George Ammar | Business – Adapting to Change
If there’s one thing that George Ammar has learned in all the years that he’s worked as a Chief Financial Officer and business adviser, it is this: changes in the business landscape are inevitable. It’s the actions taken—or lack of it—that can spell the difference between a business that grows and one that folds.
Technology in business has been a recent favorite conversation topic of George Ammar because despite the numerous evidence that point to how failure to adopt certain technologies cause businesses to lose money or close shop for good, a lot of company owners and CEO’s still choose to look the other way. In other words, they not only refuse to adapt to technology-centric changes but worse, they deny its importance. They know it exists; they’re just not sold on the whole idea of it having a significant impact on operations.
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Disruptive technology in business once again came out front and center with the latest news about a retail giant biting the dust, or at least following the “death trail” when it announced that it has filed for bankruptcy. Yes; George Ammar is talking about retail giant Sears.
First off, George admits that the title of this post is somewhat misleading as technology isn’t really killing businesses. It’s the failure to adapt that’s causing the demise of a lot of companies in the retail industry, specifically, the traditional brick and mortar companies founded decades before the internet was born. This week, Sears joins these traditional companies that have become a statistic.
Who is to blame for the death of these companies?
There are various reasons why businesses fold. Several factors come into play when you really think about it. So the question is: who is to blame? Once a business folds or files for bankruptcy; there really is no point anymore in playing the blame game. What’s done is done, and the best thing that anyone can do is to move forward, says George Ammar.
But for the sake of clarity, George believes that it’s the company’s decision-makers that are at the center of the controversy. When it comes to changes in business, whether in terms of technology or trends, there are three critical factors that should be carefully and thoroughly checked: what these changes are, what changes need to be embraced, and timing. All of these go hand-in-hand, says George Ammar. A misstep in one impacts the entire process, in a manner of speaking.
Identifying the changes that the company must embrace is only half of the equation. Timing is the other half. Roll out the changes too early or too late and you could be looking at losses that you may never recover from.
This is why George Ammar believes that the company’s decision makers should be those who are risk-takers and at the same time, cautious. It might seem like an oxymoron but digging deeper, the “good” risk-takers are those who know which risks to take and have a plan to manage the consequences that come from taking such risks. In other words, you don’t forge on with your eyes half-open.