New strategic dimensions for thriving on chaos

Business strategies based on conventional thinking can no longer produce sustainable results in a fiercely competitive, commercial world threatened by the deepening global financial turmoil.

All organizations have to re-examine and recast their corporate and marketing strategies to succeed under increasingly chaotic and unpredictable conditions.

There is an urgent need for profitable as well as struggling companies to adapt their business models quickly to achieve sustainable success in the difficult times ahead.

These issues will be take up at the two-day interactive workshop scheduled to be held from today at the Central Bank’s Centre for Banking Studies. Innovative concepts used by successful corporates that look upon chaos as a source of market advantage, and not as a problem to be solved will be presented.

It challenges conventional thinking to present a new business paradigm together with new business strategies and new competencies needed to survive and grow under the most severe, globally synchronised recession in modern economic history.

“The workshop is important for Directors, CEOs, Senior Managers and Professionals responsible for reviewing, planning and implementing corporate, marketing, operational and HR strategies. It gives them a rare opportunity to review their strategies and use a new set of concepts, framework and techniques to enhance their business viability under difficult conditions,” said Director of Central Bank’s Centre for Banking Studies, Udeani Alawattage said.

“It is of vital importance to banking, financial as well as other institutions that are vulnerable to the ongoing turmoil in global markets,” he said.

The program covers many important topics such as: Using a new business paradigm to ensure success even under difficult conditions; Checking the future viability of a business; Opening new markets and boosting sales through Value Innovation instead of competing with rivals in overcrowded markets; Setting up Feedback Mechanisms to detect critical changes and trigger responses and Identifying and planning for future scenarios that could derail business strategies.

“Most companies in Sri Lanka are unable or unwilling to adapt their business strategies for worsening conditions.

Instead of re-examining and redefining their strategies to succeed under uncertain market and financial conditions, they are cutting budgets and hopefully waiting for things to improve.

This is a very poor strategic option under the prevailing global turmoil which is forecast to continue for quite a while,” said Dr. Asoka N. Jinadasa, who is leading the workshop.