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Death of Local

07 August 2020

A few weeks ago, I came across the story of Choluteca bridge in Honduras. After hearing the story, I thought it was an excellent metaphor for what’s happening around us.

The Choluteca Bridge is a suspension bridge located in Choluteca, Honduras. The bridge was built in 1930 by a Japanese engineering firm. It was a state-of-the-art, much-needed access point for the people of Honduras, built to withstand the high winds and hurricanes that plagued the region.

In 1998, Hurricane Mitch, a Cat 5 storm, hit Honduras and caused severe destruction all around. However, the Choluteca Bridge stood its ground and survived in near perfect condition.
It was an amazing architectural achievement. Or, at least it should have been.

But there was one problem.

The storm caused the river to change its course and create a completely new channel which no longer went under the bridge. The Choluteca Bridge no longer stood over the river. Further, the storm washed away the roads connecting the two sides of the bridge! The bridge now started from and led to nowhere – one event rendered a unique structure of steel completely useless.

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It is remarkable how quickly things can change. The world is changing in ways that we may have never imagined. The Choluteca Bridge is an excellent metaphor of what can happen to our lives, businesses and future if we fail to acknowledge change and adapt.

One of the significant changes led by COVID 19 that business executives need to adapt to is the blurring of physical boundaries and local space. The concept of local is thinning fast. With online functioning and technology, people have been exposed at an intense rate to the buyer’s market with economies of efficiency and options.

Here’re a few questions you can apply to your own business to challenge your conventional thinking –

Question. Where is the best talent to support your business? Do you need to continue to hire locally?
Question. What professional services do you use and are you working with the best in class or limited due to ‘local’ thinking? Are your legal, HR, finance, business consultants world’s best?
Question. What personal services do you use? Do you work with a world-class personal trainer, dieticians, doctors, advisors?
Question. Who are the five people you spend the most time with? Can you add one global person to the list who will make a real difference to your direction and meaning?

It’s important to reflect to ensure you are leading the business in the right direction.

Replace ‘Build to Last’ with ‘Build to Adapt’ and do that with the world-class top people because you and your business deserve that. Get in touch shweta@growthidea.co.uk to find out more about how my team and I can help you with your growth journey.

If you would like to discuss or hear more, please feel free to get in touch.

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If you would like to have an obligation free discussion about selling your business, please email shweta@growthidea.co.uk. You can find more about our investment criterion on https://growthidea.co.uk/private-equity.

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