It’s essential to be adaptable in business…
Being able to adapt to new situations, as well as new challenges and changes is absolutely essential in any part of life, but especially when you’re working within the business industry. The industry is so competitive, and you’ve always got to be one step ahead, but let’s talk about what it really means to be adaptable in business, and why it’s so important.
What does it mean to be adaptable in business?
Speaking literally, adaptability is ‘the quality of being able to adjust to new conditions’, which is completely true, so we should apply it to the context of the business world.
Like I said earlier, the business world is incredibly competitive. This means that every single business is going to be trying to stay relevant and current, keep up to date with trends in their area of expertise, and find ways to stay at the peak of the industry – so you need to as well. Trends come and go, which means there’s always going to be change, therefore adaptability is needed.
More so than trends is demand. According to Investopedia – Demand is an ‘economic principle referring to a consumers desire to purchase goods and services and willingness to pay a price for a specific good or service’. Whichever part of business you’re in, demand will fluctuate. So you and your business need to be able to adapt to the peaks and troughs of demand within your industry. This way you don’t take too much of a hit when demand is low. For example, let’s say you own a swimwear clothing brand. Of course, in the summer, demand is going to be much higher, since it’s the time of year people are going swimming and enjoying the sun. But as a business, how will you adapt during the colder months? How will you ensure that your brand is seen all year round?
By the time next year’s summer arrives, people may have forgotten about your brand. It’s likely there’s going to be even newer, current competitors on the scene which consumers will turn to.
So, what can you do?
Initially, the first thing to do would be to launch some kind of winter line. Warm clothes, waterproofs, even things like beanies or ski jackets. This will help keep your brand relevant throughout the year; however, something even more effective is whilst demand is down during the colder months, start planning how you can promote your businesses goods for the following year. How can you make them more unique or relevant? Research potential competitors and find new to promote your products/services too.
Why is it so important to be adaptable in business?
As I’ve already said, times change, trends and demand fluctuate, so the ability to adapt is so important. I’ve always been a firm believer that if we need to change something, we can make it happen. Things that we can control, or the ‘controllables’ (which is something I discuss in my book No Longer Last on the List) can be changed to fit our needs. But we cant control everything, so instead of just getting stressed or being annoyed that we cant control certain things, it’s an opportunity to adapt. Here are some benefits of being adaptable in business.
1. It makes you a better leader
Being adaptable as a business owner/leader sets a good example to your employees, or other colleagues that you may work with. Whilst adaptability is a personality trait, it’s definitely something that can be taught and learnt. By doing it yourself, you will help show others how to become adaptable, and how it can have a positive impact on your life.
2. You’re better experienced to face challenges
The more you adapt, the more experienced and prepared you’ll be to face challenges. Life is unpredictable, just like the business industry. So practising adaptability as much as possible will better prepare you for any surprises or issues that may present themselves at any point.
3. You and your business will stay relevant
I touched on this one earlier; however, this one benefits not only you as the business, but also your customers. Being adaptable allows you to stay relevant, which is much more convenient for clients who purchase your goods/services. As well as helping promote your business to new customers.
4. It reduce stress and anxiety
It also has personal benefits. Learning to adapt to new situations and changes helps reduce stress and anxiety. This is because you’re less likely to stress and become burnt out if you cant change something that’s causing an issue. Adapting to the situation you cant change and finding a solution is very efficient, and will help you continue to progress with a clearer, rational mindset.
Adapting physically and mentally…
Adaptation is something that can be done physically and mentally, shown by the benefits listed above. Let’s take a look at a few more examples of adapting physically, and mentally.
Adapting physically may look like…
- Moving to a new office space when you’re expanding your team
- Updating tech software to speed up processes and increase efficiency
- Hiring new employees when the workload is becoming too much
Adapting mentally may look like…
- Allowing yourself to ask for help if you’re struggling
- Actually learning how to adapt to new situations
- Giving yourself ‘me time’ to recover from burn out instead of pushing yourself too hard
Are you adaptable?
So you see, being able to adapt to unforeseen situations and solve problems effectively is absolutely essential. There’s a ton of benefits, personal and professional, that will help you and your business grow, and plan even better for the future.