The fast pace of change in business has never been so apparent. A recent article commented there has been more change in business in the past 5 years than in the past 50 years.
In business, things rarely stay the same for an extended period. Companies must be willing to change and adjust operations for various factors, from a decrease in economic resources to a shift in consumer demand and production process changes.
At Marketing Stockport, we speak to and meet lots of businesses and one of the most common attributes is that they are all in a state of flux – positive flux. Bending and flexing to market conditions. Adjusting the ‘formula’ based on client feedback and demands of prospects. Innovating, expanding and doing things they didn’t even consider 3 – 5 years ago.
Richard Higginson explains more:
Our ‘microwave’ on demand economy means we must continually evolve and advance our offering to avoid being overtaken by the competition. However, the competition is not always that obvious and we can be caught ‘offside’ if we don’t keep a very sharp eye on the market and existing client behaviour. It’s important to know what to look for and to learn how to read the signs to keep ahead and plan for change in business.
Barriers to entry are being lowered and new entrants are stepping in to various market places not because of historical expertise but because the access to markets is so much easier. Some sectors require just a website on low monthly fee and you can build a business over night. It may be very competitive but it can also be very lucrative.
I find this exciting, challenging and daunting all the same.
When was the last time in your business you had a ‘War Games’ session, ‘What if’ scenarios and resilience testing? What would happen if a new entrant came into the market – how would that disrupt your business, staff and overall standing in the market place?
Why not facilitate an offsite session with your key forward thinking team members. Run a simulation of what if’s. And don’t forget to enjoy the journey.”