Change is the only constant factor in life. It will happen to you, your business & everything around you. Business entails risks, entrepreneurs should know how change happens & learn to leverage change to their advantage.
Numerous changes will happen in the course of running your business. You should have foresight to prepare for change. Some changes you may envisage & others may take you unawares, however, you can’t afford to be unprepared for change. Things will not always be the same forever. Change will happen to you as an individual & to your business.
If you’re currently a small time entrepreneur, your business will not always be small or same as a bigger player. You will not always have the same team through the years of your business, therefore make the necessary allowances. Such allowances for staff exit, cash flow changes, logistics concerns, change in government policies etc.
Most entrepreneurial stress & frustration arise from unpreparedness for looming change. The best response to change is to preempt it, ride it like a surfer on waves & use it to your advantage.
When there is socioeconomic change, some entrepreneur’s response is a reaction to the change that’s happened. Such entrepreneurs react to change & most of the time don’t necessarily respond to it objectively or SMARTly. Response & reaction are not the same & will certainly not yield same results to an entrepreneur.
We’re in a fast paced, technologically driven world and as an entrepreneur you should update your knowledge of your industry. You need to keep abreast with the trends, new development & innovation in your industry. Information is money & power, it will determine how the market treats you & your business & how you should respond.
Information also drives decisions in your industry. Don’t wait for things to happen to you & your business. Your business values & priorities should also change as the circumstances around your business changes. An entrepreneur presses the reset button from time to time based on the needs & priorities of the business.
Being rigid or stiff-necked against change will stifle or mark the end of any business. When the music changes, wisdom requires the entrepreneur to also change dance steps.
Talk about values & priorities.
What are your business priorities?
Your response should be on the lines of change. One of your hallmarks as an entrepreneur must be dynamism, your ability to transform your business with modern realities.
Change is an opportunity to be a better you & showcase your ability to remain relevant to your customers. Tackling change rightly says a lot about you to your customers & builds lasting respect for your entrepreneurial abilities.