Adapt your business to survive
First it was plastic bags, then straws and, watch out balloons – we’re coming for you next. We are in the middle of a plastic pollution revolution.
The consumer response to this revolution is swift and the ripple effect on business is huge – manufacturers, retailers and service providers alike are rethinking their business models and coming up with strategies to adapt to the new environment.
Businesses need to adapt quickly to survive, grow and one day be sold.
Struggling businesses are hard to sell unless there is a strong upside. So take the time to change and adapt your business model in the face of change so you have a business for tomorrow.
Evolve or dissolve
In a changing marketplace, and in times of economic upheaval, the strategies that worked yesterday may not work tomorrow so it pays to be flexible, adapt to change and identify ways to redefine and stimulate your business for the current environment.
To do this you need to look at your business model and explore ways to improve your productivity while reducing costs, tapping into new markets and being more competitive – all leading to a stronger and more profitable business. Innovation and effort will help your business adapt to tighter markets, ensuring you have a more valuable and saleable business.
Survival of the fittest
"It is not the strongest of the species that survives, nor the most intelligent, but the one most responsive to change." Charles Darwin
These words are especially relevant for today's business climate, where change really is the new norm. To not just survive – but thrive – in the current complex, dynamic and turbulent marketplace will require new adaptive approaches. A resilient organisation can effectively innovate and perform, not only in the good times, but also in the face of adversity. Rather than being flattened by an inability to change, resilient organisations often bounce back even stronger. But how?
- Balance and a clear, unrelenting focus around your purpose and goals with flexibility and openness to new approaches, roles and ways of getting work done. Foster a climate of learning, creativity and a proactive approach to finding opportunitiesto improve.
- Value open communication within your business. Strong leadership is a key factor but don’t lose sight of core competencies. Take a little time to reassess the strengths and strategic advantages of your business and team. What is working in your favour can often be built on.
- Your customers are your most valuable assets in troubled times, so ensure your team has the necessary information and materials they need to do their jobs efficiently – and mostly importantly listen to your customers and act on what you hear.
- Encourage a workplace culture that supports agility. Be open to new ideas and be aware that sometimes they come from the most unexpected sources. Being able to seize opportunities and adapt quickly in an uncertain economy may mean the difference between success and failure. After all, not being able to change course quickly was the end for the Titanic!
There are two options for surviving, become smaller with a tight focus or develop capabilities that broaden your markets. Whichever path you choose, be committed and retain a strong focus with your hand firmly on the business helm and grow your business.
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