The business environment around us is constantly changing. Successful organizations have to learn to adapt or face the prospect of their competitors ‘eating’ into their market share. The ability to navigate ‘new waters’ is important to all entrepreneurs – whether you are a sole trader or have 1,000 employees! In today’s article, Adeyinka shares steps aspiring entrepreneurs can utilise to ensure their businesses succeed in spite of a changing internal and external environment.
Let’s take a look at Burger King. Once ranked number two on the list of top fast food chains, it now finds itself number 5 in the top 15, according to Business Insider. In 2012, the top 15 fast food chains ranked in the nation had a combined $115 billion in sales. It may sound like this is a good thing for Burger King with sales of $8.4 billion and 7,231 locations right? The fact is that they are losing market share to Wendy’s, Starbucks and Subway which is reason for concern. Additionally, Burger King have Taco Bell in the number 6 spot nipping at their heels. So what has Burger King done? They are now one of the first fast food chains to come to market with turkey & veggie burgers – tapping into the health conscious and vegetarian consumer market. Like Burger King, every business, whether large or small needs to be able to recognize when it’s time to shake things up.
It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself.
Dr Leon C. Meggison misquoting Charles Darwin