Change and growth in business are two areas that will often go together. Navigating a period of change and growth can be difficult, especially if you are reluctant to change, or if you have an employee or team member who is showing signs of reluctance. When it comes to navigating growth and change, you need to have the right attitude and approach in order to get sustainable results.
Creating a Strategy
A growth and change strategy will help you maintain your focus and direction in business. Without a strategy to follow, you may find that you are investing your time and resources in the wrong areas. A growth and change strategy will cover what you want to achieve and by when. It will also outline what route you need to take to achieve this growth and change. For instance, will you invest in growth via a new product? Or does your strategy involve development by re-organizing your business and perhaps even looking at a new business model?
Staying Informed About Industry Developments
When you are committed to change and growth, you need to invest thoroughly in the industry within which you operate. This means you must stay informed about industry developments and changes. To stay informed, you want to read relevant news and media. For instance, if you are operating a pharmacy, you will need to read leading publications that focus on pharmacy news, or if you are operating a retail business, you may want to subscribe to retail and retailer news. Industry developments can change quickly, so you must stay informed at regular intervals.
Top Tip: Always Try to Have a Positive Approach
Change and growth can be hard work, and to achieve the best results, you need to have the right outlook and approach. Having a targeted and positive approach alongside a strategy will help you navigate challenges and obstacles.
Focusing on Realistic Timescales
For both change and growth, time is essential. You are not going to achieve sustainable results overnight. So, you have to be prepared to invest in a long-term plan. Having realistic timescales of months (and not just weeks) is what you must be prepared for. Industry and market research takes time, and this needs to be factored in as well. A realistic timescale may depend on the size of your business and on the industry you operate in. If there are lots of rules and regulations surrounding your industry, you may well find that change and growth take much longer to achieve.
Responding to Market Demands
As you begin working on your plans for change and growth, you also have to be prepared to adapt. Market demands can change overnight (or in a short period of time), and you have to be responsive to this. Market demands can impact the prices you pay for supplies and wholesale goods, and this can then have a knock-on effect on end pricing. Staying aware and conscious of market demands will put you in a strong position.