Are you adaptive to the changes happening in the business world? Today, social media and digital technology have completely transitioned the market environment. The shift to online platforms also requires marketers to adjust their approach to ensure they meet their customers’ demands without imposing on their privacy.
What is adaptability?
Adaptability describes how well one can change in a changing environment, how you accommodate a new situation.
Adaptability in entrepreneurship describes the changes you make when challenges come your way. For a business to thrive, you need to stay abreast of the changes and adapt them with a positive attitude.
Mama Mboga sells groceries about 500 meters from a neighborhood whose residents are employed and buy foodstuffs in the evening or over the weekend. She has operated the business for 5 years, but recently, the online market and home delivery services reduced her customer base. She then chose to adapt to the challenge and purchased a bicycle that her staff used to offer home delivery services. She also encouraged payment via mobile money and ultimately earned back all her clients. At the end of that month, her calculations showed an increase in sales and new clients, especially, the elderly and ailing.
How to adapt to changing business environment
A business can be adaptable by being aware of the market changes. Here are a few pointers to help you adapt better in the business world
- Have and maintain an innovative culture in your business– Being innovative gives the business a competitive advantage. However, the innovations should be based on the company’s mission and functions.
- Strategic adaptability– plan beforehand how the company will react when there are changes that will affect the business environment. This helps the company to avoid a shift from the core business.
- Hire adaptable people– hire adaptable people who are creative and innovative. Train the existing staff. An entrepreneur can attend online courses on the same.
- Customer feedback. They are the reason you are in business. Welcoming feedback not only gives you satisfied clients but also helps the business to know what to change and how to improve.
Why is adaptability important in entrepreneurship?
- It gives the business competitive advantage. This generates sales and high profit margins.
- Identify and tap into new opportunities. The business is not stagnant. It advances. There is growth.
- Long-term success for the business- The business needs to improve in areas such as product re-designing and technology as time goes.
- The business is able to survive during times of adversity such as lockdown or economic hardships.
Are you an adaptable entrepreneur? Below are a few skills you maay want to acquire.
- Flexible to change routine. Embracing change will help the entrepreneur to have options on how to handle the change in the market.
- Prepared to change oneself when the situation changes.
- Opportunistic and observant- Taking up an opportunity. This may increase the customer base.
- The sky’s the limit- believe in yourself. Do not limit your capabilities.
- Being positive- it is easier to find a solution with a positive attitude.
- Resilience- This is a key quality to have. Tolerating the change in the market helps the business to survive the market change.
Sources: boombinator, venturelab, goodwin, forbes