The easiest thing we can do is maintain the status quo. It’s familiar, doesn’t take much effort, and is often seen as not involving any risk. As in ‘nothing ventured, nothing lost’. Employees like it because it isn’t challenging, it takes no extra effort, and doesn’t involve changing the things they’ve grown accustomed to. But trends and preferences and market conditions change, and your competitors may not have been so lackadaisical. So, what seems safe and easy can be risky, so much so that if left unchecked, it can cost companies their market share and employees their jobs. This happened to the Las Vegas gaming market in the 80s. First, they didn’t see Atlantic City as a potential challenger and when they again slipped into complacency after beating back the Atlantic City challenge, their false sense of security failed to see the challenge of the Mirage. Their failure to invest in facilities and amenities created the opportunity for Mirage’s integrated resort concept to capture the market. But there’s nothing like somebody else’s success to spur the competition to action – six new Las Vegas projects then came online quickly with buildings that emulated the best of the new concepts. While most don’t like change, they know it’s the best way to remain competitive and successful. Keep one eye on the competition and the other on your planning process today.
Bob Iger (born 1951): American media executive & businessman who is Chief Executive Officer (CEO) of the Walt Disney Company.
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