Why Change and Flexibility Helps Your Business Growth
Some entrepreneurs attribute their best ideas and successes to their ability to change and adapt.
Whether it's technology, industry trends, culture, or consumer tastes and patterns, change is inevitable, insists entrepreneur and penny stock expert Timothy Sykes.
To remain relevant, Sykes writes in a blog for Entrepreneur, you must be willing to change both your business and your thinking.
Change can be tricky and should come as a result of thoughtful examination. More importantly, being open and ready to make necessary modifications that are right for your business is critical, adds Sykes.
Doing so will open your mind to better problem-solving and creativity in all aspects of your business.
"If you are closed off to change, then you’re also closed off to new opportunities. By being adaptable, you’ll be able to question the status quo, and this is often where entrepreneurial magic happens," Sykes writes.
Added Benefits. Small business owners who prove an ability to adapt learn resilience and tend to have a better outlook on their future, some research shows.
According to a study by Kabbage, more than four in five U.S. small business owners are concerned about an economic recession, yet 80 percent told a survey they are confident their businesses could survive it.
"Small businesses are traditionally optimistic through difficult times because they’re comfortable making the necessary modifications to persevere," said Gina Taylor Cotter, executive vice president & general manager of U.S. Small Business Banking and Kabbage, in a press release.
"A number of economic factors are pushing small businesses to prioritize different business components like branding, marketing and ecommerce."
Of those told the Kabbage survey they were confident they could survive a recession, the top reason cited (31%) was their pandemic experiences, says Kabbage in its Small Business Report, which included a survey of 550 business leaders.
Plan for Change. The ability to make changes in your business isn't only crucial in difficult times.
Successful small business owners looking ahead are incorporating changes into their plans, particularly for growth — gradual and scheduled tweaks aimed at improving or expanding operations, products, services, or technology.
According to entrepreneur and marketer Alyssa Gregory, founder of Small Business Bonfire, marketing is one area where small businesses should be assessed regularly.
It can be helpful to continuously modify, test, and mix up your marketing efforts to determine what works along with the outcome generated, Gregory writes in a post for The Balance.
The most profitable small businesses are open to experimenting with various online marketing channels in addition to their offline marketing initiatives to see which ones generate the most attention, she adds.
Lessons from Adapting. Making effective changes to improve your small business helps you build entrepreneurial confidence.
Cali Yost, CEO and founder of Flex+Strategy Group, hopes her experience developing successful adaptation strategies and improvements to her business model will lead her to add more customers and varied services in 2022 and beyond, says American Express' Trends and Insights newsletter.
Businesses that invest resources such as time and money in brand development during recessions, pandemics and supply chain disruptions tend to fare considerably better, says Joe Mullings, CEO of The Mullings Group, in the article by workplace author and consultant Alexandra Levit.