As event entrepreneurs, we often think the safest move is to stay in our lane. If you can capitalize and build a successful business, why change up the rhythm? After all, they say not to fix something that is not broken. Yet, expanding your business model is not about solving a problem—it’s about improving something that is already proven to work.
Adding new products and services as upselling opportunities or as stand-alone offerings can turn a good business into a great one. By remaining flexible as a business owner, you can tap into the pulse of the market and provide your clients with everything they are looking for—and more.
Here are four ways your flexibility as an event entrepreneur can help you take your business to new heights.
You are always ready for growth.
Yes, market research and financial budgeting are vital parts of growth—but, when you’re flexible, those things don’t hold you back! It’s easy to think that it’s “too much work” to try something new or change the way you do business. Flexibility helps you change “not right now” into “let’s do this thing!”—and that’s how you attract more business and grow your profits at the same time.
You are not afraid to make a mistake.
People often associate mistakes with failure, but a flexible business owner recognizes that getting something wrong is simply a step on the path to getting it right. Say you are expanding your catering company to provide clients with rental equipment as well. When you’re flexible, you won’t be turned off to find out the lounge furniture you sourced isn’t as popular as you expected. While others may call it quits and step back into their catering comfort zone, you consider it a lesson learned and adjust your inventory as needed to see the profit margins you expect.
You are agile in your sales approach.
Selling is all about being flexible and going with the flow of your prospective client’s needs. When you are adaptable, you’re able to plug in upselling opportunities at just the right time or pull the trigger on closing the sale at the perfect moment. On the flip side, you’re also quick to respond to client objections and navigate the trickier sides of selling the benefits of your offerings. It’s hard to sell if you’re tied to a rigid sales script, so the ability to speak freely and confidently will help increase your conversions and, ultimately, your bottom line.
You are a great leader.
As you grow a team in your business, it can be hard to let go of the high expectations you set for yourself when delegating to employees. Holding your team members to unrealistic standards and refusing to budge is a recipe for internal discord. Influential leaders don’t expect perfection from their employees (or even themselves) and, instead, help them to grow into their roles in the team. Likewise, remaining flexible with your team’s work/life balance (like granting time off) is an effective way to boost employee engagement, leading to higher productivity and a more profitable business.
Of course, flexibility can be a hard quality to learn—particularly in an industry built upon detailed timelines and checklists. It’s natural to think that being strict in your ways is a great way to avoid errors and stick to the status quo, but, in reality the best entrepreneurs are those who know how to roll with the punches and adapt along the way.