The keys to business success in 2023 are the ability to adapt, be responsive, be current, innovate, and challenge.
- How agility will save your business
Agility is critical for survival and success in today’s fast-paced business world. Companies that can adapt quickly to changing circumstances and embrace innovation and change are the ones that will thrive in this environment.
Innovations that are shaking up the modern business market are:
- New technologies
- Market trends
- Consumer preferences
It is critical to understand what these innovations look like in your business. Think about:
- What technology are your competitors using, and how can you beat them to the punch with new tech?
- What are the market trends in your industry?
- Who is your consumer? How is the modern world changing who they are and what they want from you?
Companies that are slow to respond to these changes risk being left behind.
Agile businesses are characterised by:
- Their flexibility.
- Responsiveness.
- The ability to pivot quickly.
They are not bogged down by bureaucracy or internal politics, and they are willing to take risks and experiment to stay ahead of the competition.
- If you don’t adapt to the modern business market, you will close within the next year
Slow-moving businesses that are unable to adapt may struggle to survive and may ultimately fail.
Slow-moving businesses are at a significant disadvantage in this fast-moving environment. They may struggle to keep up with emerging trends and technologies, and they may be unable to respond quickly to changing market conditions. As a result, they may find it difficult to compete.
The following graphic depicts in dark blue the number of businesses that have closed each year since 2018.
This staggering statistic of over 200,000 businesses closing each year is a valuable wake-up call to businesses currently operating.
Australian Bureau of Statistics. (2022). Counts of Australian Businesses, including Entries and Exits.
- Remember this to help your business thrive, not die.
To be successful in a fast-moving environment, companies must be willing to embrace innovation and change. They must be open to new ideas and technologies, and they must be willing to experiment and take risks. This requires a culture of innovation and a willingness to challenge the status quo.
