Change Your Business Model and Adapt To Change

As a successful business owner, you cannot afford to ‘rest on your laurels’ when you reach the top of your game.  In a fast-paced business environment and ever changing economy, you may lose your competitive edge and be pushed out of the market.  Adapting your business model can, however, maximise your chances of sustaining business growth and profitability.

Standing Still

You may currently be a successful retailer, who has built a solid business and developed a loyal customer base, and who doesn’t feel threatened by the competition. You may have similar beliefs if you have developed a successful consumer service business. But, changes in the business world can happen fast and your business must be agile enough to keep up with progress. Is your business model ready to stand up to possible changes? How do you know that a rival will not be able to infiltrate your market by using more up-to-date technology – which you haven’t quite gotten around to introducing yet, because you feel safe?

On-line Technology

Consumers demand convenience and value, and online technology is providing this.  Consumers no longer have to visit a store to buy goods or produce; they just click online, choose what they want and have it delivered. So, if you are relying on customer loyalty and continued footfall then think again – unless, of course you are providing a superior customer experience, which may help you to survive.  Developing your online capabilities can take your business to a whole new level.

Expansion and Globalisation

Businesses can no longer depend on a community of loyal customers; their business growth and survival demands they reach out to other areas. Online technology offers fantastic opportunities for doing that. Even for certain service industries, online web cameras can allow you to ‘meet’ your client face-to face, regardless of where they are in the world. Finance businesses can offer specialisations, such as, accountancy and/or book-keeping to a global consumer market using modern technology such as cloud computing.

Failure to Adapt

Take note: Kodak, once the leader of camera sales and film sales in America, highlights the need to adapt swiftly to change.  Kodak, complacent in its position in the market, failed to take account of the speed in which the shift to digital from analogue would occur. Consequently, Kodak was overtaken by competitors such as, Sony and Nikon and is a major reason for Kodak’s decline.

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