Respond to markets with right action
Often businesses are built on the opinions, instincts or hunches of a business leader. If they happen to be right the business succeeds. But too many businesses have failed because such an approach did not correspond to the realities of the market.
So many technology companies have succeeded to the point that technology platforms are now an integral part of our social reality. But along the way many more technology based businesses have failed. To succeed organizations need competitive leaders who adapt rapidly to market realities.
Science teaches us that organisms that are the most adaptable to changes have the greatest chances of survival and success.
The human species has an amazing ability to create technology for survival. By taming fire, generating electricity and creating information technology we have survived, thrived and created new opportunities for growth.
Business is all about adapting to change. Sustained business success requires an educated reflex action in response to social realities. Timing is everything in business. Don’t sell snow shovels in the summer heat.
A café is a great venue for business meetings. But if you have several meetings in a day how long will your favourite café allow you to stay? If the answer is as long as you are ordering drink refills. Then, how many cups of coffee can you drink in a day?
A downtown New York café operating in a prime location sells table space by the half hour. This comes with a complimentary free flow of coffee. In the United Kingdom a business institute right in the heart of London offers a similar deal of a table with complimentary coffee and tea served to members.
When the Promenade Business Exchange was launched in March 2014 I explained that this is not a new idea. We are organised based on a tried and tested concept. In the year 1698 business individuals started to meet at Jonathan’s Coffee House on Change Alley, London, England. (Over 300 years ago). That Coffee House meetings evolved into the present day London Stock Exchange.
Promenade Business Exchange is now evolving with BizExchangeMall.com providing listing for all Winnipeg businesses. We are expanding to build connections in other cities.
Adapting to market changes is the hallmark of all businesses focused on sustainable growth. Ride sharing platform businesses are experiencing the challenges of maintaining quality standards where the platform does not own the fleet of cars. This is an advantage taxi companies have. Already these ride sharing platform businesses are studying the possibility in the future of evolving to make available a fleet of driverless cars that will pick up and drop off passengers.
Many cities are studying plans to lower the carbon footprint by building a network of driverless light rail systems. This will make individual owned motor vehicles obsolete for transport around the city centre.
To adapt to change we need to re-examine the organisation of our business operation and marketing strategy in the light of new technology. Work with your consultants and team members to find opportunities offered by changes in the market place.
Consultant, Author, Speaker
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