Lots of planning and preparation has to go into the launch of a successful business, but an entrepreneur has to be aware that things won’t always go according to plan or as expected. There is a wealth of external factors that will impact upon your business, so it’s essential that you have the flexibility to adapt to these changes as quickly as possible. In business, those who remain static when change is happening around them can soon be submerged or left behind, whereas those who see the change coming and alter their processes to adapt to it can gain a competitive edge over their corporate rivals. Here are three examples from big business of companies that adapted to challenges and reaped the benefit.
Changing Sugar Content
The soft drinks industry is worth approximately a hundred billion dollars per year in the United States alone, but that doesn’t mean that the big names in the industry can rest on their laurels. In recent years, concern has been growing about the high sugar content in some of the world’s most popular drinks, and brands such as Pepsi and Coca-Cola have found themselves under pressure from consumers, governments, and health organizations. Realizing the changing demand, and anticipating legislation, many major drinks companies have significantly reduced the sugar content in their drinks, as well as doing more to promote low or zero sugar options that use artificial sweeteners, as reported on by World News Hub.
Reducing Plastic Usage
Increasing numbers of consumers are becoming concerned by environmental challenges and climate change, and one issue that is of particular concern at the moment is plastic pollution. As plastic is non-biodegradable, huge amounts of plastic waste finds its way into the oceans of the world, presenting a major threat to marine and avian life. Leading media organizations such as Sky have been at the forefront of high profile campaigns against plastic usage, with governments across the globe pledging their support. That’s led to businesses such as Tesco, Adidas, and Dell announcing major initiatives to cut down on their use of plastic, which is great news for the oceans and for their brands.
Netflix was launched in 1997, and in the years since has changed dramatically and successfully. For the first 10 years of its existence, it was a DVD hire company, but its directors were among the first to spot the move amongst consumers away from hiring physical copies of movies to watching them online. By adapting to this change early, Netflix earned the reputation as the world’s leading streaming service, and they are now a major content commissioner and broadcaster in their own right. They now have more than 125 million subscribers worldwide, and the figure is growing year by year.
Smart entrepreneurs are always on the look-out for signs of change and are ready to adapt. In this way, they transform what could potentially be problems into an opportunity to achieve even more success. Consumers like businesses that move with the times and meet their ever-adapting needs, so whatever sector your business is in, you should always be aware of consumer attitudes. When a challenge comes your way, adapt.