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Tag: Developing an Agile Work Culture

  • How to Revolutionize Your Company’s Approach to Strategy | Entrepreneur

    How to Revolutionize Your Company’s Approach to Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The modern business world has become increasingly dynamic, facilitating a remote-first environment that calls for adaptation.

    Therefore, to stay ahead of the competition, business owners need a new approach to their operations that can drive consistent, reliable success.

    Enter agile strategizing — an action-oriented method that exceeds the limitations of traditional business strategy. Here’s how it works and why it’s better than the “old way” of doing things.

    Related: The Key to Every Successful Business is Agility

    The pitfalls of traditional strategy

    Traditional strategy is no longer effective in addressing the complexities of modern business. It relies on best practices and fails to keep pace with disruptive forces.

    One such example of a disruptive force was the Covid-19 outbreak. The pandemic brought unprecedented challenges and changes to businesses worldwide. Traditional strategies that heavily relied on long-term planning and stability were ill-equipped to handle the rapidly evolving circumstances caused by the pandemic.

    Businesses found themselves struggling to adapt to the sudden shift in consumer behavior, supply chain disruptions and the need for remote work. Companies that had rigid plans and processes in place often faced difficulties in quickly adjusting their operations to meet new demands and overcome unforeseen obstacles.

    Challenging the assumptions of traditional strategy

    Traditional planning assumes complete control over the environment and accurate future forecasts. In reality, the environment is elusive and the future is unpredictable.

    Consider a technology startup that solely relies on long-term projections and assumptions about customer preferences. They might invest heavily in a product based on those assumptions, only to find that the market has shifted or a disruptive technology has emerged, rendering their strategy ineffective.

    Introducing agile strategizing

    Agile strategizing offers a refreshing departure from the limitations of traditional strategy. It prioritizes action, progress and quick thinking over excessive analysis. In other words, agile strategizing is always on, always firing on all cylinders.

    Rather than getting lost in detailed planning, agile strategizing advocates for iterative implementation. Its core consists of three principles: understanding the context, developing a strategy and implementing actions.

    This approach eliminates the need for extensive plans, allowing strategists to actively think while doing.

    Related: 6 Ways Leaders Can Make Their Businesses More Agile

    The value and relevance of agile strategizing for entrepreneurs

    Agile strategizing holds immense value for owners of small- to medium-sized businesses. Here’s why.

    • Adaptability in a rapidly changing environment. Entrepreneurs and small business owners often operate in dynamic environments. With limited resources, they need a strategy that can evolve alongside their business. Agile strategizing enables flexibility. It allows entrepreneurs to adjust their plans and actions in real time, based on market feedback.
    • Innovation and competitive advantage. Innovation is a driving force for entrepreneurial success. Agile Strategizing encourages creative thinking, challenging the status quo, and exploring new opportunities. By infusing innovation into their strategy, entrepreneurs can create a competitive advantage and stay ahead.
    • Focus on high-value opportunities. Agile strategizing helps entrepreneurs focus on the most critical challenges and high-value opportunities. With limited resources and time, it’s crucial to invest energy into areas that will yield the greatest return. By identifying these key opportunities, entrepreneurs can maximize their chances of success.
    • Agility and speed in execution. Small- to medium-sized businesses often have the advantage of being nimble and agile. Agile Strategizing aligns with their inherent ability to make quick decisions. It eliminates the need for lengthy planning processes and empowers entrepreneurs to adapt. They’ll respond swiftly to market changes, emerging trends and customer demands.

    Putting agile strategizing into action

    Agile strategizing thrives on ongoing, action-oriented strategy. It’s supported by continuous conversation, reflection and “thinking while doing.”

    Let’s explore two inspiring scenarios that show the power of this approach:

    Scenario 1: Urgency for change

    In a rapidly evolving business landscape, circumstances force us to break the status quo and make quick improvements. Agile strategizing provides a proven solution for implementing change swiftly and effectively.

    To come back to that retail company, imagine they’re facing declining sales and increased competition due to the rise of ecommerce. Agile strategizing allows them to adapt rapidly to changing circumstances and make the necessary improvements to drive growth and regain their competitive edge.

    Scenario 2: Always-on strategy

    For organizations seeking continuous improvement, agile strategizing offers an alternative to long-term planning.

    Businesses should focus on their core challenges and opportunities for the next 12 to 18 months. They should conduct weekly strategy reviews, interventions and adjustments. This will foster a team dynamic based on agility and adaptability.

    Imagine a software development company that understands the importance of continuous improvement. By adjusting their actions, and fostering an environment of constant learning, they are able to maintain a competitive advantage and drive sustainable growth in the ever-evolving tech industry.

    The new rules of better strategy

    After looking at ways agile strategy can be put into action, let’s formulate its rules and core principles.

    • Focus on the most critical challenges and highest-value opportunities, rather than lofty goals.
    • Address challenges in the next 12 to 18 months, instead of creating rigid three- to five-year plans.
    • Put innovation back into strategy. Avoid benchmarking best practices and instead, encourage creative thinking.
    • Embrace an always-on approach to strategy, rather than treating it as an annual event.
    • Think while doing, rather than working behind closed boardroom doors.
    • Engage people in conversations, rather than relying solely on analytics and PowerPoint.
    • Take ownership and responsibility for your strategy, instead of outsourcing it to consultants.

    Related: Go Agile or Go Home: Why Agile Workflow Should Kill the Waterfall Process for Good

    Embrace the journey of better strategy

    Now is the time to challenge the outdated norms of traditional strategy and embrace the power of agile strategizing.

    Adopt an always-on mindset, continuously reflect and think while doing. Navigate disruptive times with confidence and resilience. Forge a strategy that focuses on the most critical challenges and high-value opportunities.

    Engage stakeholders, foster innovation and take ownership of your strategic direction. Step into the realm of better strategy — agile strategy. Here, clarity, simplicity, coherence, focus, adaptability, innovation and action are the guiding principles. Let your agile strategy become a dynamic force that propels your organization forward.

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    Marc Sniukas

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  • How to Embrace the Unknown and Pivot Your Business | Entrepreneur

    How to Embrace the Unknown and Pivot Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For business leaders navigating the realities of our economy today, drafting a business playbook may seem more like a game of darts than an absolute science. In fact, against the backdrop of several recent bank failures, it’s becoming increasingly difficult for business owners and executives to tell which way is up when it comes to setting near-term priorities, leaving many to wonder how to adapt to a future that is itself continually fluctuating.

    Thankfully, amid all this uncertainty lies opportunity. As we set our sights forward, companies across industries are facing a unique opportunity to reimagine existing processes with an eye for value on the road ahead. By embracing the great unknown and remaining agile to the needs of stakeholders, executives can better identify new strategies that allow them to not only survive but thrive during this period of volatility.

    Related: What Makes a Business Agile? And How Can You Achieve It?

    Agility at work

    Truthfully, some of the world’s best innovations were born out of a need to pivot. The most challenging times can enable the kind of creative, critical thinking that can shift the trajectory of an entire company. When the pandemic hit, our response was guided by two principles: protect the safety and well-being of our people and continue to be there for and delight our customers.

    In that year of uncertainty, we doubled down on our efforts to help our talent thrive even when facing the unknown. Our “Be Great from Anywhere” campaign kicked off in early 2020 with intensive management training to facilitate that unprecedented paradigm shift in the workplace. Our technology teams sprang into action to implement a 100% virtual policy. Virtual support systems and communities quickly emerged.

    Based on feedback, we witnessed a material jump in employee satisfaction. Our annual satisfaction survey results nearly doubled from 2019 to 2020. Since then, we’ve also seen year-over-year improvement in manager effectiveness.

    This challenge encouraged us to change because we had to; we were solving a problem in the moment. It also affirmed the need to reinvent ourselves proactively — regardless of external circumstances — so we’re prepared to meet the changing needs of customers and employees. When we work within a continually evolving framework, it’s easier to shift gears quickly when it matters. When innovation is centered on delighting customers and employees, you can’t go wrong.

    In the world of business, the clock never moves backward, and you don’t want to be left behind as the world moves on without you. Accordingly, when drafting your business playbook, keep agility in mind as you consider these three dos and don’ts.

    Do: Keep innovating in the face of uncertainty

    Despite the many changes happening both at and outside of work, innovation should not get lost in the shuffle. On the contrary, it’s in times of great uncertainty that stakeholders need new and differentiated services the most.

    With this in mind, business leaders should expect emerging technologies to become an increasing priority now and in the future — with companies racing to meet the evolving needs of consumers in more efficient and effective ways. In the pandemic example above, not only did we leverage new technology to address the issue, but that exercise also helped us transform the way we thought about the relationship between technology and work for the future.

    Of course, from advancements in data mining to breakthroughs in artificial intelligence and machine learning, it can admittedly be difficult for business leaders to navigate the sheer number of disruptive technologies available at their disposal.

    Don’t be overwhelmed. By thoughtfully considering each new technological integration on a case-by-case basis — with a laser focus on which provides you and your customers with the most value — companies can ensure they’re staying ahead of the curve without compromising execution or resource efficiency in the process.

    Related: How to Embrace Uncertainty, and Create a Culture of Innovation

    Do: Prioritize the needs of your team

    When setting a big-picture strategy, don’t forget to consider how the decisions you make can impact the people around you — most notably your team. Having a bold vision for the future is essential, but if you’re not communicating it properly and taking them on the journey with you, you’re only going to create confusion that contributes to stress and frustration among your employees — reducing the likelihood of executing on your vision.

    Particularly as concerns over work-life balance and job security reach all-time highs around the world, leaders can no longer depend on their teams to follow them wherever they go. On the contrary, if companies hope to retain their employees and inspire them with a shared vision of the future, they must be willing to earn it first — which will increasingly require careful attention to transparency, delegation and empathy whenever decisions are made from the top down.

    Don’t: Let cybersecurity fall by the wayside

    One of the biggest myths in cybersecurity is that a business can be considered “too small” to need it. Let me be clear: This is not the case. As the rate of ransomware attacks and other cybercrimes increase around the country, companies must be willing to take precautionary — instead of reactionary — measures to cybersecurity protection or risk suffering the consequences for their indifference.

    Simply having an IT provider won’t be enough. Today more than ever, companies of all sizes must act swiftly in order to audit existing systems for potential vulnerabilities. With the global annual cost of cybercrime predicted to reach a staggering $20 trillion by 2026, time is of the essence — and any red flags you address today could potentially save millions in averted crises tomorrow.

    Related: Cybersecurity Is No Longer An Option. Your Money Is in Immediate Danger.

    Final thoughts

    At any time of year or point in the planning process, companies may feel compelled to reevaluate their annual strategies in the face of profound social and economic transformations in our society. While this may seem like a daunting prospect at first glance, it doesn’t necessarily have to be. Rather, by taking a glass-half-full approach to the road ahead and leaning into uncertainty, business leaders can remain agile and optimistic, consequently positioning them to find opportunities where others do not.

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    Matt Enyedi

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