business strategies

Why Adaptability Is An Essential Business Strategy

MOMENTUM Business Support Business Support
A person in a white t-shirt holding up a blue card with the words "Time to Adapt" written on the front

In a rapidly changing business landscape, the ability to adapt and be resilient in the face of challenges is more important than ever. The most successful businesses are those that are able to innovate and evolve to stay ahead of the competition, while being flexible and having the elasticity to overcome obstacles. The ability to adapt is what sets successful businesses apart from those that are set in their ways and ultimately fail. It is clear, that in today’s ever-changing environment, adaptability is the most important business strategy.

What is business adaptability?

Being adaptable is not just about changing course quickly, it also involves having a culture that embraces change and encourages innovation. It means being open to new ideas, taking risks, and constantly learning and improving. Successful businesses stay ahead of the game by anticipating future changes, being proactive, and continuously tweaking their products, processes, and strategies. They also understand that change is not a one-time event but an ongoing process that requires constant attention. In addition, adaptable businesses prioritize their customers and employees. They listen to feedback, respond quickly to customer needs, and create a culture of trust and empowerment for their employees. This fosters a dynamic and collaborative work environment where new ideas are encouraged, and experimentation is celebrated.

Why is it important?

Adaptability is essential as it enables businesses to quickly and effectively respond to changes in their environment. It helps to accommodate new realities, meaning that companies are better able to survive and thrive in new or unexpected circumstances. Such flexibility also enhances creativity and innovation, as individuals and organisations are better able to recognise and exploit new opportunities that arise. Finally, adaptability promotes both personal and professional growth and development. It encourages the learning of new skills, in order to navigate challenging situations and flourish.

Where do I start?

  • Find a way to embrace change. It’s a natural part of life, and the more you accept it, the more adaptable you and your business will become.
  •  Be open to new ideas and perspectives. Keep an open mind and try to see things from different angles.
  • Be willing to learn! There is always something new to explore, so try to keep your mind focused on learning new things and developing new skills.
  • Be decisive. Develop your decision-making skills and learn to be comfortable making quick decisions when needed.
  • Be flexible and willing to adjust your plans as needed. This can help you adapt to new situations and changes that may arise.
  • Practice resilience! It will grant you the ability to bounce back from setbacks and challenges. Remember to stay positive, seek support from others, and focus on your strengths.

If you’d like to find out more about nurturing an adaptable business mindset or have any other queries you’d like us to support you with – we’d love to help! Get in touch:

T: 01903 688789 E: makeithappen@mbsmih.com

12 Days Of Tipmas Day 11: Grow With A View To Sell Your Business

MOMENTUM Business Support 12 Days Of Tipmas 2021
Eight people sitting at a table together working and shaking hands

While it may not be in your imminent plans to sell your business, selling your business later down the line can provide financial stability when you’re thinking about retirement, starting a family, or maybe when you just want a change of pace in your life. With that in mind, how would you make your business attractive to potential buyers?

Succession strategy – have a potential successor identified early on, show them what it takes to run the business and take time to mentor them so that the transition to a new owner is as smooth as possible. You could also consider whether to stay on as an advisor or to exit the business entirely.

Experienced employees – managers and staff who are staying in the company will make the transition to a new owner smoother as they have experience with the ins and outs of the company.

Financials – financial records as well as sales forecasts are important when pitching a business; buyers would like to know that the business is profitable and that going into the future it will continue to be the same. Make sure you are able to explain any previous blips in your figures to potential buyers.

Customer relationships – how diverse is your customer base? You should consider diversifying if one single client or customer accounts for over 25% of your sales – relying on only a few clients is a big risk if one of them stops using your services. Diversification takes time however, so plan to diversify early.

Future growth opportunities – which direction do you think your business will go? Buyers will want to know this too, so it would be important to share any strategies or new ideas that have not yet been implemented in your business. Where will new customers come from, and how can the business expand with any developments in technology or events?

Reputation – you need to make sure that your company reputation is great, both with your clients and employees. A company with a tainted reputation will be hard to sell, and potential buyers may have to consider rebranding if a company has a bad history.

Intellectual property – is your company adequately protecting its IPs? Having other companies copying ideas from your company and selling it as their own would cut into profits down the line, so make sure to protect your IPs. If your company has any original technologies or ideas, make sure they are protected by copyright, trademark, or patent law.

If you’d like to find out more or require any further business support, get in touch!

E: makeithappen@mbsmih.com   T: 01903 688789