Every day in business you’re faced with change. Some changes arise internally, others are placed upon you by rules, regulations, and the ever-shifting business environment. Some are positive changes you choose to make, to develop your business.
Having a business (and a mindset) that is flexible and adaptable to change will help see you through the difficult times that change can often bring.
Here are three areas you can embrace change in your business and face the challenges that get put in your way.
Embrace technology
The saying, ‘change is a constant’ has never been truer than in these times. If you don’t keep up, you will almost certainly fall behind. You need to stay on top of developing trends… to keep one step ahead. It might be time to purchase new equipment or software and ensure your staff are up to speed with new programs and systems.
It could be a good time to look at cash flow management tools such as invoice financing, and supply chain finance. This will allow you to distribute the financial impacts of a setback over a longer period to ease some of the pressure.
There’s never been a more important time to get your website and social media up to date. Your customers and prospects need multiple touchpoints to be able to find you, connect with you and purchase your products and services. Investing in your online presence now is sure to pay dividends.
Reach out to your customers
Further to serving your customers, now is a great time to ramp up your customer loyalty programs and show your customers how much you care about them.
Look at your whole client base. How can you reach out to former clients and invite them back into your business? What can you offer your existing clients to keep them engaged? And of course, how do you reach potential clients?
If you are undergoing changes in your business, whether insignificant or dramatic, keep your customers informed. Take them on the journey with you so they feel part of the change. Let them know about your new website, team changes, different opening hours, or additional services.
Invest in your team
In times of change, it’s vital to keep your staff informed. Uncertainty can kill morale and undermine all the work you’ve put into building a great team.
Invest in whatever areas you feel they will most benefit – not just business training, but personal development as well. Involve them in the process so they feel valued and appreciated. When your team develops and grows, so will your business. Make your workplace one your team members love to come to every day.
Explore new opportunities
Adapting your business to become one that embraces change is a great place to start. It’s time to innovate, try new ideas, take risks, be bold, seek out opportunities and keep ahead of your competitors by keeping ahead of the game, in every possible way you can.
Bartercard can show you how to increase profits, reduce cash expenses, move excess stock, and fill downtime while enjoying an interest-free line of credit. Contact us today and discover how Bartercard’s innovative, global B2B trading platform can create positive change for your business.
