Change is inevitable in business, but the best leaders know how to turn uncertainty into opportunity. This was the topic of conversation in the inaugural episode of "C-Suite to Main Street," a new series from CO— by the U.S. Chamber of Commerce, where top executives offer valuable strategies and success stories to the small business community.
During a 30-minute discussion, CO— Vice President and Editor-in-Chief Jeanette Mulvey interviewed Noom Co-Founder and Executive Chairman Saeju Jeong about navigating business transformation and strengthening a brand through change. Here's how Jeong recommends adapting to shifting markets, staying customer-focused, and testing new ideas effectively as you grow your business.
Build a mission-driven, adaptable business
Health and wellness company Noom became an overnight success when its app launched in 2016, despite taking eight years to build. Why? Jeong explained that the company had many product lines before it launched the current version, which spoke to its mission.
"The company should actually be founded and based on the mission," Jeong explained. "And then, what you think is a great idea … might not work. So be ready to be flexible and pivot."
The No. 1 piece of advice Jeong offered was to always test your ideas before investing.
"If you see [a] good outcome, then start to invest more and increase the growth," Jeong explained. "If it is working, invest more, and when you have enough data that is pointing out that your idea is verified that it's a really good idea, it's time to invest aggressively."
[Read more: Looking to Test Your Business Idea? Here Are 7 Steps to Take]
When asked what advice he would give entrepreneurs struggling with their businesses, Jeong said, above all, stop doubting yourself and build healthy habits.
Stay customer-focused and be responsive to change
Along with a mission-driven business approach, Jeong emphasized the importance of getting customer feedback and adjusting your product or service as needed.
"Always try to keep your ears open to take other opinions," Jeong said. "Invite your peer partners [to give] their opinion into what you are building now, and pay attention to what your customers are saying about your service and product, [and] review [it] very carefully."
Jeong said there is often some hint or clue about what your business is missing — even if things are going well. Customer feedback can suggest what may go wrong in the future, giving you time to make changes before catastrophe occurs.
Small businesses must also pay attention to industry shifts and pivot their business strategies as needed to succeed. For instance, when GLP-1 medications became popular, Jeong said Noom had to move quickly to launch a new product and update its messaging to compete.
"The lesson is we constantly monitor our user base in the market … [and then] we move fast," Jeong said. "Speed matters because speed is necessary for a company to continue [growing]."
[Read more: The Smart Creative Pivots That Transformed These Small Businesses]
Develop resilience and know when to pivot
For Jeong, the health industry wasn't always his plan as an entrepreneur — he started the first heavy metal record label in South Korea. Jeong turned his passion for the genre into a business, but he worked long, hard hours and often felt like something was missing. Ultimately, Jeong's loss of his father — and an important conversation they had before his passing — led him to pivot toward the healthcare sector.
"[My father's] death gave me the chance to think about how should I live my life, and that led me to start [setting] the right priority [in] my life [and asking,] 'What's my value?'" Jeong recounted. "I learned that I was looking for how I can live my life [in a] purpose-driven way."
When asked what advice he would give entrepreneurs struggling with their businesses, Jeong said, above all, stop doubting yourself and build healthy habits. And when you need an outside perspective, seek a mentor you can be honest with about your business struggles.
"Be very honest and open your heart," Jeong said. "When you meet your mentor, be ready to receive any type of advice, even [if it's] very bitter and difficult. You have to be 100% vulnerable, open, and honest [to receive] great advice."
[Read more: Make the Switch: Tips to Transition to a New Industry as an Entrepreneur]
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.