortify customer relations. When change comes, it’s imperative that you have a robust network in place that you can rely on. Ask yourself as a supplier, how can we help our customers?
Overall market value of promotional merchandise in the UK and Ireland has steadily increased since the darker times of 2008 and although there are still question marks over our European standing we can embrace the now and cultivate resilience and adaptation within our organisations.
The most important thing to remember is not to bury your head in the sand. Consider your options available, plan ahead and make wise decisions.