Why do organizations decline? What steps can top
management take to halt, decline, and restore organizational
growth?
Please be very detailed :)
An organization starts as a concept and eventually grows into size and complexity. As the organization becomes complex, many more stakeholders are involved and a lot of resources are required to keep the company continue in a profitable and sustainable manner. A mature organization will ultimately decline, unless it keeps evolving with time. Mature organizations are often very big to respond to changes in market dynamics, leading to decline
Following are some of the causes of decline
- Other companies may evolve and outrun the company leading it to lose any competitive advantage and eventually fail
-As an organization matures, leadership focuses more on efficiency improvement and strategic decision making takes a back seat. This leads to overlooking some internal and external threats that doesn't get into company radar in time and suddenly renders the organization non-competitive
-As organization ages, it aims to capitalize on profits and already made technology investments. Hence they are reluctant to invest in new technology before the returns from previous investments are not fully recovered. This leads to ending up with legacy systems and the competition with innovative technology leaps ahead. Other companies create high barriers for this laggard company and the company finds it difficult to cope up with the evolved industry dynamics
In order to restore growth of the organization, transformational leadership is required. The company leadership should always monitor the internal and external environment to mitigate potential risks and capitalize on any opportunity
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