Adapt or get left behind

Adaptability - it’s a word that is synonymous with entrepreneurs. It’s defined as the ability or willingness to change in order to suit different conditions. In business, change is constant, and in order to survive and thrive, it’s essential to remain open to new ideas in response to the marketplace. You need to keep testing your strategy, your business plan, and your product offerings to ensure they remain vital and relevant. You need to keep talking to your customers, getting feedback, finding out what they need and want in a changing world. You need to identify possible risks to your business due to changing market demands or realities, and develop mitigation strategies before those risks turn into a crisis. Importantly, you also need to be really honest with yourself and change the direction of your business if you feel it is becoming out of touch with the marketplace. Just think back to those iconic business names of the past that failed to adapt to the changing world, and as a result, were left behind - Kodak, the camera and film brand that didn’t see the digital picture revolution coming, is a classic example. Adaptability is a key quality for success - make sure it is a trait you develop too.