In time of rising uncertainty, it is more important than ever that your business is built on a model that is both adaptable and resilient. Since the onset of the Covid-19 pandemic, everyone has seen their lives turned upside down often with co-workers now pixels on a screen. Add to this the current volatile economy that has sent prices soaring and supply chains scrambling.
Change is inevitable. More than ever, it’s essential to prepare yourself and your team for the unexpected by developing a business plan that is dynamic and innovative. Here are some ideas you can implement to help you be more prepared for the unexpected.
1. Identify changes in your market
To succeed in business, it is important not only to understand the market but also to have an understanding of the industry’s business environment. The first influential factors you want to identify are uncontrollable elements, such as social, economic and political changes. How is the present state of the world impacting your current business model, and what new ideas can you implement to keep on top of these changes? Another factor to watch out for is socio-economic changes, which will alter the behaviour of your customers. Gain a competitive advantage through new technologies and technological flexibility to keep up with these fast-paced changes.
2. Watch your audience on social media
Always keep an eye on trending practices and norms making an impact on society. Look at how your customers interact online. For instance, if your goal is to grab the attention of a younger audience, a proactive approach on social media platforms like TikTok and Instagram may be a good start. If your audience is older, Facebook could be a more effective platform. Many business leaders mistakenly believe the older demographic is mostly offline. When targeting the older generation, you will need to use a different approach.
3. Recruit innovative employees
Although you have a business model that should ideally function in a changing society, the success of your business could not be guaranteed without innovation from your employees. In order to not only stay alive during uncertain times but also to gain a competitive edge in the market, recruiting employees who are forward-thinking, progressive and share the values and vision of your business is essential.
4. Build an external advisory team
When focusing on the demands of running your business, keeping up with industry and consumer trends can be a challenge. Working with an advisory team can help ensure you don’t miss out on major market changes or lose your competitive position, regardless of what is coming down the line. An outside expert can often provide the insight and objective perspective needed to assess your market standing and identify problems and areas of improvement.
5. Listen to your customers
Although you may think you know your company best, the people who are interacting and consuming your product or service should be the actual experts. Your customers should always be what drives meaningful change across your business. Do not be afraid to ask customers what they are looking for in your service and what they anticipate in terms of future need. Changing with the market means considering client needs in every decision. Through this, you can get insight into trends and start developing a plan for your business to grow and better serve your customers in the future.