Uncertain times tend to get business owners thinking; arguably the one constructive outcome of economic downturn. But beyond the usual musings over cash-flow and profit forecasts, what steps can business owners take to guard against uncertainty? What makes a business adaptable and ever-ready to face change? The answer: businesses must become more agile.
The word ‘agile’ is easy to define: adjective; 1. able to move quickly and easily. 2. quick-witted or shrewd. In contrast, ‘business agility’ is a frustrating fuzzy notion. We know that an agile business has quick and sharp powers of judgement. We know that an agile business is able to respond quickly and effectively to change. But what factors contribute to such an adaptable nature?
Arguably, being small is one way of being agile. Small businesses are often much closer to their marketplace and customers, which means they can identify changes, threats and opportunities more rapidly. Reaction times are also quicker, with fewer obstacles hindering quick adaptation. Business agility is a product of closeness and intimacy - both with the outside world, and within its four walls.
Business agility may also be determined by an organisation’s management. Leaders direct a business’s fate, so decision makers who are firmly ‘on the pulse’ are more likely to identify change and adapt quickly. Again, a closeness to markets and customers, sound judgement and decisive action are key characteristics contributing to business agility. A bottom-up consciousness - where workers have influence over the strategic direction of a business - is also likely to facilitate a more adaptable and flexible business.
In these uncertain times, you may be forgiven for thinking that business agility is about responding to threats. But remember: it’s about seizing on opportunities too. Reacting quickly and easily to both threats and opportunities - with equal precision and confidence - is really what it’s all about.
Join the discussion
There is no easily definable recipe for business agility (the thoughts above are just a few ideas to get the conversation started). The best way to understand what makes businesses agile is to learn from agile businesses. Which is why we are asking for your opinions. Comment on this article and let us know your thoughts on:
- what makes a business agile?
- how a business can become more agile?
- how your business has quickly and effectively responded to threats and opportunities?
- Or more generally - share your experiences of how your business has adapted quickly and easily to change.
Thank you. We appreciate your views.
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