Why You Need to Be Adaptable in Business | EP 293

Why You Need to Be Adaptable in Business

1. You don’t know what you don’t know 01:07
   • Sometimes you learn new information along the way and have to change course, especially when you are first starting out in business.
2. Competitors can change the game 02:06
   • They can lower their prices, come out with new products, or a list of other things that could change your business.
   • It’s important to know what your competitors are doing, so you can adapt as needed.
3. Technology changes 03:02
   • For example… Many times app developers will create a really successful app.
   • Then, Apple will recreate that functionality and incorporate it into the next IOS update.
   • When this happens, it can completely eliminate the need for the other product and the company as a whole if the developers don’t adapt.
4. You need to diversify your income 04:13
   • You need to be adaptable in business and diversify your income, so big changes don’t take you out of business completely.
   • If you focus all your efforts into one service, or rely on one software tool, you are setting yourself up for failure. You need to diversify and you need to have back up options.
   • In the episode, David mentions two real world examples, one with a 3rd party Pinterest tool and another with the YouTube algorithm.
5. Use other platforms to drive visitors back to your website and to your email list 06:52
   • Social media is a necessary evil. You are at the mercy of their rules.
   • So, drive those followers to your website and email list, where you can communicate with them however you want.
   • If something happens with a social media platform, you can just tell your email list which new platform they can communicate with you from now on.

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