Written by: Kimberly Viera, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Business never stays the same. Every day our opportunities change, we change, the times change, or how we do business changes.
To continue to be successful you have to adapt your business to the changing times. That means seeing the trends that might require you to change the types of products you offer, the audience you target, or get more innovative with pricing. Or it could mean changing your current business into a new one that fits your personality and lifestyle. The blessing of the Internet is that we can change quickly and reinvent ourselves frequently to satisfy financial and personal needs. There is no doubt that business has changed in the past few years due to COVID-19. But it’s not just due to the pandemic that businesses have pivoted. Consumer behavior itself has changed in how and what we buy. The rise in costs has slowed down consumer purchasing. Add to that many business owners are reassessing how their businesses fit into their lifestyle or the lifestyle they want. And businesses often find new opportunities they want to pursue. Business owners are not only reinventing their business but themselves as well. People are becoming more aware of how they want their business to fit into their lifestyle, not the other way around. No matter what the reason is behind adapting and changing your business it’s important to know when and how to change quickly and safely. You need to be proactive, recognize the need for change, and be ready to pivot. Besides the economic ups and downs, there could be other reasons for your business to adapt or change. One is the level of competition, especially online business, is stiff. More and more people are starting and successfully growing their online business now. Businesses have had to find ways to remain competitive, relevant, and fresh in the eyes of their target audience.
Why your business must adapt and evolve
To remain competitive. Adapting allows your business to keep up to date with the latest developments and accurately predict any future challenges facing your customers.
To meet your customer’s needs. Adapting to the changes and needs of your target audience helps you know what products to produce to meet those needs. Failing to adapt might have your customers going to your competitors.
Get you through harsh economic times. Not only will these record-breaking economic hard times affect you they will likely cause your customers to be more discerning in how they spend money. Your customers and client's budgets will be tighter.
To capture your share of the market by offering your customers products they want or need. And you’ll be able to keep your pricing in line with their budgets and your bottom line.
To capitalize on new opportunities that come your way. Adapting is key to being able to take advantage of any new chances you might have.
Helps you expand and grow. Inventive changes are key to adapting and pivoting creatively to unexpected events.
Your online presence and the experiences you create for consumers will be an integral part of your brand’s long-term success as you adapt and evolve through the changing times. Making sure you are doing everything you can to adapt and evolve is key.
Factors affecting business changes
There are many factors that affect why a business needs to adapt and change. Even very successful businesses adapt and evolve to stay successful. Here are 5 reasons that might cause you to change your business in some way:
The world
The world is constantly changing. For your business to stay ahead it needs to serve the market what it needs or wants. What seems relevant now may be totally different 5 years, 10 years, or even 1 year from now. Paying attention and acting proactively to rapidly changing trends of our high-tech world could be what keeps your business afloat.
Customers
There is no doubt that the needs of your customers will change over time. Staying in touch with what your customers need should be the focus when creating new products and services. And to make sure they are still the right ones that fit your business as well.
Technology
Technology evolves very rapidly (AI anyone?). The pace is so quick many businesses can barely keep up. But it’s imperative that you not ignore technological solutions that can make your business run smoothly, more productively, and efficiently… or put you out of business.
Economy
Market changes can be a big factor in needing to adapt and pivot. This is often a result of necessity instead of an optional choice. To better prepare for market changes you should implement a plan for these changes in advance. Any type of economic swing can force you to take some type of modification in your business. These changes often take on various formats such as modifying prices, the types of products you deliver, or something else.
Personal
Finally, adapting and evolving your business may come from personal reasons. Maybe the type of business you are in demands more of your time than you want. Or your passions have shifted to a new area. No matter the reason, you can pivot your business so that it fits your personality and lifestyle. There are many factors that can affect why you need to adapt and change how you do business. The trick is to be adaptable and willing to make the changes as you need to.
10 Tips to stay ahead of the curve
Business can be a challenge. And change can be especially difficult. But changing your business doesn’t have to be stressful or difficult. In fact, it can actually be a lot of fun! With a little planning and creativity, you can make any business change successful and rewarding. By considering the following tips when transforming your business, you’ll find that the process is less intimidating than you think. The first step in adapting and evolving your business is to recognize when you need to make a change. That begins with staying ahead of the curve, knowing the trends in your industry, and being prepared. 1. Recognize when you need to change and embrace it. Economic changes and customer needs are changing rapidly. And if your business and leadership style are inflexible, your business won’t stay afloat. Stay abreast of these changes and plan ahead for them.
2. Surprise and delight your customers. If there’s one thing you want customers to remember about your business, it’s that they loved their experience with you. To achieve this, you must take the time to listen to your customers. Be open to their feedback. Be honest with your expectations and open to change. And above all, surprise and delight your customers. If you do this, they will be forever thankful. This will improve customer retention and loyalty. 3. Build a strong foundation. Building a successful business requires a strong foundation. However, the path to success is often paved with unexpected twists and turns. This can make the road ahead seem unclear. It allows you to survive the inevitable changes that come with time. It will help you build a business that can last through any type of economic climate. A good way to start building a strong foundation is by evaluating your current business model. Ask yourself these questions:
Why do you do what you do?
What are the goals of your business?
Why do your customers buy from you?
How do you plan to make money?
These questions may seem simple, but they are the building blocks of a strong foundation. It’s important to have a clear understanding of your business before you can begin to make any changes. 4. Build-in flexibility. Flexibility is an essential part of building any successful business. You don’t want to get stuck in a rut, but at the same time, you don’t want to risk letting the opportunity pass you by either. You need to be flexible enough to adapt to changing circumstances. You need to be flexible enough to change your business model if necessary. The best businesses are those that have the ability to respond to their customers in a flexible way. They are the ones that offer new products and services, respond to new technologies, and meet changing customer needs. 5. Build on your strengths. Throughout your business journey, you’ll encounter many challenges. However, you’ll also experience many successes. Take the time to understand your business and the strengths and weaknesses that are already present. Once you have a better understanding of your strengths and weaknesses, you can begin to build on your strengths.
6. Stay aware of new technology and trends. One of the most important aspects of transforming your business is staying aware of new technology and trends in your industry. If you want to survive, you need to be aware of the competition.
7. Look at your pricing. Price your products for profits without pricing yourself out of the market. You need to optimize your prices for profits being aware of the reduced purchasing power of the consumer and increased costs of inflation. Take a good look at your most recent costs and assess each of your products, packages, services, and subscriptions. Figure out how inflation has already affected your profit margin. Then come up with several new strategies to reduce the costs of creating your products (or offering your services) or ways to increase your prices. Make sure you are adding lots of value for the prices you are asking. 8. Create a complete, detailed plan once you’ve determined where and how you need to change or pivot. Once you’ve decided which changes you want to make it’s time to begin creating a structured plan to achieve the changes. Know what type of changes you are making: Are you developing new products or systems or transforming to a totally different product or service than you are currently known for? 9. Track your changes along the way. An important part of making lasting changes in your business is to track your results as you go. Look at your key performance indicators as well as other metrics and analytics as you evaluate if the changes are positive or not. Don’t forget to get feedback directly from your customers as well. 10. Don’t be afraid to make mistakes, to learn from them and to keep going as you are evolving and adapting your business. If you don’t try new things, you’re never going to improve your business. You want to introduce new and different ideas and initiatives. This will help you identify what works and what doesn’t, what’s successful and what’s not. One of the best ways to do this is to have a “mistakes are okay” mindset. This means that if you try something and it doesn’t work, don’t be afraid to try something different. This is the best way to learn and to continually adapt to changing times. It is essential for businesses to adapt and evolve in order to survive and thrive in this new era.
The best way to do this is to ensure that your company is open to new ideas and constantly challenging itself. With a little planning and creativity, your business will thrive in ANY economy.
Ready to evolve? JoinTheEveolution.com
Kimberly Viera, Executive Contributor Brainz Magazine
Kimberly Viera is on a mission to help every woman become financially independent and gain control over her life by starting an online business. As the founder of JoinTheEveolution, she helps women build transformational coaching and wellness businesses that earn them a sustainable living within a year while giving them the time and lifestyle freedom they've been dreaming of. Stop Letting Things Happen. Start Making Them Happen. Join the Evolution.
