Branding is an elusive concept & many businesses/ companies tend to confuse it with a logo. David Ogilvy describes a brand as ‘the intangible total of a product’s attributes, i.e., its name, packaging, history, and how it is publicized/ advertised’.
Well, in our opinion, if there’s one lesson that one has to learn, then that would be – leaders anticipate change while losers are left reacting to it. In addition, another thing to note is that CHANGE is the only constant thing in life as well as businesses.
Technology is like a personal coach/ trainer pressing the UP arrow on the treadmill, speeding up the business process, thus causing change to happen faster than ever. But we’ve got to keep up. Otherwise, we’ll fall. And this is when business triggers come into the picture.
Today, businesses feel the need to narrow seismic changes in any industry due to the shrinking lifecycle of ideas & products. Now the period between you coming up with an incredible idea to the other person offering something better than you is not a matter of decades or years – it’s just some months, maybe sooner!
Keep in mind that your competition watches you through open windows. Digital marketing tools lay all your cards on the table, thus making it easier to keep an eye on you.
So, here arises a question, i.e., how do business leaders/ owners stay on the bleeding edge & still find a way to do more for clients than anyone else? The answer is overcoming business triggers!
As a leader, one must adapt to business triggers that drive these changes & identify that every move we make sets the stage for what’s next.
Today, we will discuss what business triggers are & how they can help/ hinder enterprises.
What Are Business Triggers?
Leaders in every industry find a way to become a chess player instead of a chess piece. Finding success in business is about creating values, monitoring trends, & anticipating challenges.
In addition, the fact of the matter is that over 96% of businesses fail within the ten-year time frame, with a little less than 4% surviving. However, it doesn’t mean that those 4% of the companies are profitable – it just means that they are still standing.
This ten-year benchmark is just the beginning of a successful/ triumphant business. We anticipate change on the horizon by understanding that there are specific business triggers of business crises.
Well, you must accept this truth, map the terrain ahead, and constantly scan the periphery for outsiders. Anyone can be a player. So, you must choose to be a chess player, not a chess piece.
The Top Business Triggers That You Must Know
After discussing what business triggers are, let us look at some of them that can either make or break your business. Here they are!
- A Change In Competition
The first business trigger that guarantees a painful loss is the change in competition. There are innumerable examples of this.
For instance, you can create a blockbuster video & think that you’ve got the market concerned. Then, in the blink of an eye, you are a non-factor because you failed to acknowledge a potential competitor’s appeal.
Thus, you must note that whether you are part of a big business or small, competition will create crises, irrespective of the industry. So, the sooner you acknowledge this trigger, the better!
- A Change In Technology
Another key to recognizing business triggers is asking yourself questions instead of assuming you have all the answers. So, take a moment now & think: How & what is your business like? In addition, think about how you are making yourself a potential target amid emerging competition.
In business, it is considered that the psychology of the leader who resists an upcoming trend in technology can ruin the company’s growth & go into losses.
For instance, consider the recent technology business triggers. Instagram was bought by Facebook in 2012 for $1 billion. Similarly, imagine that if you came up with the idea of a mobile app via which you can share your photos by adding filters, you’d also have had $1 billion. Not too shabby! Right?
So, participating in tech shifts/ transitions can enable you to impact the world & make a fortune in business.
Ask yourself:
- What technology will change my business?
- What technology can we employ in the industry?
- How can I be the creator of change?
- A Change In Culture
Knowing & adhering to changes in culture is vital for a business to flourish.
Let us begin with an example to understand this point.
Take Apple Music here. The company took advantage of shrinking attention spans & downloading hysteria in order to create something wildly profitable & popular.
When the culture demanded a cheap, easy, & rapid way to get music, Apple had the ingenuity to address this trigger & become the top music retailer in the world. This was all because they monitored critical shifts in cultural behavior & added value to it.
Thus, just like Apple, to stay ahead of this business trigger, leaders must ask themselves the following:
- What behaviors are trending?
- What cultural shifts are in progress?
- What belief systems are applied to the industrial trends & how can they affect the business?
- A Change In Employee’s Life
Many leaders/ business owners experience a situation wherein the top employee goes through a life stage and tells you they want some time away. Suddenly, they aren’t around as much and even if they are, they tend to be less productive, which can really hit on the business.
If you are also experiencing this business trigger, utilize it as a catalyst to look at your employee retention strategies. We all know that today employees want flexible schedules, remote work, vacation time, work-life balance, & personal and professional development opportunities.
Thus, as a leader, you must encourage employees to take breaks. Moving away from work for some time will reinforce creativity & innovation. In addition, hear them out & see what inspires them to put their best foot forward. Also, acquire leadership skills and become a leader who can overcome this business trigger.
Finally, reward your employees with raises, promotions, or some other signs of appreciation.
Trust us – employees work harder for a company that treats them well & encourages them to maintain a balance between their personal & professional lives.
Conclusion
So, here you are! We recommend you review these triggers at least once a month. Look at your organization & think about what is about to come next! Further, ask yourself what you need to anticipate & how you can protect yourself from what’s approaching.
After all, as we said earlier, don’t be a chess piece, but a chess player! Overcome these business triggers & create a fortune for your business!
If you wish to know more about business triggers, then make sure to visit RILC Academy. Our dedicated team of experts is here to guide you to make your business successful.
