But mergers and acquisitions can take place in a matter of days, weeks, or a few months. Under most circumstances, the compression of time increases the degree of risk concerning the balance point of opportunity and risk. Change creates new opportunities and new risks. Advances in technology often drive companies to radically alter how people work, and change must be embraced by an adaptable workforce. Product design timeframes are slashed to meet demand for market-responsive products.
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It is foolhardy to ignore change. Some economic giants of the past have disappeared by failing to adapt to change. Conversely, a few of today s emerging companies riding the wave of technological change will surely become economic giants in the future. Setting Business Objectives Business objectives are opportunities that a company chooses to pursue. They define a company s philosophy and mission.