5 Ways to Make Your Business Adaptable

We’re already deep into 2022, and when we look back at the last couple of years, it’s incredible to see what we’ve made it through. Many businesses have found they are fragile when met with the disruption of a global pandemic. Some businesses just didn’t survive. In real estate, we’ve weathered a chaotic market filled with increases in home values and a lack of inventory. Builders are still dealing with labor and supply shortages and looking for ways to get creative to deliver much-needed homes. And now we’re in the middle of an inflation scenario that is concerning for households across the country. With all of these unpredictable disruptions, how can a business survive?

There’s a word that sums it up. Your business needs to be adaptable. You need to be able to plan for the things that can go wrong in business so that when the unexpected comes up, your business can continue to thrive. Here are five recommendations to consider as you work to adapt through market challenges. 

Change can be uncomfortable. Yet change is also a part of life. Instead of being resistant to it, learn to accept that it’s coming and prepare for it. If you can see ahead that change is inevitable, it’s a lot easier to pivot when that change hits. Think about the brands that failed and went bankrupt after owning a massive share of their market. Companies like Blockbuster, Toys R Us, Polaroid, and Borders couldn’t adapt to market disruption, and despite years of owning leadership positions in their markets, they failed. If these companies had been able to acclimate when disruption hit, things might have turned out differently for them. 

When you have awareness that change can happen, and keep your pulse on where the market is headed, you can better prepare for the future. Challenge yourself to think differently through the discomfort and find areas to grow. You’ll be better off in the long run.

Agility is the ability to move quickly. This can get tricky when you’re running a large corporation, but it’s extremely important for companies of any size to be able to move fast, efficiently, and confidently when the market changes. 

In the business software world, the term “agile” refers to a method that is applied to the way their teams work. Agile teams work in sprints, or short bursts, with clear objectives, and they work with a purpose of innovating during that time. They constantly evaluate their work and find ways to be smarter, more strategic, and to improve along the way. It’s a method that is beneficial across the business world. Put these skills to work in your own business to find an entirely new way to think about your company’s growth and innovation. 

Innovation doesn’t have to apply solely to the tech world. I love how Harvard Business School defines innovation: it’s a “product, service, business model, or strategy that’s both novel and useful.” You don’t have to invent the next great thing that will disrupt the market; you just need to solve problems for your clients and customers. That’s how you can ensure your business grows.

What new solutions are you bringing to the table? If the answer is, “Very few” or “None,” it’s time to find ways to get creative. Allow your team to collaborate on ideas that could set your business apart and encourage an environment where every department within your business can bring fresh ideas to the table.  

The term “upskill” refers to learning new skills beyond what a person currently brings to the table. It may be through training, classes and courses, research, or numerous other ways. In a volatile market, upskilling is a valuable way to retain top talent while encouraging them to bring new ideas to the table. When your team wants to learn and grow, they bring that excitement into the workplace. It also encourages flexibility and adaptability, which are integral for the future of your business.

Helping upskill your team isn’t a frivolous expenditure. In a modern market, it is critical. Invest in growing your team’s skills and be sure you are committed to using their learnings to adapt to the market. 

It can be difficult to find confidence when running a business during the type of markets we’ve experienced since 2020. Yet with the right skills and adaptations in place, you have the tools to make smart shifts. In fact, your team and your customers need you to move with confidence when markets are changing. 

Great leaders know that confidence brings out the best in others. They also know the importance of being adaptable and learning from those who support their business. These are the leaders that will ensure their business stays relevant as times change. 

Jim Allen is a business leader and entrepreneur who has built one of the top-producing real estate groups in the Triangle. He is President of The Jim Allen Group, which is consistently named one of the top real estate teams in North Carolina and even North America.