Chances are that you will have heard about the importance of being an agile company. Thanks to digital technology and new organisational processes, the goal of business isn't just to grow, it's to stay agile and keep adjusting to market conditions.
There's also plenty of advice out there for companies that might be looking to move faster and realise new opportunities. To assist you in cutting through that noise and really grow your business, we've distilled four core points that can help you build a company that is light on its feet.
1) Start with a clear vision
Every company that is looking to move faster and adapt quickly needs to start with an effort from the very top. As a business leader, you and your management team need to have a clear vision of where the company is, how the market is changing and where you want to be. Only then can you begin to build a more agile company.
The crux of an agile enterprise is also being able to adjust direction quickly - and this calls for leaders who can think on their feet and admit that the strategy they had in mind was wrong. This is as much about your own state of mind as it is about an organisational strategy; businesses have to think fast and think clearly in order to respond to new challenges.
2) Restructure your organisation
Supporting any agile business is a group of staff who are able to take the initiative and who aren't slowed down by a bulky organisational structure.
One of the main actions that many companies are now undertaking is to flatten the management pyramid they operate under. Rather than having a lot of tiers between the leadership team and everyday employees, these companies are ensuring that messages from top leaders are being delivered directly to staff.
While most small businesses won't have the dizzying array of roles that come with a large organisation, they should still think about whether the structure of the company is affecting how quickly the company can adjust. If vital messages are being lost in translation then it is definitely worth restructuring your company.
3) Empower front-line staff
This point complements the second one - as well as having a structure that makes it easy to communicate, businesses will need to consider whether they are empowering staff who work on the front line.
This could take many different forms, from giving employees ownership of an initiative to seeking constant feedback from them on ways to improve the company.
Leaders still have to be involved in this process though. If anything, empowering employees will require more effort from the leadership team to ensure they are giving staff the support they need. However, companies that can get this right will not only have more engaged front-line staff, they will be in a great position to move quickly and respond to challenges that employees pick up on.
4) Use innovative business financing solutions
An agile company has agile finances - they aren't devoting resources to chasing invoices and they maintain a steady cash flow that can be put to good use.
There are many different ways that an organisation can achieve this agility. Sending invoices out promptly is the first step, while services like debtor finance can provide an ideal mechanism for ensuring cash flow continues to support your business's performance.
Each of these measures can help a company develop a more agile operation. Taken together, they provide a powerful base to improve your company and realise the benefits that can come from having a fast-moving organisation.
If your business needs any help with working capital management via a business line of credit, debtor financing or equipment financing, contact Earlypay’s helpful team today on 1300 760 205 or visit our sign-up form.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].