To be able to adapt is to recognize that the only thing we can count on in life is change. Markets change and the economy changes. Our colleagues c...
To be able to adapt is to recognize that the only thing we can count on in life is change.Markets change and the economy changes. Our colleagues change firms, technology evolves and of course, clients can - and do - change their minds.We often have little to no control over these changes, but we can manage our response to them. And, it’s better to be able to adapt than to be caught in reaction mode.Here’s the difference: Merriam-Webster’s dictionary defines react as “to change in response” or “to act in opposition to a force or influence – usually used with ‘against.’” By contrast, adapt is defined as “to make fit for new use” and implies a modification according to changing circumstances.Let’s examine some strategies for how successful businesses and firms adapt in shifting circumstances.
Finally, don’t forget to check your business plan monthly. Writing a plan once a year and letting it gather dust is no way to be prepared. You might think of it as a ‘living document’ that you adjust throughout the year to reflect deviations in your market, and with fourth quarter fast approaching, this is a good time for an overhaul.
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