One key to success in a business owner’s life is to learn from mistakes. Although the mistakes may not have been intentional, they’re real, nonetheless.
Unfortunately, even when lessons are learned, the negative results attained by poor choices and ill-fated decisions sometimes take a long time from which to completely recover. These issues often have to be worked through, driven by a firm commitment to reverse course. Sure, it’d be so much easier if a quick change in direction allowed for full recovery but it’s typically not that simple.
So, as business owners find themselves moving in the wrong direction, it’s essential to implement a strategy to get back on course and then stay on track until full recovery is achieved. To that end, it’s essential business owners hold themselves accountable while accepting personal responsibility. Doing so increases the possibility, if not the probability of success.
Change is the New Normal
How are business owners currently handling change? How will they handle it moving forward? In the past, leaders predicted threats and planned responses with a risk-management strategy. Today, however, the nature of risk itself is different… It’s right upon us!
The changes business owners are implementing today to survive will continue to be necessary as their recovery from the pandemic continues and again as they’re facing the uncertainty and effects of inflation. Most likely, changes, and adapting to the changes will be key to their future success as customers and clients will become accustomed to the changes and will expect them to continue – even if it means the business owners must implement the changes alongside what was previously considered standard operations. It’ll be another moving target.
For example, think about the pandemic-driven focus on take-out & delivery in the restaurant industry. Customers are expecting this to continue long after standard operations have resumed. Actually, this focus has helped businesses to recover faster, and in many cases, it has improved business as processes were perfected and improvements were made along the way, as opposed to efforts being considered a temporary solution for the times. Will it remain as such? Possibly. However, the moving target will be the implementation of necessary improvements to keep pace in technology and customer communications.
Despite being in a continuing survival mode, business owners must be thinking about the next steps, the next phase of recovery lest they fall short and lose the war despite winning battles along the way. In a world of seemingly constant change, non-adaptive behavior will be a killer problem.