Does your business need to evolve and adapt in the new economy? Unless you are always on the cutting edge of the business spectrum, then the answer is a definite yes. Evolution is essential in the “survival of the fittest” business world. You need to evolve with the times, adapting to changes within the consumer market and the industry you are involved in. You need to stay relevant in business or you will get left in the dust.
Think about the current climate of the global economy after everything that has happened over the past few days. How many businesses local to you have shut their doors for good? According to recent statistics, around 9% of all businesses close each year around the world. There are various reasons for this unfortunate statistic. Poor planning is one reason, as is an insufficient cash flow.
But underpinning most of the reasoning behind sales decline and business failure is this one simple fact: the business has failed to evolve with the times. They have lost their edge because they have failed to innovate.
They have lost touch with what the consumer wants. They haven’t implemented new technologies. They haven’t broadened their services. In short, they have stayed the same; not moving, not changing, and not evolving.
It is not only small business who suffer. Some of the bigger names in the business world have also failed to evolve with the times.
Blockbuster failed because they didn’t count on the popularity of online streaming services. Polaroid went under because they didn’t buy into the booming digital market.
Kodak suffered the same fate. They continued with dated business models, but as technology changed, the consumer lost interest in them. Xerox and Pitney Bowes are are treading down the same path in the declining printing space, albeit at a slower pace.
What does this mean for you as an entrepreneur, startup founder, or business owner? It is simple: move with the times before you get left behind, as so many businesses have before you.
Don’t do something just because it is the way you have always done it.
If you become complacent and rely on outdated methods or products, the competition will overtake you.
The consumer expects a faster and better service. They want the latest payment technologies, including Apple Pay and PayPal functionalities. They want to be excited by what you have to offer them. If they lose interest in you, they will go to your business rivals.
Offer more to the customer.
The more services you can offer the customer, the better. Provided you have the team behind you to extend what you are offering, you can explore new avenues within your business.
This way you will never get stale, and the customer will never get bored of you. Say you are running a fashion store, for example.
If you specialize in one area, such as the sale of dresses, consider other avenues, such as how to start a swimwear line. You evolve as you move forward, so think about your business, and ask yourself: What else can I offer my customers?
Keep an eye on your industry.
How are things changing? What are people buying? What are the latest trends? To get the answers, survey your customers. Read industry journals. Attend business meetings and conferences to listen and speak to industry experts.
Keep a close eye on your rivals and consider what they are doing better than you. And look at other, seemingly unrelated businesses, and consider how your operation may be affected by what they are doing.
Learn from those companies we mentioned, such as Blockbuster, and consider how you can adapt and evolve to stay apace with market changes.
Every business needs to evolve with the times. It is common sense really for any business owner or manager. You will become irrelevant if you don’t, and failure may loom its ugly head. So, think about your business, and the industry you are in.
What do you have to do to evolve your business? It is time to take action with your company!