Businesses need to innovate and adapt to the new market trends to sustain operations and retain its customer base, speakers at the recently concluded Mandaue Business Summit said.
“In the 21st century, if you don’t change, you die. If you don’t innovate, you evaporate,” said wealth coach and author Chinkee Tan.
Businessman and strategist Ho Sun Yee said businesses should be able to introduce new products or services, find new customers for existing offerings, explore different market segments, and move the business geographically.
As opposed to strategic planning, which businesses typically employ, they should also look towards strategically thinking about where their company is headed in the future.
“It is not about numbers. It is a framework of what you’re going to do more of and what you’re going to do less of,” he said.
“You have to know the trends and technology being used now. You have to upgrade yourself constantly. You need to know how to look at and identify trends, see the gap, and fill the gap,” he added.
Ho Sun Yee said businesses should engage the younger generation, which he called the “market for the future.”
For a business to change and adapt to the times, Tan said the mindset of its leaders must change as well.
Mindsets must be more positive and more forward looking. The change in the business should also be according to its vision and mission, as well as the company values, he added.
These days, he said it takes more than money to run a business.
“More importantly, they need knowledge. It is also crucial for companies to not only grow in terms of leadership, but also for the employees to upgrade and grow as well,” Tan said.
Businesses should also look at the future driving force.
“This is key to the business’s survival, especially with the business environment rapidly and constantly changing,” he said.
To do this, businesses must know the future trends in the market and understand their competitors’ business profiles.
They must also know their own customers, products and services offered, and the geographic market and segment they cater to.