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This is the 6th and final article in a series that covers essential business principles for successfully leading a virtual professional services firm. This series delves into practical strategies and actionable solutions that foster growth of virtual services firms by turning challenges into opportunities and paving the way to success.
Great business leaders understand that standing still is the fastest path to decline while constant evolution ensures stable long-term success.
Imagine you are competing in a bike race against several cyclists. At the mountain stage you find yourself pedaling uphill with momentum. If you keep pedaling you will stay balanced in your ascent. However, about halfway up you feel a loss of energy. Choice #1: Stop pedaling, fall behind, and risk tumbling backward. Choice #2: Adapt (e.g., change gears, change mindset) to stay upright and keep moving to reach the peak and stay in the race. Only one of those choices can lead to success.
Businesses encounter this type of pivotal decision whenever they reach a crossroads in their journey. Great ones always go with Choice #2 because they know stability and long-term success only come from adapting and evolving to meet the shifting needs of the market. Many companies fail to evolve to their own detriment because they mistakenly equate stability with maintaining the status quo.
We fast forward to the Double Jeopardy round in a tight game with just two answers left on the board.
Host: Daisy, you have control. Where do you want to go next?
Daisy: I’ll take Companies that FAILED Due to Stagnation for $2,000.
Daisy buzzes in first: WHAT IS EASTMAN KODAK?
Host: Correct. Moving to the last answer in a different category -- Companies ALWAYS EVOLVING for Success for $2,000.
Juneau buzzes in first: WHAT IS AMAZON?
Host: Correct. Wow! We have a 3-way tie. Each contestant has $15,000 heading into Final Jeopardy. The category for Final Jeopardy is “Companies that CREATE THE FUTURE.”
For virtual professional services firms, the reasons below are magnified because the speed and amount of change can significantly hinder remote communication and delivery of excellence.
1. Competitive Advantage
Always evolving to stay ahead of the competition enables companies to continuously offer unique value propositions. While there are many examples of companies that fail due to inaction, it is best to assume all competitors are always evolving. Failing to keep up will lead to loss of market share or worse.
2. Adapting to Market Changes and Client Expectations
Industry changes can be sudden and dramatic for various reasons, including economic downturns, technological advancements, and client expectations. Regularly updating offerings, methods, and platforms is needed to remain competitive.
3. Resilience is Necessary to Navigate Unexpected Challenges
Companies prepared and willing to transform their business are better able to minimize vulnerabilities, manage disruptions, and cope with change. Positive transformations over the life of a company allow it to remain agile and competitive.
4. Leveraging Technology Advancements
Taking advantage of digital tools can lead to increased proficiency and greater collaboration. Use of technology advancements to better reach and interact with clients helps keep companies relevant.
5. Attracting and Retaining Great Talent
The best talent across industries prefers to work for dynamic companies. These professionals understand that firms who are willing to evolve for long-term success want their employees to grow with the organization.
Host: For the Final Jeopardy category, Companies that CREATE THE FUTURE, the answer is:
Contestants will give their answer in the following order: 1) Daisy, 2) Juneau, and 3) Roxy.
Daisy: WHAT IS SpaceX?
Host: Correct. Daisy bet $14,999 giving her a total of $29,999.
Juneau: WHAT IS SpaceX?
Host: Correct. Juneau also bet $14,999 giving him a total of $29,999.
Roxy: WHAT IS SpaceX?
Host: Correct. Roxy bet EVERYTHING. Roxy has $30,000 which makes her the WINNER BY $1.
The global world of business moves too fast for leaders and companies to stand still. Those who get too comfortable with the status quo will be left behind. Those who embrace evolution can attain true stability with sustainable success.
For strategies and tactics that support the Always Be Evolving principle, I refer you to the 5 prior articles and principles covered in this series on How to Lead a Virtual Professional Services Firm.
Principle #1 Listen, Learn, Let's Go
Principle #2 Create a Vision to Create the Future
Principle #3 Unite Around a Shared Company Vision
Principle #4 Showcase Excellence with Pride & Confidence
Principle #5 Champion a Growth Mindset
Thank you all for taking the time to read and engage with this series—it’s been a privilege to share the strategic insights with you. While this concludes this chapter, I’m excited to continue the conversation in 2025 with new articles that will build on these ideas and explore fresh perspectives on business and leadership. I look forward to connecting with you again and hearing your thoughts along the way.
