If we ask teenagers today to give their best Kodak moment, they will wonder at us in surprise. They will ask what a Kodak moment is. Many gen Zers are likely to have forgotten about it as well. Kodak, Radio Shack, My Space, and Orkut are all prime examples of failure in adapting to the current trends.
Just a few decades ago, the above-mentioned companies dominated their respective markets. Now, these companies are examples of failure in adapting and moving with the trends. Those companies failed to adapt to the latest things in the market.
Any business that wants to last cannot rely on just one product or service; it must constantly update its products, services, and the brands they work with. Not only should this be the case, but as time passes and consumer needs change, businesses should be able to adopt new technologies faster than their competitors. The business world is always evolving, and success depends on emphasizing adaptability and development.
The same has been with us at Mostafawi. We kept prioritizing the needs of our consumers and started bringing out products and deals with brands as per the requirements of the people. In this article, we will explain how we have successfully adapted in business over the last nearly six decades.
1. Verify Whether Your Business Plan Is Still Relevant
Most business owners who are three generations or more into business have not had to struggle much to run their businesses smoothly. Times have changed and even though the old strategies are relevant and work, if you adapt to newer trends using the old strategies, it will be much more beneficial for any business. Just as we did, the Mostafawi group is nearly six decades into business. We use business plans that our elders carved for us, and we add this to the modern science and analysis carved by our experts. By doing this, you can stay relevant and adapt to business in a much better way.
When was the last time you and your team reviewed your company’s strategy? Get that old strategy out of the drawer and into your hands as a live document that will assist you in responding to real-time situations. Use that old strategy to adapt to modern times. Set quarterly, yearly, and three-year objectives, then reverse-engineer each stage to make them a reality. Every day, review, monitor, and evolve these steps.
2. See Whether You Have The Right People Working With You
Mostafawi Group firmly believes in the fact that it is the employees and the customers who build a successful brand and not the other way around. We take the utmost care that our employees stay updated on the current facts and affairs.
We value our old and new employees equally. The older employees bring wisdom in the form of experience, whereas the newer and younger employees bring innovation and creativity. However, amongst both old and new employees, there is a higher risk of having the wrong people.
You are only as good as the team surrounding you, no matter how strong your abilities are. Are the right people in the right places? Have you provided them with the necessary training and resources to achieve and surpass their promise? Are you able to motivate them? Keep in mind that individuals quit managers, not corporations. Every day, take a walk around the workplace to engage with your co-workers. Know your employees, peers, and co-workers and see who the right fit is and who isn’t.
3. See If Your People and Associates Can Adapt
Sometimes employees are more than willing to try out new things and adapt, but they do not have any means to do so. Sometimes, some organizations and hierarchies are very particular about getting work done in very specific ways. This not only blocks the creativity of people working for the organization but also poses a threat to the development of the organization.
To avoid such things, you need to analyze whether you are providing the right means to your employees for their personal growth and also for the growth of the organization. Ask yourself whether you have taught your staff how to think and act strategically. Do you often encourage them to break the rules and adapt to new things by thinking outside the box and bringing their ideas to you?
Do you encourage innovation, or are you trapped in a rut? Maintain your vision in front of your employees so that they can foresee and project when they see, hear, or feel the change coming. Then, most importantly, pay attention to them!
4. Are You Constantly On The Lookout For Newer Employees?
Are you continuously on the lookout for new talent, or are you caught off guard when a vacancy arises and then scramble to locate a replacement? Always be recruiting. Remember ABR. Even if no openings are available, interview. People who can adapt to changing business, industry, and economic conditions should be on your team and in your leadership.
You never know when the right candidate will walk in and bring much-needed change to your organization. Recruiting the right people at the right time has helped the Mostafawi group make the right decisions throughout all these years.
5. Do You Think Big?
There is a saying in the English language which goes, “Mind is a fertile land and it reaps what you sow”. So if you sow big plans and dream big, big results are on the way. But if you think timidly and have small goals, then you will be just where you have been for the last six years.
At Mostafawi Group, our founders have always had the vision and courage to aspire for more, dream for more, and bring those dreams into reality. With the power of our vision, we have been able to adapt very quickly to the changing landscape of work and get new opportunities.
Allow your business plan and strategies to be future-ready and take your business to new levels by following the 5 keys discussed above in this article by the Mostafawi group.