Running a small business right now is highly challenging. But there are important things to keep in mind that can help you adapt to the changing business landscape.
Lesson 1: Know your plan
The first key learning is to create a solid plan that addresses the likely challenges you’re going to face as your business grows and with industry innovations.
It’s essential to the day-to-day operation of any business to have a system in place that allows for seamless communication between you and your clients, employees, and the broader database.
By cementing and communicating a plan before changes occur – such as new controls or laws within your industry – will help staff to be able to focus their energy on execution, rather than getting stuck in decision-making once the changes are in place.
Lesson 2: Be adaptable
It’s no secret that adaptability is a crucial element for all businesses.
Given we’re living in a time of innovation, here are some tips to quickly adapt to the changing landscape:
- You cannot predict the future – so let go of any attachments you may have to fix financial goals.
- Think outside the box – explore different avenues for fostering creativity.
- Identify core competencies and capabilities within your team- they put them to use.
- As a team, assess what are opportunities exist right now? How can you modify what you used to offer to meet the needs of clients right now? Who or what is critical to starting these opportunities for you?
Remember to modify as you go, and don’t let the disruptions prevent you from moving forward. The businesses that can let go of their initial plans and welcome the new environment ahead will thrive.
Lesson 3: Be resilient
Flexibility should always centre on the ability to cope under pressure, adversity and uncertainty. With proper training and conversations, anyone in your team can learn and create strategies to help increase resilience and hardiness. As a business leader:
- Even in difficult times, you need to keep coaching staff on the tools and techniques to help them become more resilient.
- Treat challenges as a learning process. Cultivate the habit of using problems as opportunities to acquire or master new skills.
- Continue to celebrate and reward the successes of you and your team.
- Have a realistic view of current events, and place it in context. Use that as a reminder to keep things positive for you, your staff and clients.
Lesson 4: Be across everything
Many business owners are often uncertain of what steps to take to mitigate risk – continue to be across everything by using this checklist:
- Audit every expense & make a financial contingency plan
- Be across the industry changes and updates
- Look at how you can generate digital strategies to expand business opportunities.
- Communicate with all interested or invested parties proactively.
Lesson 5: Embrace Mistakes
Mistakes play an essential role in helping employees learn and grow. Sadly, most established businesses tend to punish mistakes and errors; The most innovative companies are those that support failure, embrace out-of-the-box thinking, and allow employees to make mistakes and see what happens. Mistakes allow your employees to become creative, create learning opportunities, and encourage and promote risk-taking within your business.