Business Education

How Businesses can Prepare for Inevitable Change

Right now, the real estate market is super hot in many parts of the country. (But, totally cold in other sectors.) Currently, builders are experiencing huge disruption due to fast-rising material prices, especially lumber. Meanwhile, take-out restaurants are flourishing in some areas, while others barely hang on. This picture looks like chaos from a distance but it represents the manifestation of the old saying, “the only constant is change.” And, that’s always a threat — or blessing — to businesses. So, read on to learn more about how to prepare for inevitable change.

The Change Conundrum

When real estate prices rise steeply, people remodel their homes instead of buying. Others take advantage of the market and downsize to capitalize on their equity position. But, it also causes first-time homebuyers to stay out of the market until prices stabilize. When food prices rise, restaurants must make changes to their menus. Of course, higher food prices means fewer sales as people stay home and cook themselves.

In today’s ever-changing and often-chaotic business environment, it is imperative for successful organizations to understand how to make change work when everything is changing. These massive changes now require a bold-new paradigm shift away from traditional approaches to how to manage change, to innovative approaches to view organizations as “organisms” with flexible resources, cohesive teams, connected networks, and clear flat structures that can endure in the most turbulent times. —Houston Business Journal

The obvious point here is that when change occurs, some businesses benefit, while others suffer. Right now, the disruption caused by the pandemic and shutdowns, along with re-openings, are causing huge changes. The good news is that businesses that prepare can not only survive, but thrive.

3 Ways Businesses can Prepare for Inevitable Change

Fortunately, the current environment won’t continue on forever. Lumber prices will fall, inflation will rise, and other economic circumstances will also change. Businesses that recognize what’s going on take action to adapt and can actually make it through or grow by doing the following:

Accept reality. Lumber won’t always sell for the price it is now. Home prices will continue to rise, but not at such a rapid clip. Inflation won’t always be a significant factor. In other words, businesses can’t expect the present climate to go on and on and on forever. So, look at what’s on the horizon and don’t procrastinate. Instead, accept reality for what it brings and you’ll be able to cope much better.
Plan for change. Once you accept what is changing (or will change in the future), it’s time to start planning to make it through the transition. Think strategically and prioritize what’s most important. This provides a great opportunity to streamline and improve operations.
Alter operations incrementally. Speaking of operations, unless you fully expect things to change massively, don’t alter your way of doing business profoundly. Rather, make small, incremental changes to adopt to the changing times so you can always roll things back, if necessary.

What other suggestions do you have? Please take a few minutes to comment and share your thoughts and experiences so others can benefit from your perspective. It just might help someone in a big way! Interested in learning more about business? Then just visit Waters Business Consulting Group.

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Want More Sales? Simple. Create a Problem, then Solve It.

October 22, 2021 No Comments

One impressive attribute to Apple’s incredible success is solving problems. More particularly, “creating” a problem and then offering an attractive solution. Distilled down, this is the art of identifying a common issue or need, and then supplying a fix or a fill for said need. Steve Jobs was a master of this strategy. Prior to the introduction of the iPod, consumers simply didn’t realize they had a need for an entertainment device that could store thousands of songs. The story goes like this. Steve Jobs was out for a run when he experienced problems with his MP3 device. This led to inspiration, which he realized that if consumers were given a far superior — albeit much more expensive alternative — they would leap at the chance to buy it. Of course, history shows that Steve Jobs’ instinct was spot on. Another epiphany struck him again and Jobs responded, ordering his company to get to work on a new state-of-the-art device. This, because he feared that competitors would take his successful iPod and integrate it into a multi-functional phone. Of course, this is the birth of the iPhone. Perceived Necessity is also a Mother of Invention The business lesson that people can take from these instances is that there are always consumer needs. Even if they are somewhat obscure, they still exist and are waiting to be filled. Both of these electronic devices prove that there was indeed consumer desire for such things, even if the public didn’t yet know they wanted them. …when developing new products, processes, or even businesses, most companies aren’t sufficiently rigorous in defining the problems they’re attempting to solve and articulating why those issues are important. Without that rigor, organizations miss opportunities, waste resources, and end up pursuing innovation initiatives that aren’t aligned with their strategies. —Harvard Business Review Both products became huge sales successes, as everyone now knows. But at the time, they were a gamble. After all, these were largely luxury items and did not completely match a fundamental, utilitarian purpose. However, their form factor and marketing made them irresistible to consumers and that’s why they’ve gone down in history as two of the most remarkable innovations of their era. How to Identify a Problem to Solve and Sell Although it might seem like too big a feat to pull off, you can take a page from the same playbook. (This is especially true if you’ve been in business for many years, but even that amount of experience isn’t necessary.) The point is that there’s always a need for some type of improvement, innovation, or invention. The question really comes down to necessity and appeal. Here are a few suggestions for how to identify a common problem to solve and sell its solution: Identify a problem or need. Let’s begin with the super obvious — the need to hone in on a need or an issue that can be filled or fixed. If you’ve been working in your industry for some time now, this might even be a common gripe of yours. Think about some type of flaw or problem and that should get you started. Structure an attractive solution. Once you’ve identified a need or problem, it’s time to come up with a workable solution. Of course, this is a lot easier said than done, but the time and effort could be worthwhile in the end. Keep in mind that there are certain elements that can really help your solution sell. For instance, being appealing, convenient, cost-effective, and applicable to a wide enough consumer base to make it valuable to the public. (Or, even to others inside of your own industry.) Test out your new product or service. After you’ve come up with a methodology or product, it’s time to test it out. You should experiment in at least a few different settings, with various scenarios applied to the test environment. This will help reveal any shortcomings and will also provide inspiration as you see it in action. Testing will also help you determine its overall viability in the marketplace. What other suggestions do you have for identifying a want, need, or issue and coming up with the right fulfillment or fix? Please take a moment to share your thoughts and experiences so others can benefit from your unique perspective! Interested in learning more about business? Then just visit Waters Business Consulting Group.

You Promoted Your Star Employee. Now They’re Struggling. Don’t Panic—Read This

September 4, 2025 No Comments

It’s an almost unbelievable and unbearable situation: giving a strong team member a shot at management only to learn the individual isn’t up to performing on the next level.

3 Effective Strategies for Dealing with Networking Fears

March 26, 2020 No Comments

Networking fears are far more common than people think. Having jitters when out at a conference, while professionals get together, or any other event, can make even the most astute business person feel overwhelmed. It’s difficult for some people to get past their nervousness, and they wind up avoiding everyone else, which completely defeats the purpose of being out-and-about in the first place. But, you don’t have to be paralyzed by anxiety, if you rely on some effective coping methods. Why Business Networking is Important Everyone starts somewhere in business, which is to say at the bottom. Most people don’t open a business and get flooded with tons and tons of sales right away. So, it is necessary to get you and your brand out in front of the public and networking is a great way to build a reputation. Everyone experiences bouts of networking anxiety! Rather than avoiding a handshake or resorting to only interacting with your smartphone when you’re at a conference, use [proven techniques] to face your networking fears head-on. —Inc.com It’s also a terrific way of keeping your interpersonal skills sharp, as well as learning your preferred choice for dealing with awkward situations, including breaking the ice. Ultimately though, it’s about building a network of contacts that can benefit your business, as well as those of others to be a help to them, thus building a two-way, win-win street. 3 Effective Strategies for Dealing with Networking Fears It’s quite common for people to experience at least a small or slight level of apprehension when networking. Of course, some have more severe anxiety than others, but there are effective ways of dealing with these types of feelings. Here are some of the best ways to deal with networking fears: Ground yourself in reality. Start by asking yourself, “What’s the worst thing that can happen?” You already know the answer but your fears can get in the way. When you feel nervous and apprehensive, it’s very easy to blow things out of proportion. Rest assured there is really nothing to be afraid about. Open yourself to other options. Networking doesn’t have to be done at large events with dozens upon dozens or scores galore of people. Instead, think of some alternatives, like having breakfast or lunch one-on-one. Or, get together in a small group of just a few individuals, instead of having to brave a super-sized group of people. This strategy works best for people who are afraid of large groups, especially those who like to avoid a chaotic fish bowl. Be confident in your value to others. The best source of strength you’ll have in any networking situation is to be confident in what you have to offer others. You do have something of value and are competent in your wheelhouse. So, draw on you are sense of confidence in order to project an attractive and positive energy. What other advice do you have to deal with networking fears? Please share your thoughts and experiences by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.