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Wednesday, November 5, 2014

BUSINESS IN THE 21ST CENTURY

Adaptability to the ever-changing marketplace is a characteristic that will help 21st century businesses thrive. The ability to innovate and execute is essential, but without adaptability, your business will fall behind in our rapidly evolving world. Exploring creative solutions to challenges is fundamental in the 21st century business world because businesses constantly face trade-offs. A successful manager will be adaptable by being open-minded and bringing in new perspectives to confront new business challenges.

New forms of marketing including advertising, improving customer satisfaction, competitive product or service pricing, staff training, taking advantge of new technology and trimming overheads are just a few of the many challenges facing today's business owners and managers.

Accurate foresight is another essential trait for 21st century business people. You need to have a clear and forward looking vision of who you are, your business goals, and where you see you and your business develop. Many managers spend their days dreaming about te future without taking initiative. Articulate a compelling future vision, develop an operations strategy, and execute that strategy. As a part of the aforementioned adaptability trait, reevaluate your strategy from time to time so it stays current with the changing times in which we live.

And update your business plan or business model as you proceed. If you don't know where you are going, you won't know when you have arrived. The old adage; "the only place success comes before work is in the dictionary" is so very true. And often, it is not a matter of working harder, just a matter of working smarter.

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