How does your business stay ahead during fragile and uncertain economic times? According to the Forbes Business Development Council Expert Panel, strategies include taking regular assessments of the impact of market and consumer trends, seeking expert advice, establishing a risk management plan, utilizing AI insight technology, among other tasks.
As part of the Forbes expert panel, Ryan Northington, CEO at Simplus, believes small business leaders should test potential new products and services.
“I think the best risk management plan is actually more about evolution. Resting on your laurels is a surefire way to get caught off guard by changing market conditions,” Northington said, adding that leadership should ask themselves two questions:
- Are you constantly evaluating your selling approach, general and administrative expense layers to see how you can drive efficiency?
- Do you have a solid business development team testing the market fit for new products or services?
To read the full Forbes article of the 13 tips shared by this expert panel, click here.