“Historically the most successful companies embrace change”
Many have heard the quote; “In the waves of change, we find a new direction”, but what can that mean for businesses on the path to maintaining and growing capital?
Some companies are placed advantageously in this challenged economy and are enjoying inevitable growth. With the world largely confined to the indoors, the likes of Netflix, Zoom and Amazon are experiencing record figures, as detailed here by MSN1.
But most small-to-medium enterprises have not been so lucky. How can SMEs recover and flourish in these testing times?
The key is to identify trends and pinpoint which are fixed and which are fleeting. Investigate how your consumers’ needs have changed and be prepared to adapt.
For example, will the switch in the retail sphere to online shopping be temporary, or remain constant, according to forecasts and data? How might this alone apply to your business?
Trends can be compartmentalised into four categories:
- Boosts (these are temporary departures from existing trends)
- Displacements (a new trend that is likely temporary)
- Catalysts (the accelerations of existing trends)
- Innovations (new trends that look set to last)
The discovery of growth markets within your industry will be case specific. For example, in examining the needs of the at-home worker, trends and opportunities can be acknowledged and their immense impact is evident.
Eating – an acceleration in delivery services, take-away food consumption, the purchasing of cook books, gardening equipment and a demand for e-payment options has been experienced globally.
Environment – DIY requirements, home furnishing, cleaning equipment, air filters, heating/cooling necessities and technology are all enjoying a surge in sales figures.
Entertainment – technology, gaming, digital packages, board games and fitness equipment have all been brought into focus for the current consumer.
Further can be learnt from this recent article by Globe Newswire2 on industries experiencing resurgence throughout the pandemic.
Keep an eye on the competition
Investigate whether your competitors are launching new products. Are their customers exhibiting different behaviours? Which market segments is your competition focussing on?
This applies not only to rivals within this country, but abroad. Researching foreign markets can be especially beneficial right now.
Embrace change & find the opportunity
Crisis or no, as examined here in an article written by Frank Addante, founder of the Rubicon Project, historically the most successful companies embrace change. When necessity dictates, industry mavericks are always willing to drive things in a different direction.
“Change presents a unique opportunity,” Addante says. “Ultimately, change gives us all the chance to lead. And if we allow ourselves to embrace change, we can become agents of change ourselves.”
Crisis or not, historically the most successful companies embrace change. When necessity dictates, industry mavericks are always willing to drive things in a different direction, be ahead of the competition and answer when opportunities knock.
1/RG Brewer, MSN Money, 06/08/2020
2/Globe Newswire, 06/04/2020
3/F Addante, Inc, 26/07/2016