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It has always been important for a business to adapt and manage change. The culture of many successful family enterprises has evolved to use their closely held ownership to their advantage in being able to move quickly.
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If you were to think of what change has looked like for you, technology would probably be one of the first things to come to mind. However, something else has changed which could be bigger than the technological advancements, and that is the increasing frequency of external events that disrupt the operation of business as normal. In the last 20 years, nearly every business has had to change, adapt, and react to event-triggered disruption, notably:
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1. September 2001: 9/11
2. December 2007 - June 2009: The Great Recession
3. March 2020 and ongoing: The COVID-19 Pandemic
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So, the corollary to the old saying, “The only constant is change,” may be, “Disruption is the new normal.” Disruptions like these are often referred to as ‘Black Swan’ events because of their rarity. However, they now appear to occur often enough to be classified as cyclical.
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Please stay safe and healthy,
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pmsoldano@family-enterpriseusa.com
712 H Street NE Suite 1330
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About Family Enterprise USA
Family Enterprise USA advocates for American Family business. We help family businesses communicate their challenges and contributions to American economic freedom to Legislators. We represent all American family businesses; not just specific industries and provide research to enhance the opportunity for success. We help family businesses continue to establish their unique business legacy. Family Enterprise USA is a 501(c)(3) non-profit organization.. Family foundations can donate.
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Family Enterprise USA Sponsors
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