You’ve come with a great idea, you have already founded your company and you’re starting to build a solid customer base, but then, your business is faced with a challenge. What do you do - stick to your original plan or adapt your plan to the current situation?
Every company is faced with unanticipated events and crises. Creative thinking would get you out of most of them, but, to be successful, you also need to embrace the change. Adapting your business to the present situation - whether to go smoothly through a transition or to grab an opportunity - is essential.
Things such as competition, growth, efficiency or regulations might force you to reconsider your initial plans. Constantly adapting and modifying your business strategy is what will keep you on top of your game and help you meet the demands of your customers. Change is, after all, a part not only of our human nature, but our economic situation as well and change is what drives innovation and, subsequently, success.
The best way to be prepared to adjust is to have a flexible business plan and review it every once in a while. Personally, I go over my plan A each quarter and make the necessary changes. You should not think of adaptation as betraying your core principles - in fact, by modifying your plans, you stay true to your vision: success. Think about challenges as a thunderstorm - you might close your eyes and wait for it to pass, but you risk to lose everything you have, while ignoring the problem. Don’t - instead, invest in having a flexible business strategy that can be easily modified to meet the present, as well as any future situation.
A successful business is the one that can adapt easily to changes and challenges. Adapting to a new marketplace or the constantly changing customers’ demands is not always easy, but it’s the sole thing that could not only help your company stay on the tracks, but drive it to its success.