Business Adaptability
How To Survive And Thrive In A Changing World

If the COVID-19 pandemic has taught us anything, it’s that widespread change can occur in the blink of an eye. Over the last several months, businesses have been confronted with unprecedented challenges – and it’s quickly becoming clear that the key to surviving in a changing world is the ability to adapt. We’ve seen brick-and-mortar stores begin to sell products online, restaurants shift to curbside pickup and even doctors start to conduct virtual visits.

These examples all stem from an extreme situation, of course, but adaptability in business is always important – pandemic or not. Over time, even in the best of circumstances, companies must continue to assess the market and their business model if they hope to experience long-term success.

Need help becoming a more adaptable business? Here are some tips:

  • Periodically Ask Yourself: Are My Products Or Services Still Relevant?
     
    If you’ve been experiencing declining sales for an extended period of time, that’s a pretty good indicator that something needs to change. Do some research and try to determine if it’s your actual product or service that needs adjusting, the means by which you deliver it, or even the way you market it.
     
  • Adopt The Mindset Of A Brand New Business
     
    It’s easy for an established business to take a “this is how we’ve always done it” approach, but avoid falling into that trap. Harness the energy and excitement you brought to your business when it first began, and challenge yourself to start fresh. You now have experience under your belt and maybe even a few staff members at your disposal, so use your acquired knowledge and the ideas and insights of your employees to help you change with the times.
     
  • Continue To Promote Your Company
     
    If you do make changes to your business, make sure you communicate those changes to consumers. And while you’re at it, consider offering something of value to your audience. For instance, if you own a restaurant, maybe you could ask your chef to share a few cooking tips on your website or social media platforms. Doing something like this will give you the opportunity to remain in the spotlight, demonstrate your expertise in a helpful way, and build a loyal following while you work to adapt your business model.
      

The bottom line is to be open to change and to continually put yourself in the shoes of your customers to determine how you can best serve them. If you stay relevant, flexible, and valuable, you’ll have a much better chance of weathering any changes that come your way.