Adaptation; Critical to Survival in Business
When you are staring up a business it is crucial to have a clear initial plan, the business plan must be simple – both at its inception and in its later incarnations.
Business plans are important as they make you think about what you are doing and what your goals are, however they should not be inflexible or fixed. If things happen along the way that will help your goals be reached faster, then the business plan should change.
Changing direction is not a new phenomenon, many of the best-known companies started with different business models and adapted to their users. Take Nintendo for example, the Japanese gaming giant originally sold playing cards and vacuum cleaners.
This adapting and changing of a business model is referred to as ‘pivoting’. It comes from the baseball term, where you keep one foot stable and you rotate around that. A good business plan is a fluid, live document, constantly evolving with the business.
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