When running a business or managing a team, flexibility is of the utmost importance. Failure to adapt is one of the key reasons why businesses fail. If you aren’t ready for new changes in your industry, you are almost begging to be left behind. It is absolutely critical that you understand how flexibility can make or break your organization. Let’s talk a bit more about why flexibility is so important and what you can do to improve.

Businesses That Can’t Adapt, Fail

Companies that fail to adapt have an extremely difficult time competing over the long-term. Even if you have a structural advantage now, that advantage may wear away over time. You need to be an open-minded manager that wants to learn about new solutions to industry challenges. If you aren’t trying to figure out new solutions, someone else in your industry is. And those new innovations could define the playing field for years to come.

You Have To Be Open To Trying New Things

Everyone has had a boss who is stringent and refuses to change their ways. In today’s fast-moving business world, this is a major liability. You have to be open to trying new things, even if it means failing a few times. Short-term failure is often the price of long-term success. Being flexible in your thinking and your management style will help you determine when to take risks and try new things.

Selecting Employees With Multiple Skill Sets

At the end of the day, flexibility doesn’t matter much if you don’t have the employees to execute. You need employees with multiple skill sets, who can execute your vision and change course midstream. These types of talented employees can be difficult to find, but they are absolutely key to your company’s success. When you have employees who are only proficient in one skill, they aren’t going to be much help if you want to change the way you approach a problem. You want open-minded employees with varied skill sets. This will give you more opportunities to take risks and to adapt to changing conditions in your industry.

There are plenty of historical examples of companies that failed to adapt. The most prominent one is Blockbuster. Blockbuster had the opportunity to purchase Netflix early on in its development, but the company chose to pass on the opportunity because they didn’t see where their industry was going. By the time they had realized their mistake it was too late, Netflix had surpassed them. You don’t want to make the same mistake on a company level. Understand where your business is in its industry. Take the time to learn what new technological innovation is coming to the space. When you stay up to date on current events you are less likely to be blindsided. Staying open to change and understanding current events can help you keep your business competitive.