Even before companies had to deal with the crisis of a global pandemic, adaptability was one of the essential characteristics of any business. In 2011, the Harvard Business Review named adaptability as the crucial trait for any company or business leader trying to achieve a competitive advantage. In the ensuing years, we believe adaptability has grown even more critical, particularly for small businesses trying to stay afloat in some admittedly turbulent times. Here is why adaptability should remain at the forefront of your strategy, culture, and actions in a small business.
Understanding Adaptability in the Small Business
The digital era has been speeding everything up for the past decade. Markets shift faster; consumers rate your products online, and go-to-market strategies are more agile. To compete in today’s hyper-environment, the small business owner must remain aware of these (and other) trends and change strategies as necessary.
Adaptability is about your business’s ability to flex with anything that impacts it in today’s souped-up business environments. Flexibility and versatility, along with a “think outside the box” approach is necessary for small companies to make it through the crucial first few years when so many entrepreneurs fail.
Forbes listed some of the key components that an adaptable small business owner commonly exhibits, including:
- Respect for people
Adaptable small businesses can somehow keep their eyes on specific goals, no matter what is thrown at them. These companies have a vision for their future and a strategy to get them there. However, that strategy is not rigid; instead, it should be able to shift and flex to fit whatever challenges occur. Long-term plans and goals are great but woe to the entrepreneur that fails to improvise when something happens that shifts the standard approach into a potential business killer.
Small businesses have a lot at stake, as changing environments affect their very ability to survive. Managing the company and the change necessary to stay ahead in today’s competitive markets is not easy. The customers’ needs, wants, and priorities change. Technology evolves. Supply chain may force pricing fluctuations that affect sales. Look at what has changed in less than a decade:
- Work from home arrangements is the new normal.
- We had historically low unemployment and a significant talent shortage.
- Cell phones became ever-present.
- The Internet moved into every home.
- Even our cars became connected.
Partner With Exelare!
Change is now constant, mainly if you work in the technology field. If your business is ready to adapt to the latest iteration of recruiting software, Exelare can help. Contact us today!