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A small business can use an adaptive strategy to grow in a turbulent market by being flexible and responsive to changes. This involves constantly monitoring the market and adjusting business plans and strategies based on the current conditions. It may also involve diversifying products or services, exploring new markets, and being innovative. The key is to be prepared for change and to be able to quickly pivot when necessary.
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Employ an adaptive strategy when forecasts are no longer reliable enough to create accurate and durable plans. Since the 1980s, turbulence and uncertainty strike businesses more frequently and intensely and persist longer. For this reason, industries more associated with a classical approach may need to consider an adaptive strategy instead.
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We live in a business world that is in constant flux. But when you learn and understand the five strategy archetypes and how to execute them, you will...
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