Several weeks ago, Rolls Royce CEO, Tufan Erginbilgic told company employees at their main British site in Derby, that the company’s performance was “unsustainable”, and that it had a “last chance to change”.

While we all know Rolls-Royce for its cars, this is actually a world class company whose engines and systems are used on airplanes, ships, submarines and in power generation.

He said, “What has worked in the past will not work in the future. We need to think differently and more importantly act differently. We must transform or we will not survive.”

Can you believe the CEO of such a powerful company and brand saying this?

The truth is he was being honest about his company. And it takes guts to say this openly.

Needless to say, the same words apply to our industry and profession too.

But are we this honest?

Are you?

What has worked in the past will not work for us in the future (even though it may seem like it will). Thus, we don’t have a choice. We must transform.

Now imagine that your company is listed on the stock market with the same resources you have today.

Would you continue the way you have been so far?

I don’t think so.

Will you then act differently, or will you simply let the value of your company erode in front of your eyes?

In our industry, we don’t see our market (enterprise) value on a regular basis because we are privately held. Thus, we don’t see the impact of our actions or indecisions on our business on a real time basis. Additionally, we have the luxury to ignore the impact. Because there is no one to hold us accountable.

We all have to make a choice between these two options- Transform and Thrive or Resist Change and Decay (and Die).

The best (no matter the industry/profession) choose the first.

What about you…?