Adaptability in Business: What Does It Mean?
Evolution is an inevitable aspect of life. When the world changes, so will those living in it in order to survive. The same goes when you’re running a business. For your brand to survive, you must also let it change with the times.
But a business isn’t a living thing. It cannot change on its own. Which is why you as the owner can only make it happen. How, you ask? You need to make your brand and yourself develop adaptability. Keep on reading to know what it is and how you can do it.
What Is Adaptability in Business?
Strategic adaptability is a business owner’s ability to quickly react in a planned and effective way when factors change as they run their business. These factors can either be economic, political, environmental, social, or technological.
For example, a corner store owner knows how a power outage in the middle of the night invites robbers, thieves, and shoplifters to come in and take advantage of the darkness to steal money and other valuables.
There are two ways a business owner can react to a blackout. A business owner that’s stubborn will continue operations by getting a flashlight to illuminate their field of vision. Whereas the adaptable business owner has already prepared for this by installing emergency lights.
In addition to that, the latter will also close the front door and ask all customers remaining inside to stay calm. Then, he will instruct everyone to get everything they need and line up for the counter. When everyone has paid, he will then ask all customers to leave the store in a line and close for the night.
Without the ability to think adaptively, business owners in these scenarios will panic or be anxious by the thought of a sudden robbery or undetected shoplifting. Although there are plenty of ways you can be adaptive, it’s still important that you must develop this trait.
5 Ways on How You Can Be Adaptive As a Business Owner
1. Have eyes and ears outside
Whether you’re managing your business alone or have employees, it’s important to have people who bring you good and bad news. A great example of this is asking someone to compare your product with the competitor. This will help you improve your formula or create something new.
2. Stay updated of the trends and predictions of the market
The biggest folly for the past two years was that most businesses weren’t ready on how to operate during the COVID-19 pandemic. Because of that oversight, a lot of businesses closed. By keeping an eye on the niche market of your brand, you’ll have an idea of what might happen in the foreseeable future and create multiple plans to mitigate damages.
3. Always expect the unexpected
One universal truth is that we can’t always predict the future. Even with market trends and meticulously calculated probabilities, something will happen that’s completely out of our control. By adopting the mindset of expecting the unexpected, you can guarantee yourself to keep your morale, hope, and optimism high for a comeback even when times are grim.
4. Be bold and daring
Never be afraid to create and experiment with new business ideas, even if the ideas are weird, seem stupid, or has a low chance of any success. Outlandish concepts can sometimes be the solution to our most difficult problems. They are the reason why we have evolved from stone-wielding cavemen to what we are today.
As the Latin phrases go, “Fortis Fortuna Adiuvat / Fortuna Eruditis Favet”, meaning Fortune Favors the Bold / Fortune Favours the Prepared Mind.
5. Be ready to welcome changes
The world is ambiguous. It changes every day and we need to welcome that truth. The same goes for business. One day your item is selling like hotcakes and tomorrow your competitor’s lemonade might be the most sought out product on the market.
Welcoming change is the final step to adaptability in business. This is the part where you put your creative thinking into practice and let go of the old ways.
Being adaptable as a business owner isn’t easy. We are hardwired to be comfortable in using the methods that have proven to be effective from our past experiences. Because of that, it can also be our downfall. Starting today, give some new experiences a chance. Get used to employing strategies that you don’t read in entrepreneurial books and articles online.
Read more life coaching tips for business here!