If the past few years of the pandemic have taught us anything, it’s that we need to be able to adapt to change.
In many industries, businesses have had to make dramatic changes to continue to be successful. For example, food businesses have adapted their models to provide collection and delivery services. If you don’t change and adapt, you risk not being able to compete with those that do.
Here are some situations where it’s right that businesses change with the environment, to ensure their continued success.
Keeping Pace with Customer Needs
Your business exists to profitably serve its customers. If you no longer serve their needs, they will quickly vote with their wallets and go elsewhere.
When your offering is relevant, their heads won’t be turned. So, it’s important to be sure that your product or service continues to offer everything they want – at a price that gives them value. Not only does this ensure that you can successfully retain existing customers, but it also helps with attracting new ones.
History has clearly shown that brands that fail to change, fail to prosper. For example, Blockbuster wasn’t quick enough to spot or act on the trend towards on-demand streaming services and so couldn’t sustain its business when the industry changed.
Economic Impacts
To cope with the ups and downs of the economy, you may have to alter aspects of your business.
Currently, there are a several economic factors negatively affecting the UK market. These include supply chain issues due to Brexit, uncertainty caused by the pandemic, and fuel price increases because of the Ukraine conflict.
Businesses have been transformed over the past couple of years as they have coped with the economic fluctuations resulting from these various implications.
Despite government grants and the furlough scheme, hospitality and leisure was hit hard. Retail outlets and restaurants have closed and there have been massive shifts in food and drink expenditure.
This has had a knock-on effect that is shaping other businesses too. With less money in their pockets, consumers are not spending so much on luxuries. This affects all sorts of companies, who in turn need to spend less so that they can survive. So, they reduce their marketing budget or cut staffing. This becomes a vicious cycle as other supplier businesses and their staff are affected.
Having the agility and flexibility to change your business model, adjust your pricing or seek out new channels can help deal with economic uncertainty.
Taking Advantage of Opportunities
Entrepreneurs are known to be those that take risks. Even if they are calculated risks, making the most of an opportunity that arises could propel your business to greater success.
Amid the current chaos, taking hold of an opportunity requires leaders to be bold about change. While it’s prudent not to risk cash flow, nor to blindly follow options without doing your due diligence, sometimes the biggest risk in business is to do nothing.
History is littered with examples of those that failed to act. Xerox is a case in point. It invented the computer mouse and graphical user interface. Yet the company was not inclined to develop these technologies and market its own computer or laptop. Instead, Microsoft and Apple did.
Search engines that did not innovate as well as Google fell to the wayside. And MySpace failed with its technology, which eventually paved the way for Facebook’s ascent.
If you want growth, you need to adapt to the environment, changing your offering, pricing and sales channels according to the opportunities presented.
Conclusion
How your business manages and prepares for change and whether it adapts well and seizes opportunities comes down to your processes and technology.
If you don’t want to be the Blockbuster, MySpace or Xerox of your industry, then it’s vital to ensure your company is fit to adapt to changes in your sector.
NetSuite can help you. With comprehensive, cross-company data, you get a real-time, 360-degree view of your business. Insight and analytics into your business enables you and your team to make timely decisions and scope out models and scenarios that can help make strategic business changes.
For a free business consultation or a tailored quote, contact our certified consultants today and see how NetSuite can give you the agility and insight to make the most of the changes ahead.
