The last few years have demonstrated the power of uncertainty and its ability to either crumble businesses or create growth opportunities. The first six months of the pandemic saw 23% more businesses closing than average, based on research from. Business owners across industries recognized the need to future-proof if they want to survive the next catastrophe. But pandemics aren’t the only thing that can shut down a business.
“Read in between the lines of whatever is reported in the news; know the story behind the numbers and trends, and blend those two elements of reporting patterns filtered through the PEST lens – political, economic, sociological and technical,” says Joy Osaka-Lu, Founder ofWhen you have a firm grasp of what’s happening in the market and what’s coming up next, you can focus on innovating within your organization to stay ahead of the curve.
When your organization is agile, you can respond to the market and your customers faster than your competitors. “Pay attention to how your customer’s needs and preferences evolve. This can provide early signals of market shifts. Taking a customer-centric approach that integrates feedback mechanisms into the product or service development process, can help businesses stay ahead of changing demands.
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