Being an entrepreneur is hard work. There are times of great success and incredible highs but they come with their fair share of failures and lows (not pictured). Every business goes through these rollercoasters of emotion and most can endure them and climb back up the peak! How can every business do the same?
There are so many resources out there that give you steps on topics like how to run a business, how to make a profit, and lots of advice for all of these awesome goals. These resources – books, courses, classes, degrees offer incredible, insightful, and valuable tips and tricks!
Some of the suggestions on how to be successful include staying educated in your field, being cutting costs and increasing prices, using fancy technology and so much more! There is much to be said about those elements but they alone cannot keep your customers buying your products and services. You can be the most fast food savvy franchise owner running endless promotions and sales but if your clientele wants something else, all of those things won’t bring them to your register and they won’t make you a more profitable business owner.
Every entrepreneur believes our products or services help people or solve a problem. WE find value in it and want others to see that value, invest in it and appreciate it! How come some business owners have regular and paying customers while others struggle?
We believe there is ONE critical quality that all business owners absolutely need in order to stay successful.
One way to keep your business alive – and not only alive but thriving! – is to be adaptable.
Be adaptable.
Why? Because the Chipotle or Panera to your McDonalds will one day exist and your customers may flock to them instead. A substitute for your business product or service will arise and it could be better, faster, cheaper, or more appealing to your customer and if you are not prepared or willing to adapt, you could lose your loyal fans and customers and the business that you so carefully built so easily.
Adapting means changing to fit consumers’ needs. Better yet, fit needs that your customers don’t know they have or that no one else has figured out how to meet! Be Apple circa 2005. Figure out the problem and then solve it in an innovative way that works!
Being adaptable sometimes means you need to react. During those times, our advice to you is this. React, but don’t be a follower. React, but stay true to yourself and your business values and mission in the process. Don’t copy what someone else does just because it worked for them. Learn from their success and grow beside it!
Back to the food analogy, if you are the fast food expert, then all you need is a tweak to make your business successful again. Stay true to yourself but add a twist! Use higher quality flour or revisit your business processes, procedures, systems, etc from the bottom up. These changes and tweaks can be anything and don’t even have to directly affect your customer! Start donating your proceeds to a cause you align with or give your customers better benefits. Sometimes all it takes is a little boost of generosity for your customers to remember that your business exists to serve others.
In a way, being adaptable does involve those elements that are so commonly taught in business. Staying educated and having the technology to support your business is important. The key is to act on what you already have and know effectively and successfully to anticipate and meet your clients’ needs!