How can consultants take advantage of the the New Normal in business?
"New Normal" is defined as an equilibrium state in business or culture that represents a discernable change from a previous commonly recognized equilibrium. Equilibrium does not mean lack of movement, but a relatively stable set of processes, relationships and significant components of a system. A major disruption (e.g., economy crashes, demographic structure changes, new technology arises) affects so many aspects of our lives, that the combination of changes people and institutions are compelled to adopt to restore their effectiveness can create a new equilibrium around these new relationships and processes.
What does this have to do with consultants? Everything. First, in stable times, we need to be a step or two ahead of our markets and clients. In turbulent times, we need to be agile enough to be ahead in whatever direction our clients and their industries go. Second, our own business is built on the "Old Normal." As the world changes, we need to change our own relationships, processes and assets on which our practices rest. Third, there is no one "New Normal for business as a whole. Because each significant disruption affects industries and populations differently, the New Normal will manifest itself differently.Tip:
We never really know when what the media reports as "The New Normal" is done changing. Most reports describe what the change is, but do not recognize when a new equilibrium is reached. Part of our job as consultants and experts is to be able to see far enough ahead to help our clients adapt to what will become a stable, recognizable New Normal, not describe the bumpy ride they are already on - and can see for themselves. © 2010 Institute of Management Consultants USA