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5 Tips For Achieving Operational Agility In Your Company

by Paisley Hansen | 24-04-2022 02:58 recommendations 0

What exactly is agility in business terms? It's the ability of a company to adapt to shifting circumstances and changing markets. Agility is about keeping control in turbulent times and being versatile enough to stay one step ahead of trends. Here are five solid tips for getting and keeping operational agility in any company.  

1. Automate Business Processes

One of the simplest ways to make a company more efficient and agile these days is to automate key business processes. The good news is that the sheer variety of business process automation (BPA) tools on the market guarantees that some automated system exists to fit your needs. High customer service volumes can be handled largely by chatbots. Customer relationship management (CRM) programs can collect and segment data and streamline invoicing. Project management systems like Basecamp aid in coordination and file sharing between sales teams.

The only caveat to extensive automation is the need for a strong IT department that uses advanced monitoring strategies like deep observability to keep everything running smoothly. Given the rate of automation, the broad consensus of the business community appears to be that the benefits are worth the costs. 

2. Develop Multiple Income Streams

It's tempting to see revenue in simplistic terms like profit and loss. In reality, companies have multiple options for auxiliary income streams. Branching out into paid consulting and engaging in franchising are common choices. Even reinvesting revenue into stocks is a good idea, though some legal structures are far more amenable to this than others. Having multiple streams of income offers a buffer in hard times. Even better, the same strategy helps to make the most of those banner years when the market as a whole succeeds. 

3. Understand the Market

Many business ventures fall behind because leadership failed to keep up with changing trends in the market. A comprehensive market research program is necessary to leverage these trends. Research should be quantitative and qualitative, melding a knowledge of demographic data and purchasing statistics with the subjective impressions that consumers have of a given brand. Most companies have distinctive niches, but how many put adequate focus on what quality means to those particular consumers? Gauging and predicting the expectations of customers keeps a company flexible and adaptable.

4. Upgrade Training Programs

Everyone wants to hire the best people, but few seem eager to grow great employees. Nevertheless, research continues to show the immense value of employee training programs. The American Society for Training and Development found that investment firms that spent big on training experienced a 218% increase in revenue per employee vs companies that offered little education. Whatever skills are required, managers should make sure that refresher courses are offered on a regular basis. Note that training should be about more than technical skills. "Soft skills" like team building and conflict resolution lead to faster communication and increased productivity. 

5. Change the Structure

The most radical step that owners can take to scale agility is to rework the structure of the entire company to make it leaner and more efficient. This can take the form of a legal structure change, such as going from a sole proprietorship to a limited liability company (LLC). These changes can result in different tax and investment advantages. It can also involve a shakeup in the internal organizational structure itself. Going from a standard hierarchical management structure to a flat one can save overhead and empower individual workers. There's no single right answer here; the value of change depends on each company's unique goals.  

Agility is a quality that any entrepreneur can cultivate in their organization. Let these strategies help keep your company fast on its feet in the next quarter and beyond. 


PaisleyHansen

  • United States Of America Chaperone Paisley Hansen

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