Home Business Insights & Advice How to build a more resilient business model

How to build a more resilient business model

by Sarah Dunsby
6th Dec 23 2:03 pm

In an age of fast change and increased uncertainty, it is more critical than ever to build your firm on a flexible and robust model. It’s no news that two-thirds of businesses have experienced a turn upside down since the COVID-19 epidemic struck. Moreover, a turbulent global economy has caused price increases and supply chain disruptions. It is impossible to avoid change. It is, therefore, vital to prepare yourself and your business for the unexpected by developing a dynamic and inventive business strategy. Here are some tips that can help your business to adapt to change while building a more resilient model.  

1. Evaluate the most current developments in your industry

To excel in business, it is necessary to grasp the market and the business environment of the industry. Uncontrollable aspects such as social, economic, and political developments are the first to be identified as important factors. What influence does the current situation of the world have on your current company or business model, and what new ideas can you apply to stay up with these changes? Another thing to keep an eye out for is socioeconomic shifts, which will influence your clients’ behaviour. To stay up-to-date with these rapid changes, get a competitive edge through new technologies and technical adaptability.

At the start of the pandemic, for example, many businesses were forced to close their retail outlets because only essential ones were allowed to operate. While many of these enterprises failed, those who did thrive did so because of their creativity and business agility. Some small companies were able to stay in business during uncertain times by creating online stores and adopting imaginative ways to market via social media.

2. Make a detailed strategy

After you have thought about and selected the changes you want to make, you can start developing an organized strategy to make them happen. Determine if your business change is developmental, transitional, or revolutionary. Evaluate the areas or sectors of your business that the changes can impact and, if necessary, plan for contingencies. Although you cannot forecast how the changes will influence the organization in the future, you can plan for the best possible outcome. When you design a clear strategy, you make it easier for the business to handle changes. 

3. Take note of how your target audience utilises social media

Keep an eye out for emerging habits and conventions that influence society. Examine how your customer base interacts online. For example, if you want to attract a younger audience, a proactive approach on social media channels such as TikTok and Instagram can be a smart place to start. Hiring young intellectual minds and participating in current trends is an efficient way to reach your target audience as social media sites curate content for each viewer. If your target audience is older, Facebook can be a better platform. Many company executives assume that the elder generation is mostly offline. It is important to note that when marketing to this demographic, you must take a different strategy.

The key trends and techniques used to reach Gen Z and Millenials will fail. People of different age groups use social media differently. Younger individuals tend to share personal content like selfies and short vlogs on TikTok and Instagram. On the other hand, older audiences use social media to share articles, photographs, and videos about topics that interest them. If you want to create an online presence, you can share news items related to your interests to attract individuals who share the same interests to your company. 

4. Build a team of consultants 

Keeping up with the industry and consumer trends can be difficult when you are focused on the responsibilities of operating your business. Working with a consultant and advisory team can help you avoid missing out on key market shifts or losing your competitive position, regardless of what is on the horizon. An independent expert such as a B2B marketing consultant can frequently give the knowledge and objectivity required to analyse your market position and identify problems and possibilities for development. They can also advise your team on how to make adjustments when the ground begins to move, especially when it comes to altering your advertising tactics or renewing your brand. 

5. Hire personnel who have a knack for innovation and creativity

Despite the fact that you have a business plan that should ideally work in an evolving society, your company’s success cannot be assured without the creativity and invention of your people or staff. Hiring people who are forward-thinking, progressive, and share the values and vision of your company is critical for survival and gaining a competitive edge and advantage in the market.

Creating an environment in which employees can excel entails cultivating a positive attitude toward innovation and fresh ideas. Being part of an ecosystem that supports innovation and flexibility allows employees to pivot and sustain high output no matter what comes their way. Along with this, ensure that your staff feels appreciated and that their ideas are recognized so that they feel more connected to your firm and involved in the potential outcome.

6. Pay attention to your consumers and clients

Although you may believe you are the most knowledgeable about your form, the people who engage with and consume your products or services should be the true experts. Customers who pay should always be the driving force behind genuine change in your company. Do not be hesitant to ask clients what they want from your service and what they foresee needing in the future. Evolving with the market entails taking customer demands into account in all decisions. This allows you to gain insight into trends and begin crafting a strategy for your firm to expand and better serve its clients in the future.

In business, the capacity to adapt and evolve can make or destroy your organization. Implementing better project management, as well as recruiting and listening to the appropriate people, will help you focus on what works and propel your business ahead. The world is evolving and will constantly provide new challenges. Therefore, you must be prepared to excel in any situation.

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