Northwestern Mutual: Remaining relevant in a changing marketplace is a top priority for small business owners. There are many aspects to keeping a business resilient, but it can be difficult to stay on top of them in addition to the day-to-day work of running a business. Let’s look at four ways business owners can stay adaptable and receptive to change:
Stay flexible and open
Business owners should keep an eye out for ways to stay flexible, including staying on top of new trends and new ways to reach their customers, like connecting with them on social media or offering app ordering for in-store pickup. Business owners can stay ahead of the curve by listening to their customers, actively looking for new ways to connect, and paying attention to what other businesses are doing.
Implement change quickly
Markets are constantly evolving, and businesses that don’t keep up with the latest trends can find themselves at a disadvantage; they may also have a hard time catching up once behind. Implementing change can mean being quick to adopt new technology, staying on top of trends in consumer tastes and preferences, and actively seeking out new and developing segments of the market.
Experiment and take feedback
Business owners willing to experiment with new strategies and take feedback from their customers and employees may find themselves more quickly able to adapt to a changing marketplace. Trying new things and taking suggestions from employees on the ground with customers can mean the difference between falling behind and staying ahead of the competition. However, often it’s not enough to experiment. Few things are perfect on the first try, and it is essential to evaluate what worked and what didn’t through examining processes, seeking out honest feedback, and changing things accordingly.
Consider life insurance
Business owners may consider purchasing a life insurance policy to protect their business for several reasons. If they pass away unexpectedly, the death benefit can provide heirs with an infusion of cash during what may be a difficult time for the business. Alternatively, if they have a business partner, in conjunction with a buy-sell agreement, the death benefit from life insurance can provide money to buy out the partner’s share of the business in the event of their death.
For additional benefits, business owners may look into permanent life insurance policies, such as whole life insurance. These policies come with a number of features, including a cash value component that grows over time as business owners pay the required premiums. Owners can take a loan against the policy for any reason, such as covering business expenses or providing additional cash flow during challenging times.