5 ways to adapt to change and build a more resilient business model

The opinions expressed by entrepreneurs contributors are their own.

In a time of rapid and growing uncertainty, it is more important than ever that your business is built on an adaptable and resilient model. Since the start of the Covid-19 pandemic, everyone has seen their personal and professional lives turned upside down as our living rooms have become our new offices, and colleagues (for many of us) are now pixels on a screen. Add to that a volatile global economy that has driven up prices and disrupted supply chains.

Change is inevitable. More than ever, it is essential to prepare yourself and your team for the unexpected by developing a dynamic and innovative business plan. Here are some tips you can implement in your business to prepare for the unexpected.

1. Identify recent changes in your industry

To excel in business, it is important not only to understand the market, but also to understand the business environment of the industry. The first influencing factors you want to identify are the uncontrollable elements, such as social, economic and political changes. How is the current state of the world impacting your business, and what new ideas can you implement to stay on top of these changes? Another factor to watch out for is socio-economic changes, which will alter the behavior of your customers. Gain a competitive edge with new technologies and the technological flexibility to keep pace with these rapid changes.

Related: The 7 Elements of a Strong Business Model

At the start of the pandemic, for example, many had to close their retail stores because it was mandated to close non-essential businesses. While many of these companies failed, those that survived were able to do so because of their ability to innovate and adapt. By opening online stores and using creative ways to advertise through , some small businesses have been able to generate enough revenue to stay afloat during times of uncertainty.

2. Pay attention to how your audience uses social media

Always keep an eye out for trending practices and standards that impact society. Watch how your base interacts online. For example, if your goal is to grab the attention of a younger audience, a proactive approach on social media platforms like and can be a good start. Hiring young minds and participating in current trends is an effective way to reach your audience, as these social media platforms curate content for each individual viewer.

If your audience is older, this might be a more effective platform. Many business leaders mistakenly believe that older people are mostly offline. When targeting the older generation, you'll need to use a different approach. The big trends and tactics used to target Gen Z and Millennials won't work. While younger audiences use Instagram and TikTok to share personal content such as selfies and short vlogs, older audiences will use social media to share articles, photos and videos related to their interests. With that in mind, you can cultivate an online presence with topical articles that will attract like-minded people to your business.

3. Hire employees with a sense of innovation

Although you have a business model that should ideally work in a changing society, the success of your business could not be guaranteed without the creativity and innovation of your employees. In order not only to stay alive in these uncertain times, but also to gain a competitive advantage in the market, it is essential to hire employees who are forward-thinking, progressive and share the values ​​and vision for you.

Creating a workplace that allows...