The business industry is dynamic. Change is the only constant thing there. Things come and go out of vogue. Different things come in and out of trends. Some change can be helpful to your business, while others may be disruptive change, and cause serious business setback and failure. No one prays for change that is disruptive, however One cannot predict what would happen in the coming years. Because a product or service is highly demanded today, does not mean it would remain that way in the coming months or years. Disruptive change is one of the challenges business owners face, and a knowledge of how to deal with disruptive change in order to save your business is very necessary. In this article, we are going to explore the various ways we can meet the challenge of disruptive change, and they includes-
- Change strategy and structure
- Add value
- Start early
- Get resources
- Explore the possibilities
By adequately preparing to deal with disruptive change when it occurs can help you overcome it if it eventually occurs. Being prepared would save you the time you’ll waste running around trying to look for means, resources, finances, and other factors that would get your business back to its feet. You can be prepared by saving an emergency reserve fund from the profits you make from your sales. This emergency reserve fund would serve as the financial resources you would rely on if you encounter disruptive change.
This concept means to involve in different ventures and not solely invest in one. Like I stated earlier, a product or service may be highly demanded today, but its demand may recede in the coming months or years. Supposing you are involved in just a single business venture and you experience this disruptive change, you would experience great loss, however, if you are involved in diverse business venture and one of them is affected by disruptive change, then you would have another to rely on. This is how the concept of diversity can help you meet disruptive change.
Adaptation means the ability to fit into and excel in different circumstances i.e. to adapt to different circumstances. If you encounter disruptive change, you would be in a circumstance that won’t be favourable to you when compared to your initial condition. However, if you have the ability to adapt to different environment and circumstances, you would be able to overcome, climb again, and succeed in that field. Thus, adaptation is one of the key factors in meeting the challenge of disruptive change.
Change Strategy and Structure
Another way to deal with disruptive change is to change your business’ strategy and structure. Since you were following a particular pattern and you were affected by disruptive change, then you need to change that pattern in order to recover from the effects of that change and prosper again. Hence, restructuring your business, adopting and following a different and better strategy would help you meet the challenge of disruptive change if you encounter one.
Adding value to your business, products, or services would make it stand out and be different from others. If you are affected by disruptive change, try adding value to the products and services you sell and offer, then you would be able to stand again and attract customers to your business to patronize you. This then becomes a factor that would help you meet the challenge of disruptive change.
Like the first point I gave which is preparation, starting early with the entire process can help you meet and overcome the challenge of disruptive change. It can also prevent you from being a victim of disruptive change, or reduce the efforts, resources, and finances it will cause you to rise again after falling deep.
The availability of resources in a company determines the extent and rate of which the company can pick up after experiencing disruptive change. The resources can be in form of human resource, public relations, information, technologies, money, equipments, customers, suppliers, products, designs, and even brands. Therefore, with available resources, a company can easily meet the challenge of disruptive change, and end up successful.
Explore the possibilities
Another way to meet the challenge of disruptive change is by exploring the possibilities. Take your time to consider things that are in vogue currently and things that have come in and go out of vogue. Then consider the possibility that change would occur in future, and that the company needs to be prepared to face this change when that time comes. After considering the possibilities of change, prepare yourself, team members, workers, and other staff in your establishment to be prepared for this change and be ready to implement the changes when needed. Because the business industry is dynamic, experiencing constant change, it is obvious that disruptive change is inevitable; hence the management of every establishment should ensure that they are able to identify disruptive change indicators as early as possible and be prepared to deal with it in a way that it brings as less disruption as possible in order for your business to truly succeed.
As stated earlier, change is the only constant thing in the business industry because it has a dynamic nature. What is trending may be useless tomorrow, and something more sophisticated which serves the same purpose would replace it. A typical example is a computer taking the place of a type writer, a digital phone taking the place of an analogue phone, electronic mail taking over post office letters, and so many others. Here you can see that as years go by, there would always be change and improvement, so if you want to keep up your business, be prepared, engage in diverse business ventures, possess an adaptive nature to enable you cope in different environment and condition, change strategy and structure when you have to, add value to your business, start the process early, get resources, and explore the possibilities of change, by so doing you will meet and overcome the challenges of disruptive change. Thanks for reading!