Steps that the organization can take to improve its ability to effectively and successfully compete in this ever-changing global marketplace
Respond immediately to changes. The business world changes daily. A company can remain relevant by responding as soon as the changes happen. This way they will be on the same level or at a better position with their competitors (Matai).
Expanding market coverage: a company with a wide market is able to compete effectively. If change happens, it can survive since it has a wide market. Failure to adopt to change can make a business to lose some of its market share (Matai). A company with a large market share will not be greatly affected if it loses part of its market.
Embracing changes in technology: The most common changes in business involve technology. A business can remain relevant by embracing these new technological changes that happen daily (Graves). Most businesses are afraid of trying new technology which could be their key in remaining relevant. Benchmark companies that have tried the new technology.
Understand your niche. If your business is a service providing business, you should be conversant with the needs of your customers. Keeping track of the changing needs will help your business remain relevant in the changing market (Matai).
Learn new skills. In the business world there are new skills coming up every day. To remain relevant employees and employers should attend the workshops in order to keep up with the changes. This will give them an advantage to their competitors (Graves).
Be quick to solving problems. Remaining relevant will require people in business to have a fixer mind. This way they are not left behind when changes happen since they have a problem. The first process should be determining the origin of the problem and coming up with ideas on how to eradicate the problem. (Graves)
Graves, Kelly. “How to adapt and survive in an ever-changing business world.” The business Journal (2016).
Matai, D K. What Is The Key To Survival In A Constantly Changing Environment? 30 March 2011. 17 feb 2018 <http://www.businessinsider.com/what-is-the-key-to-survival-in-a-constantly-changing-environment-2011-3?IR=T>.