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People change. Institutions evolve. Societies transform. These things happen all the time. Businesses aren’t left out of this cycle. Their operating environments are forever in the state of becoming. To remain relevant in their spaces, businesses have to adapt to the changes taking place in their industries and the markets they serve. Some of the well-known change-making factors in commerce include new government policies (or policy reversals), novel trends in customer buying habits, and economic downturns.
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Recently, the COVID-19 pandemic has brought on changes to the economic environment. Businesses are trying to settle into a ‘new normal’ in its wake—and finding it quite difficult. They could use all the help they can get. This article enumerates the steps you can take to successfully adapt to changes in your business environment.

Accept that Change Happens

This can be a hard thing to do. You have gotten used to running your business a certain way, and now you may have to make wholesale changes. The task ahead of you seems daunting. But think about the possible gains you could reap in the long run. A business that’s settled into the new reality will thrive. That’s better than remaining in the past that’s fading, and losing everything in the process.

Determine How the Change Has or Will Impact Your Business

Let’s say the change is an economic downturn. How is it likely to affect your business? What kind of impact has it already had? These questions are important because of the answers they should elicit. Maybe you are likely to have fewer buyers. Or they could be buying a different set of products from what they’ve purchased in the past. Ultimately, you could see a fall in sales. This knowledge should help you come up with an appropriate response.
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Improve Your Business Processes

Times of disruption offer you an opportunity to reform your business processes. You could begin by reexamining the purpose for which your business exists. What problems do you want to solve with it? How will you solve those problems? What about your revenue model? Get efficient. Cut waste throughout all your units and processes, and make the most of the resources you have.

Find the Opportunities Created by Change

Here’s an example to illustrate this. You bake cakes for weddings and other events. But due to restrictions on events brought on by the COVID-19 pandemic, demand for your products has fallen. Now, more people are using live video communication platform, thanks to the lockdown. Using that technology, you could start online lessons for people who want to learn to bake and earn from those lessons.

Get Flexible

You will only be able to settle into the new normal if you learn to be flexible. Roles may have to change; you may have to acquire new skills and take responsibility for a different set of tasks than you’re used to. The more flexible you are, the better you will be able to implement and live with change. Final Words Working in a constantly changing environment can be tough. But by focusing on the things that really matter, you can adapt successfully and continue on the path to greater growth.   Featured image source: Guardian Ng
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This article was first published on 31st August 2020

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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