We live in a world where nothing stays the same for too long, nor can you predict what will turn everything on its head. There’s always new processes, challenges, and developments to contend with. When it comes to business, this presents a need to be flexible. No matter your industry, you’re going to find curveballs coming your way, and you’re expected to adapt to whatever this new situation is.
It’s important you can quickly alter your approach in line with changing times. That is truly being put to the test today. As habits and expectations shift across industries and the wider world, successful businesses are keen to adapt, make the necessary changes to survive, and embark on new paths.
To varying degrees, every industry will undergo constant change and evolution. Technology is a prime example of an industry that’s continually developing. We’re always seeing emerging technologies and processes that challenge the status quo and spark significant shifts in how tech businesses must operate.
While it’s concentrated in tech, this is also prevalent in many other industries. Businesses don’t have the luxury of standing still and sticking with what they know. When there’s a stream of new processes and technologies being thrown our way, to succeed, we need to keep up.
As industries change, businesses can either move with them or risk being left behind. In order to stay competitive, it’s important you remain adaptable and do what you can to survive, if not thrive.
Don’t get stuck in your ways
For successful, long-lasting businesses, doing ‘okay’ or ‘well enough’ isn’t nearly enough. The most competitive businesses are constantly looking for ways to improve and do better – even if things are fine as they are.
It can be detrimental for any business to follow a set course blindly just because that’s what they’ve planned for and strategised. No matter how thorough your plan, things can always still change and your plan can become redundant. The most successful businesses recognise when it’s essential to switch courses, tactics, and try something new.
In business, it’s estimated that around 70% of change programs fail, often due to employee resistance. This emphasises a need to instil a readiness for innovation across your whole organisation. Ensure your employees are open and keen to evolve, always striving to be better.
During the current COVID-19 crisis, we’ve seen the importance of staying flexible and adaptable firsthand.
The virus disrupted businesses across the globe, making everyone rethink their services and modes of operation. Increasingly, we’re seeing businesses pivoting their services to keep afloat during this tumultuous time.
Similarly, remote working has become the hottest trend amongst businesses, and not out of choice. Forced to either embrace remote working or cease operating altogether, fundamental business operations have had to change and adapt.
COVID-19 is just one example of when business gets turned on its head. There are plenty of other unforeseen circumstances that could challenge your business. It’s important we’re all prepared for whatever is thrown our way.
For many, change is a scary word that’s associated with extra work and unfamiliar territory. But embracing it means you’re better prepared to survive and thrive. To ignore it and refuse to adapt spells disaster for any business looking to navigate the current market. It’ll hold you back and leave you vulnerable.
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