50-year business veteran says businesses who refuse to change are doomed to fail

After half a century in business, executive chairman of Muzz Buzz, Warren Reynolds, has learned that the only way for a business to survive for the long haul is to be willing to embrace change.

Having been involved in business for the past 50 years, there’s little I haven’t seen when it comes to industry challenges, however 2022 is already shaping up to be one of the more testing years we’ve seen in some time.

That might seem like a big call to make given we’ve just lived through two years of a global pandemic, however with the virus continuing to cause business disruption, there are now also other issues we must contend with.

Supply chain congestion, product shortages and increasing fuel costs are all having significant impacts on our business and are likely to continue to do so in the immediate term.

Add to this a general shift in consumer behaviour toward the delivery service model, and you can understand why some businesses might be feeling nervous.

Change is essential for survival

If I can offer any advice at this time, it’s to embrace change and adapt quickly, or else risk being left behind.

While delivery is not new for consumers, the global pandemic expedited the take-up of this option, to the point where there’s now very little that can’t be dropped at your front door.

As a business that has previously succeeded because our customers literally drive to our stores, I’m not afraid to admit the idea of not only adopting, but encouraging our customers to have their coffee delivered, was disconcerting.

However, as fuel costs rise and motorists genuinely start to reconsider the need to get in their cars, embracing the delivery model has offered a new opportunity to reach our customers.

For those businesses still resisting, I’d urge you to reconsider, and soon.

4 key ways to embrace change in your business

Aside from adopting the delivery model in some form, there are also other measures businesses can take to give themselves the best possible chance of withstanding the challenges ahead.

1. Adapt to changing technologies

Where tap-and-go was once the latest payment option, customers are now willing and able to pay for products via apps, smart phones and smart-watches.

It is vital that businesses adopt this technology quickly to ensure customers can pay through any and all methods available.

2. Build strong relationships

This applies not just for your immediate business contacts, but more broadly outside your industry. You never know when you might need advice, knowledge outside your sector, or even a favour.

3. Be flexible

The ongoing supply chain issues are having a major impact on our business, affecting the supply of a wide variety of produce including ham, cheese and even potato-based products.

However, the ability and willingness to find new supply lines and products, often at short notice, means we’ve been able to continue to fill orders and supply our customers.

4. Embrace consumer behaviours

There’s no point wishing for the past. If consumers change their behaviour, we have no choice but to change with them and embrace new trends. Whether this is mode of transport, payment, or preference for a particular product, if you don’t provide what your customer is demanding, you will very quickly have no customers.

Of course, the pandemic continues to present ongoing issues, including exacerbating staff shortages in an already tight market.

There have also been isolation and quarantine requirements to abide by, and up until recently, travel restrictions, which has forced many of us into the virtual boardroom.

At my age, I can tell you Zoom meetings aren’t my preference, but I have learned that my personal likes and dislikes have nothing to do with being successful. It’s about adapting, changing and always moving forward.

By all means, you can refuse to change and continue to be a dinosaur, but let me tell you, there are none walking around the planet.

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