Change - embracing flexibility

Change, change, change. Many business owners and industry professionals feel a sense of panic and dread when they hear the word. Like it or not, there are two things unavoidable and ever present in business, change and taxes. While we can not completely avoid change (definitely don't avoid those taxes either!), preparation and the ability to stay fluid will leave you with a sense of peace as the world shakes up your snow globe.

In my opinion, the recent Covid-19 pandemic, presented the harsh reality and importance of the ability to quickly and effectively adapt a major operational shift in small business. We witnessed countless, well established small businesses struggle to find ways to keep customer sales flowing in. They were faced with working within not only local and state guidelines, but also personal obligations to keep their staff and customers safe. Many weathered the storm, and unfortunately, many did not. Of those that made it through, many did so by re-designing and re-structuring how they operated their companies. We saw local restaurants transition to curbside and delivery, medical professionals conduct virtual appointments, industrial supply companies stocking loads of disinfectants and masks, and even major automotive accessory companies producing medical supplies. All of these had one thing in common; they took the time to step back, think outside the box, and embrace the changes to keep the ball rolling.

Business has no pause button. If a road block comes into your path, we have to detour, dig a tunnel, build a bridge, build a plane out of old newspapers if you have to! Motion keeps your business relevant, if you business pauses, your customers will go elsewhere for their needs. Humans are creatures of habit, once a customer has left, it is much harder to get them back than it was to gain them in the first place.

"You will have to do things you have never done, to get to where you have never been"

Change sparks new ideas, it literally forces you to innovate, and look at everything from a new angle. I understand the fear of change, the unknown. There is a sense of security in tried and true protocols, but those same methods can breed complacency. Take the time to look at five core things your company either does, or provides. Evaluate each one, and ask yourself "why are we doing it this way?", "Is this truly the best way possible?". Step back and look at each product or service from all angles. It may be as simple as relocating a certain product on your retail floor, a change in suppliers, or even how you choose market a specific service.

For example - a manufacturing company that purchased $1.3m worth of a specific material annually, made a change in suppliers. The new supplier provided the same product for the same price, however they offer a 3% ACH draft discount. That 3% results in a $39,000 profit gain on one material alone, just by changing suppliers. The new supplier, in efforts to gain the account, also offered to stock the product in a closer warehouse, resulting in lower freight costs, and quicker turn around times. This one supplier change resulted in a 6% gain overall. Don't ignore the pennies, they will make you dollars ten fold over time!

In conclusion, Staying flexible is crucial in business. Don't be afraid to change things up, re-evaluate even the most successful systems, carve a new path. There is no telling where it might take you.