Best Practices for Operating Your Business in a Rapidly Changing Market

The opinions expressed by entrepreneurs contributors are their own.

The market we work in today is rapidly changing across all industries. We are working against ultra-high tariffs, an ongoing labor shortage, and a nationwide supply chain crisis that has delayed operations for many businesses. In turbulent times, strong and strategic leadership is essential to staying afloat. To move in a forward-thinking direction during these times of crisis, leaders must analyze their competitors, identify market disruptors, and research industry trends to stay ahead.

Over the past 20 years as founder and CEO of a multi-million dollar national healthcare franchise, I have witnessed periods of profound change in the market landscape. In particular, because of Covid, we are currently seeing a new wave of market changes that businesses must actively react to and respond to. In this article, I'll provide examples and a path forward to ensure your organization is set up to succeed in a rapidly changing marketplace.

Related: How to Adapt to a Rapidly Changing Economy

How to position your brand to win

As markets evolve, determining the trends influencing your specific industry is the first step to ensuring your business is well positioned to win. Based on these trends, analyze where the industry is headed and what it will mean for your organization. We see companies embracing technology like never before, digitizing their processes and aligning with strategic partners to expand their reach. These changes often generate a new growing season for companies that conform to consumer demands and align with the direction in which their specific industry is heading. Whatever the reason, to move forward, be aware of these trends and create a plan of action.

Another factor to consider is the danger of the status quo. Regardless of the size and success of your organization, it is not immune to a changing environment. Adapting and adapting to industry changes is a key indicator of a company's future success. A cautionary tale of a company that has failed to keep up with market changes is the franchise move. Entertainment shifted from in-store record rentals to home streaming, but Blockbuster didn't read and quickly respond to these changes until it was too late.

Observe the competition and recognize disruptors

While monitoring industry developments, keep a close eye on the competition. Analyze how your competitors react to real-time market changes and how your response differs. Another essential key is the recognition of disruptors. Disruptors are new companies or technologies that innovate outside of your industry and have a significant impact on the market.

One organization known to disrupt the market is . We can consider Amazon as the great e-commerce disruptor. However, when you take a closer look, Amazon is a highly sophisticated technology platform that scales across industries, including healthcare, which is my specific industry. is another great example. While it may be a retail giant, CVS also offers a range of integrated healthcare services through major corporate acquisitions and partnerships. Once the key trends have been determined and you've taken the pulse of the competition and the many disruptors in the industry, your organization will need to develop a roadmap to prepare for what's next.

Related: Why Amazon and Jeff Bezos Are So Successful at Disrupting

Adopt a shared vision

Another crucial piece of the puzzle is making sure all your key stakeholders are on board with your strategic plan for the future of the business. The goal is...