The world has changed and will probably never be the same again. It seems like these days it is changing drastically on a daily basis. At times it feels overwhelming just to keep up. But as with any change comes great opportunity. However, in order to seize these opportunities, we need to adapt. When it comes to running a business, this adaptation could mean thriving in this “new world” or potentially turning off the lights forever. Here are 7 things we have identified that can help you adapt.
The idea of outsourcing different functions of your business has become more popular over the past few years. The pandemic has accelerated this curve and I have seen more and more business owners seeking out these solutions. There are plenty of advantages to using a remote solution but I won’t get into that in this article. As you are looking through different functions in your business, it’s time to seriously consider the advantages of an outsourced/remote solution.
Working From Home
This is also something that has slowly gained popularity over the past few years but has now taken off during the pandemic. I understand that for certain businesses this simply is not an option, but for many, their eyes have been opened to how well this can actually work.
I am a firm believer if you have the ability to embrace the cloud and go completely paperless, you will experience a much more efficient workflow. Being able to access documents from anywhere, share information with your team and work with clients without the use of paper is an extremely efficient way to do business. If you have been using paper heavily, I will warn you, it is a huge undertaking to make the switch. But I promise, if you invest in going completely paperless, it will streamline your processes and increase collaborative efforts between your team and your clients.
Scale Up or Down
Do you have the right processes in place to quickly scale up or scale down your business? I think many business owners miss the boat here. You never know when an opportunity will come along where you need to increase capacity quickly. You don’t want to miss an opportunity for explosive growth because you weren’t prepared, do you? On the flipside, do you have solutions in place that you can scale down when something like a worldwide pandemic hits? I know that is an extreme situation, but it happened. I understand that these processes won’t be perfect, but you should at least think through some different scenarios if you need to quickly scale up or scale down your operation.
Documentation of Processes
If a key employee leaves, do you have their processes documented so you can seamlessly hand it off to someone else? The processes you should have documented include sales, marketing, human resources, accounting and internal controls, just to name a few. You just never know when someone might leave or you have to let someone go. It could be detrimental to your business if any of the processes fall through the cracks or aren’t performing at max capacity for a significant period of time.
Identify New Opportunities
As I mentioned in the introduction, new opportunities always accompany change. While some businesses have a much easier time identifying these opportunities, they do exist for every business. It is your duty as the business owner to identify them, put a plan in place and execute. The businesses who can do this in the most efficient manner will most likely experience the most growth. The opportunities are there, go and find them.
Willingness to Change
Identifying where opportunities exist is only step one. You need to have the courage to make the necessary changes to capture these opportunities. This might be very difficult for some. It could potentially turn your business completely upside down and force you to go a different direction. If that is where the market is moving and where the opportunities exist, you must go. Many people are good at identifying new opportunities, very few are strong enough to make the necessary changes.
We are living in a crazy time. So much is changing every single day. What things are you doing in your business to set yourself up for more success in the future?