We live in a world where agility is essential for the success of any business. If you are not adapting to the new normal, the chances are that you might run out of business one day.
Now you must be wondering, “What is business agility important, what are its benefits, and how can you make your business more agile?”
Let’s answer all of your questions one by one.
Why Is Business Agility Important?
Making your business agile is very important because it provides a competitive advantage to you over others. If you adopt an agile approach, you can quickly react to internal changes and market dynamics shifts. Thus, helping your business be in a better position to deal with changing customer demands.
Let’s take the example of the COVID-19 pandemic. The current timeframe is an excellent case study that shows the status of businesses that were agile and businesses that were not. People who quickly responded to the changing market condition and customer demand were able to keep their business afloat. They were able to do this despite the challenges of lockdown, lower staff levels, and altering needs.
Below are some of the benefits of agility:
1. Respond to New Market Competitors or Conditions
We have already mentioned earlier that businesses need to deal with changing circumstances. Even if your market is not saturated, it’s not long before new competitors will emerge, taking over your target market.
If you are agile from the beginning, you will be able to make new decisions and accommodate new variables.
2. Solving and Responding to Issues
No business can be called perfect. With time you will come across issues like botched orders, delayed shipments, and internal disruptions. Such cases can prevent you from giving the best to the customers.
Hence, if your business is agile, you will be able to identify these issues proactively and take care of them timely.
3. Launching new services and products
Agility also calls for innovation. If your business is willing to grow, learn, and adapt, you will find it simpler to develop ideas and launch new products/services.
Depending upon your goals and ambitions, it could be an excellent opportunity to outmaneuver your competition.
4. Decreasing time spent internally.
If you have agile business practices, you can also decrease the time and effort your team spends on internal operations.
You can spot inefficiencies and make changes in your system to eliminate them.
So, let’s see how you can add these benefits to your business.
How to Make your Business more Agile?
It’s not hard at all. Our guide comprises six ways you can make your business more agile. When we will conclude this article, you will have a direction or action points to implement.
So let’s start.
1. Gain a Balance
It is essential to maintain a balance between running a business and changing it to sustain growth while delivering some value.
As your business grows and develops further, you can struggle with capacity. You might have less time to do innovation or improvement. So, you need to have that balance between your daily activities and taking time out to improve your processes.
Skipping the chance to make improvements in your business should not even be an option for you.
2. Focus on Fewer Priorities
Most businesses have a never-ending list of action points. Becoming agile means prioritizing actions.
An agile approach calls for reducing priorities into a shortlist of 3-4 things that you have to do. Then as you get done with every priority, you have to add new ones to the list in response to your business’s drivers, recent events, and strategies. It can either be external or internal.
3. Automate Processes
To become agile, you must get to grips with accessible and straightforward methods. Most agile businesses use software that enhances their workflows.
For instance, you have a cellphone repair shop. Agility for you can be starting the use of repair tracking software. It will be an improvement that will help you streamline your processes.
In addition to this, conduct daily team huddles for better cohesion and communication. As you conduct these huddles every day, you can ensure that information can be shared timely.
Even more, these daily catch-ups can remove the need for inefficient and lengthy monthly meetings that your team does not enjoy.
4. Empower your Team to be more Agile
Your business can be agile only when your culture supports that. It means that your employees should have the ability and authority to make decisions themselves.
The agility of a business goes hand-in-hand with autonomous company culture. Your business can not be agile if your employee needs your signature on each decision.
5. Plan for the Unexpected
The reality is that nobody knows what can happen in the future. This is why you need to plan for the unexpected. Try to build flexibility into your plans, budgets, and reviews. It will give you an excellent chance to deal with quick changes efficiently.
If you have a flexible business culture, your business can respond to unexpected events without too many meetings and extra planning.
From strategy reviews being conducted quarterly to business continuity planning, each part of your company can plan for more flexible and agile ways.
6. Build an Agile Mindset
In an agile business, there is teamwork, trust, and innovation. It means that you need to engage employees in the changes that you plan to make. And make them feel that they are an equal contributor in your company.
It’s worth noting that shifting to an agile business model can upset some team members accustomed to traditional ways.
If you are facing difficulties in implementing an agile culture, this article can help you. In a place where unpredictability is quite common, transitioning to an agile business approach can help you.
A slow adoption of techniques to be agile can help enhance the adaptability of your business while shifting reliance from slow traditional business methods. So, it’s time to take the right step today.