For many entrepreneurs this past year might be summed up best by a quote from John Allen Paulos “Uncertainty is the only certainty there is”. Though this statement is undoubtedly true, it raises the question, are there ways we as entrepreneurs can better equip ourselves for times of uncertainty? The answer is yes.
If there is one lesson to learn from the past year is that flexibility is an entrepreneur’s greatest weapon in times of uncertainty. While remaining flexible and adaptive in the business world isn’t a novel concept it has tested many. In a year riddled with uncertainty and disruption, we’ve seen only businesses with flexibility in mind reign prosperous. This year has taught us that to move forward in such an uncertain environment, entrepreneurs must be adaptive in the way they manage operations to sustain their competitive edge.
While flexibility may look different for every business, here are a few ways entrepreneurs can remain flexible in the current business environment.
Utilize Technology
Within the last year e-commerce as a whole grew by nearly 20%, and roughly 49% of consumers stated they shopped more online now as opposed to previous years. For entrepreneurs, this shift in consumer behaviour provides a great opportunity to stay adaptive to consumer trends. Regardless of the type of business, you are in embracing technology can save precious resources, streamline operations and help keep your business up to date with industry changes.
So, what technology should you invest in? In a study released by Salesforce, it is stated that company’s today compete based on their level of customer experience. Based on this study and the increase in online consumer shopping habits, entrepreneurs should focus on utilizing technology to enhance the purchase experiences of their customers. Even if your product or service cannot be easily translated to e-commerce, finding a way to digitize how you interact with customers can be extremely beneficial. Investing in big data or analytics platforms can be useful in understanding customer pain points and providing better customer experiences, no matter the environment.
Embrace a Remote Work Structure
Lockdowns re-structured the traditional workplace structure and ushered in the popularity of remote working. Many companies including Netflix, Facebook, and Amazon, are among many businesses that have adopted remote workspaces over corporate cubicles. Embracing a remote work structure gives entrepreneurs greater flexibility in where they run their businesses, the type of talent they attract, and the cost of operations.
Roughly 96% of employees saying they desire some form of remote work, and 51% reporting to being more productive while working remotely. By embracing remote working entrepreneurs can better meet the needs of their employees and potentially increase productivity. In giving up costly leases in physical brick-and-mortar locations, entrepreneurs can opt for more cost-effective options like virtual office services offered by co-working spaces.
Related: Virtual Office Services
Learn from other competitors
One of the best ways for entrepreneurs to improve upon their business operations is by observing their competitors. Through their successes and failures, your competitors can give entrepreneurs insight into how to better tailor operations within the industry. In order to retain a competitive edge, entrepreneurs should have an understanding of who their direct competitors are and if they have the capabilities to improve upon competitor successes or failures. This method not only helps businesses remain highly adaptive to changes in their environment but works to reduce the risk.
In times of uncertainty being flexible as an entrepreneur is important to staying competitive. Remaining adaptable is one of the greatest capabilities entrepreneurs can utilize to exploit opportunities when they arise.