Did you know that only 25% of new businesses make it to over 15 years? That might be some daunting news.
You might be wondering: what’s the key to survival? Adapability is the answer, and you can find that out through the adaptability quotient.
What is the adaptability quotient? And why does it matter for your business? Read on to find out more!
What Is the Adaptability Quotient?
What is the adaptability quotient? Well, as the name suggests, it’s a company’s ability to adapt to changes, whether it’s with consumer preferences, technology, or even just the marketplace itself.
No matter what industry you’re in, the world is constantly changing. You might’ve heard the phrase “adapt or die”; if you’re not flexible and refuse to go with the flow, it spells out the inevitable doom of your business.
Previously, the intelligence quotient (IQ) and emotional intelligence (EQ) were used to predict both employee and company success. But the adaptability quotient (AQ) is now front and center as the predictor of success.
How to Measure the Adaptability Quotient
There isn’t really an equation where you can plug in numbers and come out with your AQ. However, here are the key things you should know about measuring it.
Your AQ is measured across 3 things: your ability (or adaptability skills), character, and environment. Together, they form the acronym ACE. There are also some subcategories, such as mindset, resilience, learning drive, and grit.
You’ll take an adaptability quotient test where you’ll answer a survey of questions and in the end, it’ll tell you what your AQ is.
Benefits of the Adaptability Quotient
Now that you know what the adaptability quotient is, why is it so important to your company? What are the benefits you can get from knowing yours?
The most important thing about the AQ is that if you have a high one, you’ll be better able to adapt to any changes that are thrown your way. And if you have a low AQ, that doesn’t mean all hope is lost either.
Instead, finding out your AQ can help you figure out ways to improve it; it’s not a static thing.
To improve your AQ, you need to get used to “what if” scenarios. This can help you prepare and adapt to real changes in the market, instead of floundering. It prevents you from sticking your head in the sand and denying that your industry will evolve and trends will ebb and flow.
In addition, it can help you better predict what consumers want. This can put you ahead of your competition and allow you to serve customers optimally. As a result, your competition will fail where you’ll succeed!
Find Out Your Adaptability Quotient
Finding out your adaptability quotient is important when it comes to the longevity of your company. Without a good AQ score, it (and you) just might not have what it takes to thrive in the long term.
So by measuring your AQ, you can figure out what you need to fix. And from there, you’ll see your business stay open for years to come!
To learn more about business operations and how you can improve yours, check out the rest of our blog now.