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One of The Top Reasons Businesses Fail

by | May 19, 2020 | Business Strategy, Marketing | 0 comments

Adaptability

Unwillingness to adapt is one of the most dangerous states of mind in business. We forget that humans are highly adaptable even in the most dangerous environments and situations.  There is strength, persistence, and resilience behind each new achievement, discovery, and fight for life. So then why would we be so insistent sometimes, to always do things the way we’ve always done them?  Is it fear, stubbornness, laziness, being unaware, or having the belief that you already know best?  In most cases, it is the mindset of thinking we already know best.

“Everyone has a plan, until they get punched in the mouth.”

Mike Tyson

The Covid-19 Punch In The Face

The current pandemic has certainly been a punch in the face to our world, but even more so for everyday business.  As we see businesses close permanently and others pivot, we all seem to wonder, will things ever be the same again as they were before?  Let’s hope not, because if we went through this sucker punch of life and came out of it the same on the other side, then what did we learn? How did we grow?

We have been hearing it for a few years now, things are changing quickly and these changes are affecting every category and industry.  Get online, be present online, and make sure you have access to your audience online.  Many businesses and organizations were prepared when Covid-19 started shutting down the country.  Some, however, were not.  It was amazing to watch those which quickly adapted and found a way to move online.  We saw the changes happen right before our eyes – schools, churches, restaurants, gyms, meetings, and every group that needed to keep in contact and had no other option other than connecting through an online platform.

Some Adapted Better Than Others
Some Adapted Better Than Others

What we also saw was the difference in those that did it well and those that just got by.  Those that just got by seem to believe that making temporary moves online was simply a lifeboat as the Titanic went down. The way people buy, the way they live, and the way they value convenience hasn’t changed.  We need to stay focused on what’s next and what’s effective and convenient. It doesn’t mean all products and services have changed in relevancy, it just means that we have to be ready to adapt and get stronger in the areas where we aren’t prepared.

Conclusion

The pandemic will not be the last of challenges.  We have all lived through almost half of 2020 now.  We know to expect the unexpected by now.  We can’t even rely on the current online tools and platforms forever.  Things will change, continuously. What can we do to prepare?

  • Work on your mindset and personal perspective of change.  Read, listen, observe, and learn every day.
  • Be aware of how your business helps and takes care of your customers and your team.  When you step into their shoes, you’ll be open to new angles and ideas that push you forward. It cannot always be about profit. We have to think long term.
  •  Assess and plan.  The plan may go down the drain at some point, but think through backup options and what-if scenarios. How can you pivot?
  •  Assess your capabilities and tools.  Are you hesitant to move forward on investing in your automated systems, online tools, and platforms when in reality your business is losing more in opportunity cost to not have them?
  • Don’t assume that what you do right now will always work and realize that there is room for improvement.
Are you prepared for the next challenge?

At Balcon217 we can sit down with you for a free consultation if you need help with your online presence and platforms.  We take the time in the initial meeting to get to know your business and your story. This also gives you some time to ask us questions. We then assess how we can best help your business, and if not at least point you in the right direction. 

Maria

María is co-owner of Balcón217. We passionately believe that any business that is looking to grow should have a message and presence that establishes a human connection with their customers. We focus on strategic branding and online experiences that communicate a solution for the needs of those whom you serve.