In an uncertain economy, how can businesses adapt?

In today's article, Business Coach Ratish Pandey will discuss a topic you suggested – Given the Uncertain Economy, how can BusinessesAdapt. 

As in a human being, for business, too, it is the mindset that defines adaptability. The frame of mind is to accept change, respond to it, and adapt effectively. We have to remember that change is only CONSTANT.

 

In times of drastic, unexpected change, as we faced during the pandemic, it is the time to open your mind – seek counsel, share ideas, brainstorm, and learn unashamedly from others about how they are addressing the situation, what is working, what is not. 

 

It is time to challenge the traditional approach to business. One must explore and welcome new ideas and ways to run one's business. In today's context, technology adoption across the organization is one new entrant that all companies cannot avoid. 

 

Next is keeping the ear to the ground. See how the change is impacting your customer and the purchase journey. 

 

A business that is nimble in responding to the customer's changing demands will thrive.

Adapting to the customer's altered purchase journey may call for change in operations or product offerings, the go-to-market approach, accessibility, or post-sales support. Whatever be the requirement - as an entrepreneur, you need to be swift in your response.

 

But how does one challenge the "old thinking"? Simple, by new and different thinking.

 

Think out of the box; in other words, let go of the barriers. Welcome new ideas and explore innovative ways that come to the fore – which in turn will help the business navigate these uncertain times successfully.

 

In coaching, we have an adage- "It is better to be consistent that be perfect". So do not wait for perfection; instead, value speed and consistency. Start now and let improvement be an ongoing process.

 

All this is good going, but for it to sustain, there is one more important step. Leadership style will need to change for new ideas and ways of operations to take wing. Leaders must be keen listeners and be more inclusive, empathetic, and supportive. On the other hand, leaders will need to be decisive and lead from the front.

 

If you have any questions on this topic, let me know, and we would love to address them.