While new entrepreneurs may bring unmatched enthusiasm to the table, unfortunately, many new businesses don’t survive. The good news is businesses’ survival rates improve as they age:
Nearly two-thirds of businesses with employees survive at least two years and about half survive at least five years (SBA).
To increase their chances of survival and success over the long-term, small businesses can take a tip from Darwin, who taught us that the best way to ensure survival is by effectively adapting to changing environments.
Adaptability can save a small business, especially in the face of disaster, stress, or crisis. Fortunately, adaptability is a trait business owners can build into their company’s culture by creating and implementing an adaptable business model.
Adaptable businesses are agile, resilient, and tough. Their adaptability is deeply ingrained in their company culture, values, vision, and mission. Business leaders set the tone for the entire organization, so it’s critical for leaders to be prepared with a flexible strategic plan. Here are practical tips for creating an adaptable business model, compiled from resources published by the U.S. Small Business Administration, SCORE, the National Federation of Independent Business, and the Small Business Development Center.
Above all, remain flexible. While it’s critical to have a business operating plan in place, anticipating change and remaining adaptable is paramount for success.
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