To say this year has been a challenge for most businesses is an understatement! Whether you have a small-scale or large-scale business, the outbreak of COVID-19 has affected us all. You may have heard the word ‘pivot’ quite a lot at the start of the pandemic, as many businesses decided that if they were to stay in business, they had to change their offering to suit the current climate. To survive and flourish in an unstable economy, agility was needed. This is all about having the capability to think quickly and respond to threats by introducing new strategies and solutions.
Reasons To Adopt Agility
1. To help stabilise cash flow
Keeping a healthy cash flow is extremely important in business, and this is the reason why many organisations went straight out of business as soon as COVID-19 hit. With no stable cash flow, they had nothing in reserve so with no income coming in they had no choice but to fold the business. Financial security is essential when running a business.
2. Increased market reach
As we have seen recently, even the smallest change in either the market or demand can have a huge impact on businesses. With the generation we live in, speed is of utmost importance. You need to be putting the right products or services in front of customers at the right time. By having a flexible marketing approach, you can quickly adapt to changes in the market and bounce back. Capitalising on new trends and getting to market at the right time is extremely important.
3. Employee morale is boosted
It isn’t just your customers that you need to think about when adopting an agile approach, but also your employees. They need to feel secure in their jobs, and if they can see that your business is moving with the times then this will help keep them motivated. Employees are at the core of any business, so keeping them happy and satisfied is incredibly important.
4. Businesses can evolve
Having an agile business strategy means that there are more solutions available to you. You are able to enhance the quality of the products or services you provide, keeping your business one step ahead of the competition at all times. By having a proactive approach to cope with the changing business dynamics, your business will continue to be successful and grow.
Building A Business Agility Plan
The first thing you need to do if you are planning on running an agile business is to have a flexible business mindset and not have everything all mapped out. The more flexible you are with regards to your organisational structure, the easier it will be to overcome issues that arise.
It isn’t just about having one agile approach either, you need to have several different plans in place in order to prepare for the worst case scenario. Start by stepping back and taking a real look at your business and working out which areas need effective agile plans in place.
Learning to adapt is not an easy process, and business plans will regularly need to be changed to meet the changing needs of your customers. Whether you need to look at resources or processes, if you want your business to grow through a period of change, adaptation is key.
If you are looking for a virtual office as part of your agile strategy, here at Venture Offices we have a range of packages to suit. Call us to find out more on 01205 809222.