The world we live in is a revolving world. Life calls for changes and modifications. Things that were once considered opportunities in time past can no longer be seen as such as they have become obsolete, hence the need to evolve.
John Friedman, Professor of Economics at Brown University has predicted a hard future or none at all for companies that aren’t presently evolving. The closedown of some enterprises during the lockdown period led to their shut down. On the other hand, some businesses increased in profit and even expanded their horizon.
A good business can withstand unexpected tides. It might experience losses during the trying period, but will eventually bounce back and gain grounds that were once lost.
Every business should be able to stand the test of time and strategies must be put in place to keep it from becoming obsolete. Several opportunities come our way each day. We must be able to choose from the myriad of options that would be of immense benefit to the organization.
As altruism goes, the people who embrace change the fastest are the ones who stand to win big.
Change is not an easy choice to make as it calls for reshuffling, rearranging, making new decisions, giving more attention and time to your business, doing something different that will result in a profitable outcome. It is however a necessity.
In the tech age, where the world is at our feet, with our devices we can connect with people around the globe. This has also led to higher competition. Procuring goods from a country million miles away is no longer a big deal. The goods can be delivered to your doorstep.
If we do not improve and advance our business ideas, there are several options from which clients and customers can choose from.
Some of the requisite change in the 21st century includes: changing how we identify opportunities and risk, how we manage, how we use technology, how we acquire and keep customers, and how we think about the value of work itself.
Zach Sims, CEO, and co-founder of Codecademy stated that retaining and adaptability will define the next generation of top performers.
‘Our true competitive advantage is our ability to create and execute new business ideas.’ he stated’.
‘Although we have mastered the fundamentals of business such as sales or marketing, we have yet to grasp the concept of innovation. Smarter companies will leap ahead with the understanding that innovation is a process dependent system as opposed to a flash of genius,’ he added.
Innovations can presently be viewed as big ideas and majorly technological. However, small innovation stands higher than big ideas. Innovation can be put in every area of business even in customer service and operations. Businesses that can turn innovations into profits are the ones that hold the future.
One can hardly tell the events that will shape the post-pandemic world. Businesses that will experience recovery from the hit of the pandemic are the ones that are most flexible and creative. Delivering services in a new way while maintaining the core competencies will help businesses thrive.
What makes one business perform better than the other is adequate preparation ahead of time. This is by considering new developments in the industries to predict what would be of necessity tomorrow.
The usefulness of knowledge is like a carton of milk, it expires in the long run. New discoveries render old theories obsolete, making for a new way of thinking. The business world of today will become outdated tomorrow. Knowledge creation has led to the acceleration of our world and Information will continue to change.
As we seek to move our businesses through the many prevailing challenges – covid-19, social unrest, natural disasters, and diverse economic uncertainty, we must make room for change.