Yoga helps with circulation. Stretching helps relieve tension. Exercising helps with endurance. So what’s common between all three: FLEXIBILITY! All of these health aspects benefit our bodies and they all have a common result of improving flexibility. Our body lets us know the specific areas that are tight, tense, sore and weak.
The same thing happens in business. Economic behavior can change monthly, quarterly and yearly and it will test our business each time. The best way to combat this is to be flexible. Changes that are out of our control, such as economic behavior, have a way of making or breaking a business but there’s a solution. Have strategic flexibility! Let’s learn how with a few solutions:
Ways to be flexible:
➢ Review how business systems are operating now compared to how you want them to
operate. If there are disconnects or unsatisfactory sections in it, such as automated
communications with customers, make those adjustments to improve onboarding.
➢ Consumer trends change daily and sometimes hourly. Focus more on educating your
customers with industry facts, build a connection with them with relatable information or
keep up with “national days” to maintain their attention. Trends change, but learning your
customers’ problems and needs will always stand the test of time.
➢ Adopt resources that make innovative sense. When new technology arises to help
comprise all your business needs in one suite, then take advantage of it. Not every new
innovation is a threat to your business so learn how to incorporate it in your business
model as a benefit towards saving time.
➢ Pay attention to what your customers are spending their money on and what they have cut out of their budget. Offer sales, discounts, referral incentives or instructional videos that
will maintain their loyalty while using the least amount of business work hours.
➢ Research if the change is temporary or long term. For example, consumers had less
household money to spend during the Fall of 2022 which prompted them to cut back on
luxuries. Fast forward to Summer of 2023, they will have more money to spend and are
more likely to travel and shop online. This short term effect may have slowed down sales,
but did not require a major change to your business model.
➢ Take heed to suggestions. Sometimes we can get stuck in managing our business the
same way over and over and don’t take advantage of changes when needed. In order to
grow, some models, operations and thought processes have to change. Adjusting to
change is uncomfortable, but is financially necessary. Don’t risk your business falling
behind competition only because you neglected suggestions.
Remember, being flexible makes it easier to stay relevant during changing trends. Assess weak spots, research purchase power, and adapt to new technology.