How Can Businesses Adapt To The Changing Marketplace
Posted on Mar 04, 2016
Today’s pace of change in business is fast and astonishing. And if you think the acceleration was brisk, expect it to keep going. In order to stay relevant, businesses need to keep up with the changes in their industry.
Even big enterprises need to stay relevant when there’s a big change in their industry. Companies like Kodak and Nokia no longer exist, not because they weren’t well known or well managed, but because there was a swift in their industries and they couldn’t adapt to the rapid change.
According to Gartner, in the last century, we witnessed “the average life span of a company in the S&P 500 has decreased from 67 years in the 1920s to just 15 years today.” Their research also determined that an enterprise “could easily go out of business by 2030 if it underestimates digital business.”*
Some businesses do, however, manage to withstand and, sometimes, even prosper, despite these rapid changes in the market conditions. So what separates the companies that adapt to changes from the ones that don’t?
Stay On Top Of The Latest Trends
Your business needs to be proactive in order to continue to prosper in an always changing marketplace. Don’t comfortably stay in the same place while your competitors get their hands dirty. Do your research, stay alert to innovation and embrace it.
Do Ongoing Training To The Latest Skills
The key to a company with the most up-to-date ideas is in the value of its team. You should promote training and forward thinking. Key leaders will help your business rethink its strategy in a time of change.
Listen To Your Customers
Always listen to what your customers have to say. Which challenges do they have? Do they change over time? The answers to these questions may help to ensure that your company is providing the latest solutions and doesn’t become trivial. Your success may depend on how you use this information to stay on top of the industry.
Wisely Manage Your Finances
Rapid changes involve serious investment. Unless finances are well managed, when change comes, your business might not be able to succeed. Stay on top of your expenses with an accounting software and keep reviewing your numbers as a fundamental part of your organisation's routine.
*S. Prentice. Gartner’s Research. 01 February 2016
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