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Only you can decide if change will be good or bad for your business

on Tuesday, 02 April 2019. Posted in Analysis

Like a phoenix from the ashes, scary changes can birth exciting new opportunities – but franchises must be optimistic to reap them

Only you can decide if change will be good or bad for your business

If you’re in business you must see your glass as half full and never half empty – but the world is perhaps equally full of optimists and pessimists. The latter tend to dwell on the negatives of change whereas the former see opportunities unfold.

Change can come in many forms, whether it’s trends and fashion, medical and dietary advice or government legislation. Who’d have thought Greggs would one day produce their now famous vegan sausage roll or that the milkman would deliver bread, juices and vegetables? 

However, the way evolving circumstances can mean both positives and negatives is exemplified no better than in the lettings industry. Over the last two years Generation Rent, the campaign for affordable, transparent and decent home-renting, has influenced the government to introduce some very positive legislation aimed at making rogue landlords a thing of the past. But on the other side of the coin the life of a landlord has become increasingly difficult with more and more regulations to conform to. Agents too have had to reconfigure themselves to cope with the loss of their right to charge tenant fees. 

However, new legislation has actually created fresh opportunities for businesses like VeriSmart, the property inspection and compliance assessment supplier. In the past it was only able to offer four services to clients but the recent and imminent legislation means it has the chance to expand its offerings to help non-compliant landlords become, well, compliant. 

It shows that ultimately in business you need to roll with the blows, be flexible and seek to create opportunity when change occurs. After all, what’s the point in stressing about things you can’t influence? Many fail in business due to their inability to evolve and it’s all down to how they think.

The need for optimism is especially strong if you’re in a service business. Here, you need to provide affordable solutions and ease customers’ anxieties with a smile, which makes their lives easier and ensures they’re unlikely to go elsewhere, leaving your business to prosper.

When choosing a franchise it’s advised you also spend time thinking about its growth potential and ability to absorb change. Don’t limit yourself to a business that is limited – be an optimist and welcome change as an opportunity. 

This article comes courtesy of VeriSmart, the UK’s leading provider of property inspection and compliance services to landlords and lettings agents

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