For a business to acquire the tag of agility is its capacity to improve its reaction time to the evolving requirements of its clientele. The effect of this is that your business is able to expand in a whole new direction. Any business that is intent on retaining and extending its foothold in the competitive trading landscape must deeply value agility. When your business is agile you are better placed to effectively execute risk management policies.
Having an understanding of your companys core competencies is an essential towards achieving agility for your business. Knowing these competencies aids you in directing your resources and time to particular areas where your strength lies. You should not view core competencies as only comprising products since they extend to include technical knowledge and skillsets. In this you will as well find the ability to cultivate good relationships with customers and supplies alongside having a reliable team of employees.
It is essential to know the markets for your products and goods that stem from your business core competencies. You will then be able to utilize on this uniqueness to create new streams of income. At this stage undertaking of market research will assist you achieve the objective. It is recommended to contract an external service provider to guide you in the systematic evaluation of the markets that you can access.
Upon determining the market that will be effectively served by your products and services, you need to evaluate how best you can satisfactorily service it. In the event that the capability of your business to generate value is dependent on equipment you need to improve the capacity in that area so that you get returns on your investment. Conversely if expertise and knowhow is what drives values in your business, you will be better placed to be versatile in the market opportunities.
It is advisable to consider lean operations as effective approach of attaining maximum agility for your business. This is essential as it helps you to cut down on waste by reducing activities that do not add value to your business. As well you will be better placed to offer your services and products in an effectively without increasing the cost or sacrificing the quality.
An important component of a companys agility is how each individual behaves. The agile mindset needs to be encouraged as it affects individuals participation, collaboration, cooperation and sharing. These behaviors are backed by agile values that include courage, commitment, honesty, openness, focus and respect. It is through proper grasping of the purpose of these values that you find results-driven management, customer delighting, iterative incremental and employee pleasing.