Have you ever heard of the Choluteca Bridge?
It’s a bridge in Honduras created to withstand the devastating natural disasters the country often experiences. In 1998, the Choluteca Bridge was put to the test when Hurricane Mitch hit the region. Luckily, the bridge passed the test, standing strong throughout and after the storm had ended. However, the deluge of rain and severe flooding changed the river’s course – carving out an entirely new path. Suddenly, Honduras was left with a sturdy, beautiful bridge that stood over dry ground.
So, why am I telling you this story?
The Choluteca Bridge shows that some ideas, no matter how great, can suddenly be rendered useless by swift and forceful change.
Today, we’re facing that sort of change due to COVID-19.
For years, I’ve spoken about the importance of recognizing digital disruption in the equipment finance world. This was a much easier conversation when we had time to consider possible disruptions and plan deliberate innovations to block those disruptions. Unfortunately, the COVID situation raised the stakes for innovation and made it much more difficult.
With changing trends, buyer behaviors, and preferences posing new challenges during this global crisis, how should businesses respond?
Almost everything will be different in some way when we emerge from this crisis. Recognizing this and adapting will leave us in a better position. It’s not going to be easy to shift processes as quickly as we want right now, but it’s necessary to do everything we can to adjust and adapt to the changing landscape. Through enduring this, and numerous other crises, I’ve learned that merely wishing to go back to how things were is a waste of time and energy. Once you accept that this change is happening and inevitable, it’s easier to move on.
Don’t let your company get bogged down in fear or get stuck doing things the way they were always done before. Push forward with your innovation initiatives, and find even more ways to continue the process of innovation.
We must continue to respond and adapt to the changes happening in the world because failing to do so could lead to creating an excellent bridge to nowhere.
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