Many business people are faced with changing market conditions, often brought on by circumstances beyond their control. Suddenly like a being hit by a bolt of lightning, what worked in the past will now lead to failure. The ebb and flow of business cycles and changing tastes will often require a complete revamping of a business plan. In the twinkling of an eye, everything you know is wrong.
The change doesn't have to be as dramatic as waking up in 1929 with the onset of the Great Depression of the 1930s. It can be more subtle and sneak up on you. For example, importers and exporters have concerns with changes in exchange rates; as well as the political stability of their offshore business associates. Overnight, a profitable business plan can transform into a money losing nightmare. The need to change your thinking in a hurry is paramount.
I am in a profession where knowledge can become obsolete at best, and entirely wrong at worst. Search engine optimization is based on educated guesses as to the requirements of the various search engines. Google can and does change its search algorithm overnight. The way it calculates the search engine rankings can turn proper SEO actions one day into disasters the next. In SEO, a person has to always be prepared to admit that carefully learned concepts can suddenly be wrong.
With any business, the ability to change and adapt to various market conditions will lead to succcess. Whether the times are good or bad, the flexible person will do well. Simply clinging to what was the correct business formula in one era, and expecting it to work in all times, leads to financial ruin. Constantly monitoring business trends and adapting your business and marketing plans to the changing conditions is a better approach.
Accepting that one is not infallible and the fount of all wisdom is the most important first step. Often pride or ego prevents that harsh acceptance of reality. As a result, the business suffers some severe setbacks when the old ways aren't effective any longer. As they say about pride, it goeth before a fall.
Instead of letting selfish personal vanity get in the way of your success, step back and consider how the business is being operated at present. The periodic reassessment of current business practice, and possible changes in the business climate, is a healthy exercise for any business. It's especially important when chnage is taking place all around you.
Be prepared to admit that everything you know is wrong. It could be the first step toward making your business cash flow turn out right.
