The times they are a-changin’. The COVID-19 pandemic has given new meaning to Bob Dylan’s almost 60-year old line, as it has caused shifts across many industries and made clear that many industries will never return to the old normal. Success in the 21st century will require a good deal of adaptation and the ability to evaluate where you stand today and where you need to be tomorrow.
Flexible Thinking
One of the cornerstones of being successful in both life and business is to think flexibly. A flexible approach to problem solving can lead to finding new and highly effective ways of tackling them. Success in the 21st century is much more than simply riding the next technological wave or trend. Instead, it is about being amongst the first to use creative thinking to spot trends and developments ahead of the competition and exploit them first.
A Solid Plan
Having a plan is essential for success. This aspect holds true today, as it did last century and those before it. As much as it changes many things, evolving technology has not reshaped basic logic. Your business plan must strike the right balance between rigid and flexible. A solid business plan that includes specific written goals and concrete time frames works best for most businesses.
Embracing Technology
The days of ignoring technology or “working around” it are simply gone. The modern business landscape has integrated not just digital marketing, but digital financial transactions as well. This trend will accelerate, not disappear.
It’s an unusual business that does not now have a significant digital component at every level. The pandemic has accelerated this fact and has very likely permanently changed how business will be conducted in the future. Whether it is meeting clients or customers online for a virtual meeting, scheduling appointments, automating customer contact or a range of other changes, owners should embrace the changes and incorporate them into their business and their long-term plans.
Charting the right course for the future means having the right mindset and a great support team in your corner. Business Brokers and M&A Advisors are experts at helping business owners prepare their businesses for sale. Demonstrating that your business has adapted to the dynamic and ever-changing environment will help you make your business much more attractive to prospective buyers.
Copyright: BBP, Inc. and NEBP.
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