Adapting Business to Changes
Surviving in a tumultuous business climate and adapting to changes are the two most important things in managing a business.
To do these, entrepreneurs should consider the changes in the society, politics, values of the target-market, culture, technology, and media, thus allowing them to improve or change their products and services that will reflect the wants and needs of consumers.
Because business climate is constantly changing, entrepreneurs should adapt to social, political, and economic changes to allow their companies to survive during tough times.
To make sure that a business will be able to survive in changes, here are some of the basic tips entrepreneurs should do:
Consider the social trends
Every year (or perhaps even months), the social setting and pop culture are changing. For example heavy make-up was the trend during the 1980s. Today, if someone goes out of the house wearing a heavy make-up, she will be considered outdated.
Just like in business, outdated will spell out trouble or even possible bankruptcy.
Consider the values of the target-market
In business, it is important to consider the values and beliefs of the target consumers to introduce or improve a product or service that will appeal to their taste. Remember that the biggest mistake a businessman can do is introduce something which will be offensive to the target-market.
For example, McDonald’s in India does not include beef patties in its menu since cows are considered sacred in the country.
Get information from the media
It is generally presumed that the media including the television, magazine, radio, Internet, and newspaper reflect the social setting. With this consideration, entrepreneurs can have ideas to these sources that will allow them to introduce, change, or improve the service or goods they are offering to their consumers.
Use the online media to reach the target-market
Most people nowadays are web-centric consumers and communication experts believe that the number will continuously rise in the next few years. With this consideration, businessmen should be able to utilize the Internet media to reach their target-market and also their potential business partners.
Practice relativity in business
Relativity, which is the practice of making decisions based on reasons, is very important in any business.
For example, a businesswoman is being offered to sell her business which has been passed down from generation to generation. The company is not doing well and she is fortunate enough that someone is interested to purchase it. As a pragmatic leader, she should be able to make a decision based on reasons and not on emotional attachment and whims.
Start the change
A good businessman knows how to adapt in changes. A great businessman knows how to create one. This axiom is true in the case of Tandy Corporation (now called Apple Inc.) which introduced the first household computer during the time when large companies were the only ones to use such device.
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