Business owners often respond to external factors that affect sales too late – leaving them extremely vulnerable to loss of profitability and revenue. Take the humble bookshop, for example. The rise of eBooks and the Amazon Kindle have pushed them out of the market.
Proactivity and forward planning is key to managing fluctuations that are out of one’s control. Such processes are supported by two key elements: continuous improvement and innovation. Continuous improvement ensures a business is up-to-date with new technologies or changes in the market, while innovation follows as a result.
Keep your competitive edge
Innovation is, by and large, evolutionary – and requires a strong leader. If you’re a business owner, ask yourself the following questions:
- Where are we now?
- Where do we want/need to be?
- hat are the opportunities and threats to getting there?
- What needs to change in order to get there?
By reviewing your strategic position regularly, you can establish weaknesses and overcome them before it’s too late. Contingency planning for potential threats can reduce the impact on your organisation, both internally and externally. By setting measurable, achievable goals, you have a better chance of getting where you need to be much more efficiently.
Investing in what needs to change over the next month, year, or five years to remain competitive can provide far greater returns (at lower risk) than waiting for things to go wrong and responding with poorly executed strategies.
Be adaptable to change
An evolving business is one that makes continuous changes. Iterate quickly; stay in tune with the demands of the market and don’t let your business fall by the wayside.
To be equipped and ready for such change, consider a Master of Business Administration with SCO Online. It will provide you with the skills you need to make strategic, innovative decisions and stay ahead. You don’t need to be running your own business to study our MBA – it will help you in all areas of your career. Talk to our student enrolment advisors on 1300 589 882 today to find out more.