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In a time of rapid change and increasing uncertainty, it’s more important than ever that your business is built on an adaptable and resilient model. Since the outbreak of the Covid-19 pandemic, everyone has seen their personal and professional lives turned upside down as our living rooms have become our new offices and colleagues are (for many of us) now pixels on a screen. Add to that a volatile global economy that has pushed up prices and unsettled supply chains.
Change is inevitable. More than ever, it’s important to prepare yourself and your team for the unexpected by creating a dynamic and innovative business plan. Here are some tips you can implement in your business so you’re prepared for the unexpected.
1. Identify recent changes in your industry
To be successful in business, it is important not only to understand the market, but also to understand the business environment of the industry. The first influencing factors you want to identify are uncontrollable elements such as social, economic and political changes. How is the current state of the world affecting your current business model and what new ideas can you implement to keep up with these changes? Another factor to watch out for is socio-economic changes that will change the behavior of your customers. Gain a competitive advantage with new technologies and technological flexibility to keep up with these fast-paced changes.
Related: The 7 elements of a strong business model
For example, early in the pandemic, many small businesses were forced to close their retail stores due to mandates that non-essential businesses be closed. While many of these companies failed, those that survived were able to do so because of their innovation and adaptability. By opening online stores and using creative advertising opportunities through social media, some small businesses have been able to generate enough revenue to stay afloat in uncertain times.
2. Pay attention to how your audience uses social media
Always keep an eye on trends and norms affecting society. Look at how your customer base interacts online. For example, if your goal is to grab the attention of a younger audience, a proactive approach on social media platforms like TikTok and Instagram can be a good place to start. Hiring young minds and being a part of current trends is an effective way to reach your audience as these social media platforms curate content for each and every viewer.
If your audience is older, Facebook might be a more effective platform. Many business leaders mistakenly believe that the older demographic is mostly offline. If you’re targeting the older generation, you need to take a different approach. The key trends and tactics used to target Gen Z and Millennials will not work. While younger people use Instagram and TikTok to share personal content like selfies and short vlogs, older audiences use social media to share articles, photos and videos related to their interests. With that in mind, you can maintain an online presence with news that will attract like-minded people to your business.
3. Recruit people with a knack for innovation
Although you have a business model that should ideally work in a changing society, the success of your company would not be guaranteed without the creativity and innovative strength of your employees. In order not only to stay alive in uncertain times, but also to gain a competitive advantage in the marketplace, it is imperative to hire employees who are forward-thinking, progressive and who share your brand’s values and vision.
Creating a workplace that enables employees to excel means fostering a positive attitude towards innovation and new ideas. Existing in an ecosystem that values creativity and flexibility ensures employees can rotate and maintain high productivity no matter what comes their way. At the same time, you should ensure that your employees feel valued and that their ideas are respected, so that they feel more connected to your company and invested in the best possible outcome.
Related: Ready for the next step? Here’s how to identify opportunities for long-term growth for your business
4. Build a team of consultants
When you focus on the needs of your business, keeping up with industry and consumer trends can be challenging. Working with a consultant or consulting team can help ensure you don’t miss out on major market changes or lose your competitive position, no matter what comes your way. An outside expert can often provide the insight and objective perspective needed to assess your market standing and identify problems and areas for improvement. You can also guide your team on how to make changes when things start to change, especially when it comes to adjusting your advertising techniques or revitalizing your brand. This group of advisors could also be a close-knit group of friends, colleagues, and associates if you wish to keep it informal. Together they can bring the most diverse perspectives to light and see what is coming.
5. Listen to your customers
Even if you think you know your business best, the real experts should be the people who interact with and consume your product or service. Paying customers should always be what drives meaningful change in your business. Don’t be afraid to ask customers what they are looking for in your service and what they expect in terms of future needs. Changing with the market means considering customer needs in every decision. This gives you insight into trends and you can start developing a plan for your business to grow and better serve your customers in the future.
See also: How to make your business resilient to disasters like the coronavirus
The ability to adapt and change in business can make or break your business. By implementing better project management, hiring and listening to the right people, you can focus on what is working and drive your business plan forward. The world is and will always be evolving and bringing new challenges, so you must be prepared to succeed in any circumstances!
