Staying Relevant in an Ever-Changing Business World

The last few years have been a whirlwind of change. COVID-19 has revolutionized the way companies conduct business. As a society, we have become more reliant on the internet than ever before. Social media continues to grow rapidly in popularity. The days of checking the yellow pages for a plumber or searching the library bulletin board for a babysitter are over.

For business owners and business leaders, the importance of remaining relevant in such a rapidly changing world cannot be overstated. Your products, services, marketing strategies, and business practices must be constantly updated. What worked brilliantly for your company five years ago may drive you into irrelevance in 2021. Consider the following tips for ensuring your business keeps up with modern trends and remains relevant in today’s society.

Conduct Ongoing Market Research and Customer Trend Analysis

Customer satisfaction is key in an age where a few negative Google reviews can ruin an otherwise thriving business. This means that you must have a deep understanding of market trends and evolving customer needs. Market research is not a one-and-done task for modern small businesses. Customer surveys, questionnaires, and focus groups are great ways to get valuable customer feedback. Look for trends in your online reviews. Determine which products and services are most in-demand and which are least in-demand.

Recognize Liabilities and Take Preventative Action to Avoid Legal Problems

Businesses are held to an extremely high standard when it comes to social responsibility. Modern customers expect companies to contribute to the community and benefit society as a whole.  Accusations of discrimination, sexual harassment, and other misconduct can destroy your business’s success in a matter of days. This is one reason that strong employee policies and ongoing employee training are more important than ever.

If your company is too small for in-house legal counsel, consider working with an outsourced general counsel to identify areas of liability and build strong policies and practices that reduce your chances of lawsuits and other legal problems.

Ask Yourself What is Working and What is Not Working

As a business owner or business leader, you must constantly ask yourself: What is working and what is not working? Do you have good retention policies that reduce turnover? If your inventory tracking system efficient? Do you have the capital you need to fulfill your business’s long-term goals? Are there financing options you have yet to explore?

Call Us for Help Modernizing Your Business

The world is changing faster than ever. To build a successful business, you must keep up. Contact the Gierach Law Firm for help with contract review and drafting, compliance issues, mergers and acquisitions, tax planning, and much more. Call our Naperville business law attorneys at 630-228-9413 and set up a confidential, personalized consultation today.

Sources:

https://www.forbes.com/sites/forbesbusinesscouncil/2020/11/18/the-growing-importance-of-social-responsibility-in-business/