Change is one of life’s only constants, yet many business owners don’t adequately prepare for this inevitability. It takes knowledge, experience, and humility to accurately predict change and a healthy dose of tenacity to guide an organization through it.

Courage, resilience, and personal commitment are vital for effective management during periods of unforeseen circumstances. Entrepreneurs who exhibit these characteristics when handling change are far more likely to prosper over time.

Let’s look at a few lessons about how to prepare for and navigate change, which I have learned through decades of experience as a leader in the ever-evolving mortgage lending industry.

Count on the Plan Changing

When building a business, the necessity of planning can’t be overstated, but a plan that doesn’t account for the possibility of change is an unachievable ideal. The truth is that change is not a possibility…or even a probability. It’s an inevitability—a guarantee. Accepting the steadfast yet simultaneously unpredictable nature of change is the first step in handling it with confidence.

One of my key principles in business and life is “then things change.” Entrepreneurs must be prepared to face the unexpected and adjust their business strategy accordingly. This cycle of assessment and adjustment should be continual to keep pace with the constant nature of change. Accept now that change will occur. When the inevitable happens, the only thing to do is stay calm, keep perspective, and pivot.

Hone Your Foresight

Your ability to gain insights into how the future shifts depends on many factors. Leaders must be observant about trends within their business and in the market. With a robust understanding of your industry and its fluctuations, you can start to identify patterns.

Knowing the general cycles over time and the circumstances that govern trends can help you predict the future (to a degree). I call this being able to “see around corners.”

Your experience is paramount to preparedness in many cases. The lessons learned through entrepreneurship are highly transferable. Pulling from the past is indispensable, even if the lessons weren’t learned while growing your current venture.

Some of my greatest insights into effectively handling change were acquired during my first foray into business: selling souvenirs to tourists on the sidewalk in Philly. Whatever hard data you possess, use it to create a point of view from which you can react soundly to change.

Check Your Ego

As a business owner, it’s your job to prepare for risks, known and unknown. Risk management is critical in building a successful operation with continued profitability. Stay abreast of looming current events, the economy, industry trends, and new technologies that could affect the company. It’s all data that can advise your decision-making and help you take preventive measures to safeguard the success of your organization.

Many entrepreneurs find a bit of success and succumb to hubris. Just because things are going well doesn’t mean they’ll be steady forever. Resting on your laurels can turn out to be an arrogant—and sometimes grave—mistake.

Staying informed gives you a head start, rather than trying to catch up when the changes are already upon you. Don’t let undue confidence cause you to ignore the warning signs of change.

Opportunities in Disguise

Often, unexpected changes are the catalyst for new opportunities if you’re able to keep an open mind and leverage unexpected circumstances as fuel for growth. This will be far more challenging if you approach change as a problem rather than an opportunity. Turn it over, look at it from all sides, and discuss it with others. There are often exciting possibilities to discover.

Above all, stay calm and maintain a healthy perspective. Panic and acting from a place of fear may lead to poor decision-making. Alternatively, using an unexpected circumstance to your advantage can lead to innovative solutions and further your potential success. Don’t let an opportunity slip away because you were busy worrying.

Success after adversity is incredibly satisfying. It’s not just about building a profitable business; it’s about continuously turning failure into success. As you overcome challenges, you will continue accumulating knowledge that guides future endeavors and helps you navigate change gracefully. Embrace each obstacle as an opportunity to grow stronger and achieve even greater victories.

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