<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=349935452247528&amp;ev=PageView&amp;noscript=1">
Find out where you can get a Taste of TAB... our global events blast is on!
Search
word-map-thumb

The Alternative Board Blog

Pivot to Win It: Focusing on Adaptability During Times of Change

Feb. 28, 2024 | Posted by The Alternative Board

Ask a dozen top experts about the economy and you will likely receive 12 differing opinions on where we are headed and the market factors that are driving us there. While knowledge is certainly power, the opinions of even the brightest industry insiders are still speculative. So it is important to look beyond forecasts and conjecture to something far more essential to the health and longevity of your business. One of the most effective approaches for navigating challenges and uncertainty in any economy is to embrace and foster adaptability throughout your organization. Thanks to lessons learned during the pandemic, business owners today are more committed than ever to creating agility and adaptability strategies as essential elements of their business plans. And that’s a smart move. While reliable statistics are scarce, there is plenty of anecdotal evidence that suggests the “big pivot” saved many businesses from succumbing to the COVID era.

Pandemic conditions forced business owners to explore innovative solutions on the fly to meet the evolving needs of their customers or simply to stay afloat. It was a hard lesson learned for all of us, but one that ultimately transformed business-as-usual into something far more creative, kinetic, and enduring.

The following are five strategic ways to increase resiliency, adaptability and versatility throughout your business:

1. Embrace a Culture of Innovation

Maintaining a culture of innovation inspires employees to think bigger and more collaboratively. Employees become more motivated to leverage change creatively and drive continuous improvement. If you want to nurture a culture of innovation in your business, it starts with encouraging strong communication, rewarding cross-functional collaboration, and incentivizing exploration.

2. Incorporate Modern Technologies

Among its many advantages, artificial intelligence applications can substantially boost a business’s ability to accelerate data-driven decision-making. This translates to faster, more agile response times. AI can accurately analyze data at lightning speed, which enables business owners an immediate access to important data like customer preferences and changes in market dynamics. AI is a game-changer for so many aspects of adaptive performance and the technology itself is evolving literally every day.

Watch our free and on-demand webinar titled “Navigating the Future: Harnessing AI and Automation for Business Success.”

3. Invest in Employee Development

Employees with enhanced skills provide tremendous value to an organization, including an increased capacity to internally address changes in market dynamics. Consider implementing a variety of learning opportunities throughout your business including leadership training, mentorship programs, skills workshops and any other classes that can elevate and empower your team.

Read “Employee Experience Design: If You Build It They Will Come.”

4. Build a Resilient Supply Chain

One of the most devastating contributors to organizational collapse during the pandemic was the broken global supply chain that prevented businesses from securing the materials and goods they needed to operate. While the reasons were many, the biggest lesson learned was the importance of building a broader array of vendors that also vary in location. A diverse supply chain enhances your ability to adapt to changes in market conditions.

Click here to read or download our white paper titled “Identifying & Overcoming Supply Chain Challenges.”

5. Leverage Your Customers

Considering customers are the lifeblood of every business, it is shocking how few organizations turn to them for the invaluable insights they possess. But that’s a mistake. By garnering customer feedback, businesses gain hands-on, non-anecdotal insight into evolving preferences and market trends. This information better enables them to adapt their offerings to the current and future wants and needs of their customers, essentially getting a head start on future innovations.

Your ability to pivot your business during times of trouble or in response to changes in the marketplace just might be your key to long-term success. Start fostering a culture of adaptability now and reap the rewards for years to come.

 

Read our 19 Reasons You Need a Business Owner Advisory Board

DOWNLOAD

Written by The Alternative Board

Related posts

5 Ways to Enhance Customer Satisfaction in 2025
Dec. 4, 2024 | Posted by Lee Polevoi
We all think we understand the concept of “customer satisfaction,” but how accurate is our notion of what this means? Customer satisfaction is a prime marker evaluated any number of ways, but usually...
Customer Personalization Strategies That Don't Require a Tech Team
Nov. 27, 2024 | Posted by The Alternative Board
Customer personalization is one of the most effective engagement strategies today. While the personalization trend has been evolving for years, some early adopters include big household names. It has...
How to Boost Your Sales Team’s Follow-Up Opportunities
Nov. 20, 2024 | Posted by Lee Polevoi
When members of your sales team make first contact with potential customers, do they follow up in a timely manner or move on to other prospects? If so, they (and, by extension, your business) may be...
Teach Don't Sell: How Educating Your Customers Is Better Than Pitching
Nov. 13, 2024 | Posted by The Alternative Board
Most customers don’t like to be sold to. It is just a fact of modern-day business. The overbearing used-car salesman might be a trope of the past, but an aversion to aggressive pitches practically...
5 Out-of-the-Box Sales Techniques
Nov. 6, 2024 | Posted by Lee Polevoi
Conventional sales techniques work much of the time but adhering to what’s “tried and true” may not always be the most effective sales strategy. After all, there are many ways to persuade customers...
How to Increase Cash Flow in Good Times and Bad
Oct. 30, 2024 | Posted by The Alternative Board
A healthy cash flow means that a business is taking in more money than it is spending and is one of the strongest measures of a company’s financial health. Cash flow represents your business’s...
Hidden Gems: Uncovering Unexpected Opportunities During Economic Uncertainty
Oct. 23, 2024 | Posted by The Alternative Board
As a business owner, very few things are more certain than economic uncertainty and market fluctuations. This volatility is why savvy business owners allot time and resources to create comprehensive...
5 Leadership Mistakes to Avoid When Coping with Economic Challenges
Oct. 2, 2024 | Posted by Lee Polevoi
The true test of leadership comes not when business is going well, and systems are operating smoothly. Effective leadership matters most in times of uncertainty, economic or otherwise. A leader’s...
The Emotional Side of Exit Planning
Sep. 25, 2024 | Posted by The Alternative Board
Every business owner will eventually leave their organization. It’s just a fact. Some approach the reality of exit with a well-developed strategy. Others avoid purposefully planning their eventual...
Top Reasons to Have a Succession Plan in Place
Sep. 18, 2024 | Posted by Lee Polevoi
Although it may be hard to believe, the day will eventually come when you relinquish your leadership post to a new generation. If your goal is to facilitate a smooth transition, things will go a lot...