According to Charles Darwin’s theory of evolution, organisms are best suited to survive when they are adaptable to their surroundings.  The same goes for the way we do business.

The business world is changing faster day by day, and is transforming many industries with innovative delivery processes, advanced payment methods, automation, Artificial Intelligence, and countless other cutting-edge ways to thrive amid change.  No matter the industry, no organisation can rely on their customer base staying loyal over the long-term.  External factors, market changes, social influences, economic trends, and even rare events such as a global pandemic can lead to the need to adapt.

Some major players in the business world are prime examples of this ability to shift and transform to meet the demands required to sustainably succeed.  Netflix, for example once sold and rented DVDs by mail and then evolved their business into a subscription model.  Almost a decade later they changed their offering to a streaming service, completely revolutionising the market and the way that millions of us use our free time.

Transformation was an absolute necessity to the once flourishing Yellow Pages, whose clients and revenues were in sharp decline following the digital revolution that left other directory businesses belly-up.  Beginning in 1886, the Yellow Pages directory was distributed free globally and generated revenue though the sale of advertising slots.  In a pre-internet world, it was where you would turn to find the contact details of any business from plumbers, locksmiths, electricians to takeaways, everything in between and more.  It was phased out in 2019, successfully transitioning to the online market and have since secured a monopoly on their respective markets.

In order to survive, businesses must continually evolve to be competitive, embrace innovation, anticipate trends, and stay relevant.  Whether it’s a restructure, a new working approach, a fresh workplace design or a new system, the ability to adapt can make a significant impact.

So, what are the factors prompting businesses to evolve?

1. Business Growth

When you started your business, you probably dreamed big but started small – perhaps you scaled fast and then found you had to make realistic adjustments.  Or perhaps you’ve watched your close competitors take up more space in the market and you found your customers are straying.  It may be time to rethink your goals and consider expansion.

2. Diversifying

Diversifying into new markets and creating new products can offset risk.  If your business is focused on one product and there are any negative changes in that particular market, it can have a dramatic effect on profitability and stability.  Growing your business in other areas can safeguard its durability.

3. Investing in New Technologies

The continuous investment in technologies and the introduction of new processes can be the key to maintaining an efficient business.  New technology can enable better communication within your organisation, a reduction in waste, an improvement in customer services, and a higher workplace engagement; ultimately saving time and money.

4. Remaining Competitive

It is important to keep a keen eye on competitors and benchmark to ensure that your business is not being left behind in a changing environment.  To stay ahead, you should know your competition and know it’s customer base.  Once you can analyse your competitor’s strengths, it is a good strategy to differentiate yourself to stand out within your industry.  This can be done by updating your image, focusing on specific market segments, modifying brand awareness or product improvement.  Noticing your competitor’s behaviours can help eliminate potential blind spots and lead you to recognise the workplace innovations that are taking hold within the industry’s leading enterprises.  Understanding of where your opportunities lie can help you to push your business forward.

5. Adjusting to Shifting Consumer Landscapes

As the COVID-19 pandemic has taught us, we cannot know what disruptions may be on the horizon, but we must be receptive and shift our priorities accordingly.  Barely any sector was able to escape the impact of the COVID-19 outbreak, however we are now facing a recovering economy.  Whilst many businesses are still struggling with vulnerable supply chains, revenue losses, and dampening growth ambitions, they are finding that there is now the opportunity to adapt in a post-pandemic world.  Customer expectations have had to be reassessed – the ‘digital’ aspect of a customer journey has been elevated across most industries as it often involves less physical interaction.  Business investment is set to gain traction this year, as sales begin to recover, and uncertainties dwindle.

The food and grocery sector has seen growth of 1.7%  despite tough comparisons in the previous year, which has enabled the rapid evolution of digital platforms such as Deliveroo, Uber Eats and the takeaway market has been expanding and growing digitally.  Businesses in the food sector that have not been able to take advantage of the migration towards online services have often been left behind.

Summary

Most businesses are faced with an evolving set of challenges and growth ambitions, and whilst it can be easy to fall into the familiar, you’ll need to pivot and change over time. The ability to revamp your business model, invest dynamically, highlight issues, and modify behaviours will ultimately build resilience to survive in the ever-changing trajectory of the business world.

So what are your business goals this year?  If you feel that you would like to expand, invest, diversify, remain competitive or adjust your business, and you would like to discuss how we can help you with this, we’d love to hear from you.