519: How to make your Business Adaptable

Hey y'all, Brent Perry here with Business on Purpose. The question on the table today, how to make your business adaptable? And I guess before we dive into this question we have to take a small step back and ask ourselves… What does it mean to be adaptable? And is it important that we are building a business that is in fact adaptable?  An article written by Martin Reeves in the Harvard Business Review cited that Adaptability is the new competitive advantage for businesses.  "Instead of being really good at doing some particular thing, companies must be really good at learning how to do new things." They go on to describe some characteristics of companies that are willing to adapt.  "Those that thrive are quick to read and act on signals of change. They have worked out how to experiment rapidly, frequently, and economically—not only with products and services, but also with business models, processes, and strategies." As I am recording this, the 43rd Ryder cup of Golf is underway! It's a fun golf event played every 2 years between the US and the European team. An article in Golf Digest had this to say about the Ryder Cup,  "One of the reasons many—most—players crave playing in the Ryder Cup is because it is unique in that you are playing for your teammates, for your country... It isn't, as Koepka points out, just about you. In the week-to-week tournaments that go on around the world, including the four majors, you succeed or you fail. Period. It is why golf is so difficult mentally. It's all on you. But the Ryder Cup is different. At the end of the weekend, individual records really don't matter very much. All that matters is the team result."  The best Ryder Cup teams in history have all been able to adapt.  If you and your company are going to be able to adapt, you have to be ready to adjust to new conditions.  But how do we do that? I am glad you asked that question. We have ideas on how you can become a company that doesn't get left behind as you continue to adapt to the ever-changing environment.    Evaluate your competitors' strategies and products Utilize a wide range of resources Collaborate with employees Test new product adaptations without fear of failure Utilize technology, virtual environments, and online communities Utilize your business coach   Thanks for listening.  If you haven't done so already, subscribe to our Podcast, and/or our YouTube channel.