The business environment is always in constant change that pushes every entrepreneur to be on the watch out with an eagle eye to guarantee its survival, profitability, and relevance. Meeting customer`s needs and exceeding their expectations is always a center-stage in shaping the right business model to ensure productivity. Competition and technological advancement are proving to be some of the leading factors that are shaping up and shaping out much business. Time has truly changed and every business owner regardless of nature and size is thinking of how to improve profitability, growth, and development, create the value of the business as far as the society of the operation, engineering and re-engineering better business models among many other business needs.
Sustainability of businesses mostly SME`s have been in the spotlight over and over again. Every day we get to read newspaper headlines, television bulletins, business blogs pointing out a massive number of small businesses closing down, downsizing operations, reporting financial losses among many heartbreaking business stories. Harsh business environment engulfed with unfavorable government policies plus other regulations have been blamed for the predicaments. Although some of these challenges require external interventions, a greater chunk of the job must be done by entrepreneurs themselves to shape up their business and live up to the business revolutions.
In many cases, a good number of businesses have suffered stagnation. To some entrepreneurs not having the ambitions of growing big is a choice while others have consistently tried to grow broader but with little success. A section of these ventures continues to shrink its operations on their way to oblivion. An effort is truly required to give a ray of hope to the many businesses struggling with relevance and productivity. It`s out of the question that you can have a vibrant and successful company today and completely out of the industry tomorrow, it explains the blatant fact that what may work now may not work in the future. Entrepreneurs have to be agile, flexible and creatively manage the rapid changes in real time.
Constant creativity and innovation; Business leaders have to always stay awake and live true to the market shifts. Businesses extremely married to their products/services and business operations with little regard to the changing customer`s needs plus competition sets a better ground for extinctions. Business should always strive to involve creative/innovative personnel that believes in the company`s vision. Provision of a conducive environment that breeds the innovative culture that resonates throughout the company should be a priority. Business models are productivity tools that may be in check whenever a need arises, it goes long way in enhancing critical business aspects from the product/service, internal/external customers, technology, finances to marketing.
Consider delegation of duties and professionalism; As an entrepreneur, you can`t respond to all business needs and functions on your own. It`s viable to delegate other duties and management roles to more competent an professional personnel to handle some tasks, it helps achieves productivity in all business aspects more so areas where the business have been lacking the required skills to spike success. Assembling a competent team to manage daily functions and processes seamlessly even in the absence of business owner will be a move in the right direction.
Keep up with the trends with the potential of developing your business; It`s always important to understand your industry and aware of every factor that keeps influencing the business operations. Opening eye to trends having potential impact to your business such as technological advancement, culture, economics, competition, policies/regulations, customer taste, and preferences will place the company in better position to make adjustments and developments in time. Watching and responding to the industry trends should be part of business life to increase chances of business survival. It is important to note that, it`s of zero value to acquire information on the trends without proper tools or structure of integrating it into the business lifeline to achieving targeted results.
Shift ahead; always take some time to interrogate your business and question its relevance tomorrow. Plans and strategies should be developed to grab the competitive edge to always stay ahead of the competition. Understanding the customer needs/pains and working round the clock to develop products/services that satisfy the needs as well exceeding the expectations.
Stand positive when change knocks; resistance to changes is a challenge that many businesses deal with due to future uncertainties, unclear communication, delinking from the comfort zone. It is upon the business to professionally handle the change process, everyone needs to understand the need for change and involved in every step to promote togetherness in achieving the company`s vision.