So many businesses in various industries and fields are under siege on many fronts. Communication companies, financial institutions, insurance companies, Google, etc. are all getting in each others’ business. Some have been more successful than others. It is not a new concept but it is intensifying.

Is there any hope for small and mid-size businesses in this ultra competitive environment with mergers and acquisitions abounding? I think the answer is “Yes,” but preventive steps must be taken and a healthy dose of reality should be consistently taken in.

Following are some examples of businesses who either had to change or become extinct.

• Railroads in the past refused to accept that they were in the transportation business.

• Polaroid, which couldn’t believe that its groundbreaking product could be rendered obsolete. Perfected technology made it irrelevant to the mass market.

• Eastman-Kodak couldn’t believe the camera could become irrelevant to most users who are not avid photographers.

• Do your remember Palm Pilot and Blackberry?

The writing is on the wall, but what do we do about it? Some businesses who did see the hand writing on the wall in the past and did something about it still experienced losing ground. The Swiss watch industry, a leader in the field for more than 500 years, came to realize the smart phone offers a more efficient way to tell time. They shifted their marketing strategy from the functionality of a watch to a watch that is a fashion statement. This was a smart move but the sales of smart watches exceeded the sales of Swiss watches.

Adds to these stories, the mix of facts below.

• The largest market cap company in the world, Apple, did not exist 30 years ago.

• Starbucks’ card sales is approaching $10 Billion annually. Twenty-one percent of their transactions are now mobile driven.

Many people still do not understand the attraction and market success of Starbucks where consumers pay 4 or 5 times the cost of a cup of coffee in restaurants and convenience stores. Businesses struggle with lost territory, fickle customers and the intense competitive environment that exists today and is not letting up.

What can you do to compete successfully in this ever changing environment? Some ideas follow.

1. Become agile and flexible — become creative and not just reactive is of utmost importance.

2. Know your competition — know who your competitors are and what they are offering.

3. Know your customers — customer expectations can change quickly and dramatically especially when economic conditions are unstable. Find out what is most important to your customers, i.e. cost, quality, service, new products, etc.

4. Differentiation — give your customer a good reason to come back to your business rather than rival businesses.

5. Step up your marketing — tell people who you are, where you are located and why they should do business with you.

6. Update your image — simple and inexpensive changes can keep your place fresh and attractive to customers. No one likes to shop in a place that is staid and old looking (unless you are an antique shop). This includes business cards, packaging, stationery, your website, building, etc.

7. Take care of existing customers — many businesses mistakenly put so much emphasis on the development of new customers that they forget the long time, loyal customer base that has gotten them where they are in their business. People want to feel appreciated.

8. Be the best employer — your employees are your best advertisement. If you treat your employees well they will tell others and if you don’t treat them well they will tell everyone.

Determine that you will be a survivor. Don’t just “get through” the cultural change but learn how to flourish through unending cultural changes. Learning in a fast-paced market is crucial. Making decisions that will positively affect your business is important. Survivors re-invent themselves time and time again. Be disciplined. Have curiosity. Concentrate on communication through all avenues. Don’t let failures hold you back from continuing to try new things. Experiment with new ideas. Stay up to date with and utilize technology to your advantage.

Protecting your market share in a changing landscape is often intimidating, however uncertainty produces great opportunity. The future is often uncertain but you can count on the challenges of continuing to serve all your audiences, i.e. customers, employees, stakeholders. Your attitude in experiencing change is what got you to prosperity and it is essential for the future success of your business.

Becky Vaughn-Furlow retired from Trustmark Bank as executive vice president and human resources director. She can be contacted by emailing bvaughnfurlow@gmail.com.