On paper your business looks sound. But what if a changing market means you have to adapt your business model – fast? Find out how to improve your business agility.
1. Plan ahead but be open to change
It is vital that you have a well thought-out business plan that is regularly reviewed, with key members of your team, so that you can adapt to circumstances. By keeping abreast of changes in the marketplace you can prioritise the changes you need to make to your business plan. Focus on those with the greatest potential benefits, not the easiest to implement.
2. Keep in touch with the market
You’ll need to take a regular look at competitors’ offerings to ensure your products and services retain their edge. You can do this by talking to customers and suppliers, and networking at trade events and online. Valuable information can also be gathered by getting online and seeing what people are saying about both you and the competition.
3. Lead from the front
An agile business needs a strong leader who can manage from the top down while demonstrating that they are in touch with what is happening at a grassroots level. Good leaders need to inspire their teams, effectively communicate their vision and show that they are listening to customers, suppliers and staff. They also know when to delegate tasks to the experts.
4. Get help where you need it
Don’t expect to tackle areas outside of your expertise. If you want to export to new markets, find people who have experience in that market – and look at potential partnerships that will enable you to achieve your ambitions. Use freelancers and consultants where appropriate.
5. Invest in your people
You cannot succeed in business if your staff’s skills are not up to speed. Where staff need new skills provide training or coaching to get them up to speed. Encourage an ‘I can’ attitude. For example some companies should consider training their staff so that they can multi-task in several areas – useful to cover annual leave and sickness in small companies.
6. Empower your staff
Your staff will usually be the most visible aspect of your company from a customer’s perspective and they will ultimately deliver on your business plans. Seek out their opinions and show you are listening to what they have to say. Make sure they are well informed about what you want to achieve and then empower them to make decisions on behalf of the business.
7. Foster a culture of innovation
Your people often have closer day-to-day contact with customers and suppliers than you do and this can be a source of vital information. Encourage them to come
to you with their ideas and reward the good ones. Be careful not to trample on people’s feelings if you think their suggestions are weak.
8. Be brave
When implementing new processes explain clearly the need for change. Ensure everybody is aware of what is happening. This will send out a clear message that changes are going ahead. Assign responsibility to specific individuals or departments, detailing what needs to be done, when and by whom. Re-emphasise the benefits to ensure that your team keeps the positive goals in sight.
9. Use technology
Whether you want to have staff work from anywhere at anytime, get more visits to your website or try out some new software, there is technology that will help you meet your objectives. Before adopting new technologies, make sure you understand them first. Don’t pay for more than you need, but do think carefully about how their use may change over time. Invest in technology that is scalable, so you don’t have to reinvent the wheel every time.
10. Evaluate your processes
Is your new business strategy getting the desired results? You need to be clear on what worked and what hasn’t and you won’t know that unless you have decided what success looks like. Be certain on what your objectives are. Any change you decide upon should be specific, measurable and agreed in advance.
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