3 Ways Entrepreneurs can Adapt to Changing Market Dynamics

Modern capitalism is evolving at a rapid pace. Changes in the world economy, the rise of Asian regions like China, shifting patterns of consumption, and more millennials entering the workforce, have forced companies to change the way they run their business. These circumstances provide entrepreneurs with ideal opportunities to take advantage and make quick inroads into the market.

 

In this article, we will identify three (3) ways entrepreneurs can maximize gains from these conditions. We will focus on changing the working culture, the most suitable management technique, and a method to monitor and review the above to ensure quick adaptability.

 

Three ways entrepreneurs can adapt to changing market dynamics

 

Work culture 

As of 2020, millennials comprise half of the US workforce. A figure that is likely to rise to 75% of the global workforce. Similarly, over the coming decade, more and more members of Generation Z will begin joining the workforce. These have detailed ramifications on how the work culture in the future will change. Companies who can adapt to this trend will be able to hire and retain the best available talent by offering culture, values, and expectations demanded by the demographic. According to a study, there are specific expectations shared by both millennials and Generation Z cohort. These include remote working, flexible working hours, attachment to company values, transparency, autonomy, reskilling, and technological orientation, among others. Furthermore, there is also an increased awareness of global problems such as human rights and environmental issues, so companies who espouse values related to it will attract top millennial and Generation Z talent. As an entrepreneur, you can introduce policies that meet these changing trends. For example, give autonomy to your employees in terms of how they perform tasks or provide options for remote working. Similarly, clearly state out your company’s values, promote transparency the way your business is run, and express clear concern about social issues. This way, you will be able to attract the best talent and improve employee turnover. This can be a competitive advantage in a changing business environment.

 

Lean Management 

 

changing market dynamics

 

Lean management refers to running your organization and managing your workforce in a manner that seeks to create maximum value for your clients or customers with the least amount of invested resources. But that’s not all, lean management envisages consistent improvement in the workflow as well. In a world where consumer preferences change rapidly, political uncertainty sends economic shockwaves, and technology continues to evolve at a quick pace, lean management assumes high importance. There are several ways you can introduce lean management techniques in your organization. The first step involves the product and service you have already developed or are in the process of developing. Make sure it meets a critical need for the consumer i.e. identify the value it creates in your customer’s life. Furthermore, identify the process through which you are developing your product or service. Remove unnecessary steps in the workflow by viewing the entire process into its parts. Lean management can help to increase productivity, efficiency, and cut down on costs.

 

Process monitoring

Process monitoring refers to tracking all your work processes, especially your employees. In the latter case, it falls into the category of employee monitoring. As the world becomes more digitized and businesses adopt more digital processes into their operations, monitoring employees via apps becomes ever more important. Bear in mind though, that you need the consent of your team before installing monitoring apps on any company-owned device they may use. One of the top employee monitoring apps currently available on the market is XNSPY.

 

XNSPY is a sophisticated app that offers a broad range of features to suit your needs as an entrepreneur and manager. It is compatible with multiple versions of both Android and iOS-based devices. Let’s review some of these features, and explore how they can help to achieve your goals.

 

Call & SMS tracking: You can use XNSPY to monitor all calls made to and from the device. Furthermore, the app will also create a list of all incoming, outgoing, and missed calls. The complete call log can be accessed remotely via the app’s control panel. You can also track all messages exchanged on the device.

 

App access: You can view a list of all installed app on the device and block those you think are potentially harmful. Furthermore, you can also monitor content exchanged via apps such as WhatsApp, Viber, Skype, and others.

 

Online activity monitoring: All online activity can be monitored with XNSPY. This can include emails and web browsing history. This feature can help to improve transparency in the workplace and prevent time waste.

 

GPS location tracking: You can use XNSPY to view the location history of the device. You can also view the location in real-time too. Besides, you can use the geofencing feature to stay alert if the user goes into or out of a predesignated area. This is a very useful feature that suits remote working, as well as logistics.

 

Remote control: You can remotely control the device with this feature. Remotely lock the device or even wipe off all data in case it is lost or stolen. This way, you will be able to protect confidential company information.

 

Instant alerts: You can add specific terms to the XNSPY watch list, and the app will instantly alert you if there is any activity related to it. Just add words or contact numbers to the watch list, and let XNSPY do the rest.

 

entrepreneurs

 

The nature of business is changing according to the global economy. A new generation of workforce is entering the market, and consumers are beginning to be more cautious about what they buy. Similarly, technology is evolving at a rapid pace too. These changes provide entrepreneurs the opportunities to rapidly expand their business. In this regard, adapting your work culture, introducing lean management, and using a monitoring app such as XNSPY can help. The basic version of the app costs USD 4.99 per month, while the premium version costs USD 7.49 a month.

Francis Nwokike

Francis is a Social Entrepreneur. Love discussing new business trends and Marketing tips. A Startup consultant. Will help you grow your business online.

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