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How to Adapt and Thrive in a Changing Business Environment

How to Adapt and Thrive in a Changing Business Environment

It is important to be able both to adapt to the changing business world and be ready for what lies ahead.

I spoke to Kosi StobbsTo learn more about the Owl Group of Companies CEO and serial entrepreneur, and how he has been able navigate the changing business landscape and continue to build seven- and eight-figure companies, visit Canada’s 40 Under 40.

Plan ahead.

Stobbs suggests that you should think about how you can position yourself to make the most of where the world is heading and how to take advantage the changes. Get feedback from as many people as you can, from keeping up to date with marketing trends and listening carefully to what your customers have to say. Be open to change and be flexible. Stobbs explains that where you think you are going may not be where it is.

Be cautious who you seek out for advice.

You should only seek advice from the right people. Ask for advice from people who have succeeded in doing the same thing you are trying to do. Listen to everyone, but only listen to experts. It’s like asking your dentist about a foot problem. Stobbs says. Stobbs warns that although people may offer advice, they don’t have the experience to back it. They are only brainstorming ideas and not providing actual advice. You should listen to and learn from experts.

Invest in coaching.

Coaching offers one of the highest returns on investment in business. A coach can help you develop and grow as a leader and business owner, and ensure that you are on the right track to success. Stobbs says that coaching is important because you don’t know what you don’t know. A coach will provide guidance to help identify areas where there might be skill gaps and then give you tools to close those gaps. You can also count on them to be your accountability partner and provide regular feedback. Both of these are important for your growth. Stobbs suggests that people keep an open mind, remember that you don’t know everything, and ask lots of questions to truly listen to what they have to say.

You need the right people to support your efforts.

You will reach a point in your entrepreneurial journey when you can no longer do everything. This can be hard to swallow, especially when you feel stuck in a limiting mindset like no one can do what I can or that you don’t know where the best place to start when it is time to expand your team. To attract new talent, you must let go of your ego and accept that you are the only one capable of doing what you do. Stobbs’ advice is to hire people who are talented enough that you can do less work. You can reduce the amount of work required to grow the business and hire talented people to do so.

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Hire wisely.

Most of my colleagues have known me for more than 10 years. They’re some the most talented people I have ever met. Stobbs said that they were the first people he met and that he knew he wanted them to be part of my business. Stobbs had a vision for how he wanted his team look before he even hired his first employee. He encourages entrepreneurs to be mindful of the people they meet, and to think about how they might fit into the business’ long-term vision. If you feel that you might like to bring someone on your team, tell them. Keep in touch with them to maintain the relationship so that when you are ready to make an offer, it won’t be unexpected.

Pay attention to what you communicate.

Communication is the cornerstone of any business. When communication breaks down, it can have a ripple affect on the entire organization. As a leader, it is important to communicate that you value all opinions and that you will not reprimand anyone for sharing their feedback. Stobbs explains that I communicate with everyone, shareholders and employees in the same way, and that I respect everyone equally. Communicating with everyone in a respectful manner, regardless of their title, helps build trust which encourages open communication throughout an organization.

It is important that the executive team has open communication with each other and shows mutual respect. Stobbs says that it is important for senior managers in companies to be able to challenge one another. Although this sounds obvious, it can be very difficult in practice. People’s egos often get in the way. They don’t want their colleagues to challenge them because they fear it will cause strain in their relationship.

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