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The Status Quo Is Not Sustainable: The Importance of Adaptability in Business
Given the speed of technological innovation in business and rapid changes in society and the economy, jewelers may rightly feel anxious about making the right decisions for the future of their business. Virtual Diamond Boutique CEO and Co-Founder Tanya spoke on this topic at the Centurion Show in Phoenix, Arizona, this January, stressing the importance of adaptability in business.
The Centurion Show is unique among conferences in the jewelry industry. What sets it apart from other trade shows is its ownership split: half is owned by Hauben’s H2 Consulting, Inc., while the other half belongs to the exhibitors themselves. This arrangement ensures that everyone is working together to put on the best show possible. The show has hosted everyone from United States Presidents Bill Clinton and George W. Bush to star athletes and top comedians and actors.
Tanya took part in the conference’s RapidFire Business Building Ideas for Retailers panel alongside five other experts in retail, technology, and the jewelry industry. She began her talk by referencing three well-known businesses that either filed for bankruptcy or closed their doors recently: Kodak, Blockbuster, and Toys R Us. What all these former giants have in common, Tanya said, is that “they all failed to adapt to changes in technology and changes in consumer behavior.”
While it’s too late for these businesses, they can still serve as a warning to others. The lesson here is that as difficult as change is, Tanya says, “the status quo is not a sustainable strategy.” The importance of being adaptable in the face of change is clear. But what is a business to do? Tanya outlines a few strategies:
- Invest in technology that supports your business both in-store and online to increase sales and bring in new buyers
- Communicate and collaborate with staff so that they are part of the process
- Start early so you are not playing catch-up
- Don’t be discouraged by technologies that didn’t work out; always remain open to new possibilities until you discover what works for you
- You don’t need to become a tech expert yourself; just hire the right people to do it for you
In this time of change and uncertainty in technology, the economy, and consumer spending habits, it is more important than ever to make the right decisions when deciding to adopt new technology. Just because something is working for you now does not mean it will continue to work for years to come. And if it all seems too overwhelming, there are tech companies that can help you out. Taking these steps will help you become the disruptor in your field, not the company that has been disrupted and is scrambling to catch up.