10. Be Flexible
“Notice that the stiffest tree is most easily cracked, while the bamboo or willow survives by bending with the wind.” – Bruce Lee
It is imperative to stay knowledgeable and educated in your industry in order to stay relevant. Stay in the loop. Build or join mastermind groups with others in your field. Join groups on forums relevant to your industry. Go to trade shows, seminars, meetups and conferences. Opt in to online newsletters and emails that provide current information. Invest in your education, which may be online programs or hiring consultants.
Seek out experience and expertise. This will keep you informed so you know what the future will bring and give you some lead time to formulate plans for how to adjust. Just because something has worked for you, does not guarantee that it will continue to yield you results. Technology is constantly evolving the way we do business and it would be foolish to assume that technology won’t affect your business. You must be willing to adjust and adapt. Be flexible.
One of the greatest detriments to businesses is their inability to adapt to the changing business environment. Streaming services put brick and mortar video rental stores out of business, and the build your own personal pizza business model forced the traditional pizza restaurant to adjust and adapt in order to stay in business.
There are new trends and disruptive innovations that are changing every business industry. New companies are popping up daily with the purpose of resolving inefficiencies in current business processes. Taxi companies were forever impacted by services like Uber and Lyft.
Did you know that in 2000, Blockbuster Video had the chance to buy Netflix($150 Billion valuation) for $50 Million? Of course, there is always more to the story and the timing has to be right. The point is this: It is always better to be in the know and stay prepared for the future. This will also make sure you recognize opportunities when they reveal themselves.
Luck happens when preparation meets opportunity. If you stay ready, you don’t have to scramble to get ready. Keep your eyes and ears open and stay forward thinking to capitalize on opportunity and create your own luck!