Companies have to adapt, not wait. The work environment today is completely different from how it was before, and adaptation is an important principle of business success. What happened during this period, as a result of COVID-19, is the best evidence of this.
Adaptable, forward-thinking business leaders were able to change course and swim with the current in order to ensure the stability of their companies. For example, during this time, we saw a lot of companies (led by the most famous clothing agency, ZARA) who transformed their production lines to make masks for virus protection.
This rapid response indicates the culture of adaptation inherent in the company from the ground up, not just as a way to use this particular situation. The companies’ adaptability in changing conditions was, and is, extremely important to their overall success!
Adaptation, Not Hesitation
Today, businesses face many challenges, but we must all focus on adapting and meeting those challenges, not hesitating or waiting to see if things go back to “normal.” Companies must strive to enhance the culture of adaptation, for several reasons. The most important of them are:
The Opportunity to Learn
Don’t have a crisis management plan? That’s totally fine! That means that this is an opportunity to try new ideas and seek to learn more about your company’s strengths and weaknesses.
What are the most important obstacles you face today, and how do you plan to solve them? What are the most effective solutions you’ve tried?
The best plan for managing a crisis is the plan that comes together from real experience on the job. What is the benefit of a consultant’s plan that hasn’t yet been tested for effectiveness? The difficulties you face today are opportunities to get to know your company from a new perspective.
Good leaders understand that companies must adapt with the tide rather than wait for normalcy to return, and must always strive to move towards the future and try to overcome obstacles. Today you can lead your company towards success by promoting a culture of adaptation, not only on a personal level, but on an organisational level as well, including your customer base. By using the tools at your disposal, you can project stability and inspire confidence in those around you.
Days ago, Bolt, a company that specializes in transportation services (similar to Uber), received an investment of nearly a billion dollars in a new round. Uber had decided to reduce expenses and withdraw from some European markets, focusing on its primary market in America. This is where Bolt found a strong opportunity to compete in the European market, and achieved rapid growth!
These companies have a culture of adaptation and rapid response time to events. In the obstacles facing your competitors, there are often opportunities which you can use to grow and expand in your project. There are companies that have taken advantage of the crisis by raising awareness and strengthening their customer base, and others that have provided innovative new solutions to their customers.
Ignoring the Problem Does Not Solve It
Yes, this crisis is unprecedented, and has brought about many sudden and unexpected changes. But to find solutions, we must first admit that there is a problem.
Consumer preferences will not be the same as before the pandemic. Your customers’ culture and way of thinking will change, so it is important that you consider the new challenges they are facing, and develop solutions. Roll with it– don’t take a gamble that everything will return to normal!
No one denies the severity of the crisis, but rather than assuming that it is temporary, companies must actively adapt and not wait. There is a long list of excuses and justifications that you can tell yourself, or that the sales team will tell you. Many business owners are probably thinking:
- “My market is different … our customers will not buy this product with only a video call!”
- “People will never buy a high-value product online, especially a car.”
- “In order to sell online, I need a store… but I offer services, not products!”
These and other excuses should not discourage you. Rather, they should motivate you to think about different solutions. Retreating and waiting will benefit no one, and today’s world is full of services and solutions that only require you to reconsider the problem.
- Your market is different? Study your target audience now. Where do they spend most of their time? How are your competitors handling the situation?
- Selling valuable products? Try UEscrow, the first platform in the middle east to offer a deal guarantee.
- Want to create an online store? Create your store easily and free with UStore.
Get rid of the excuses, start working with the tools available to you, and discover your next opportunity!
Among the steps that we have taken atUPayments is providing direct sessions to our customers with a UExpert. The sessions are designed to listen to the customer problems and help them choose the right UPayments service or feature that can help in solving the problem. .
You can also contact one of our experts to learn more about our services, and how they can help you develop your business.