Anticipate challenges and adapt to change

By Adriana Gallardo

Only companies that understand their environment will be able to anticipate future challenges and needs and adapt to constant change.

According to an analysis by Yahoo! Finance, the largest technology firms worldwide have added losses of up to 4,000 million dollars, including Microsoft, Apple, and Amazon... This shows us that the company’s size does not matter: the economic recession spares no one.

That is why our ability to make decisions and solve problems must be even more agile in this environment of constant change and uncertainty. This is a race that we cannot lose. Otherwise, we will suffer the consequences. The reduction in demand, which directly affects the income of a company; the increase in input, rental and employment costs, which impact profit margins; The difficulties in obtaining financing; the scarcity of loans and investments, which diminishes the capacity to operate, and many other challenges that we will face, put our qualities to lead and manage companies to the test. What can we do so that these changes do not affect us or lessen their impact?

-Diversify products and services: As the old saying goes, don’t put all your eggs in one basket. Diversifying reduces dependence on a particular market or sector.

-Establish an aggressive marketing strategy: a good investment, which many entrepreneurs are not considering, is to establish a marketing strategy focused on attracting new customers and retaining existing ones.

-Increase efficiency: automating processes, improving existing processes, and implementing more advanced technologies.

-Adopt a growth mindset: an approach to learning and personal development which focuses on the potential to improve and grow rather than limitations or current performance.

-Analysis of the economic cycle: allows to identify of economic trends and making informed decisions about investments and business strategies.

As entrepreneurs and business people, we must learn to embrace change, dance with it, and keep up with it, and why not? Even polish the dance floor. Now is the time to take proactive steps to minimize risks and maximize opportunities.

* Adriana Gallardo is an international speaker, author, and leader of Adriana’s Insurance emporium. Business and Life Coach, author, and producer. She is the creator of “Chingona Circle,” a group that empowers women. She is an Honoris Causa doctor from the Executive University of the State of Mexico. She lives in California.