How fast do you adapt?
President Obama said that Chrysler has been "a pillar" of the industrial economy but that the company moved too slowly to adapt to a changing market.
(Source and more details: The Wall Street Journal, retrieved 01 May 09)
What caught my eye was the word "adapt". By the looks of it - I agree with the assessment - Chrysler didn't adapt fast enough. Now it has filed for Chapter 11, a bankruptcy process that protects it while going through a restructuring.
I'm not happy to see anything like that because many people will be severely affected in their personal lives. However, this is an (extreme) example of what can happen if you don't move fast enough as a company. Chrysler's product mix is no longer a good enough fit for what the market demands. The economic downturn just amplified that.
What can we learn from it? If we don't adapt fast enough to changing market demands and conditions it could mean very bad times for the company or the end of the company. Need any more incentive to adapt?