Flexibility is Key
According to Matthew Toren, business flexibility is: “In other words, you’re ready for whatever happens in the market and you’re able to turn it into opportunity by adjusting to the new paradigm almost immediately.”
In order to encourage and maintain business flexibility:
- Understand that your plan may not carry out as you expect
- Be innovative and use your initiative
Accept that change is bound to occur and in order to have a successful business, you must embrace that change and go with the flow. A method to develop your skill to be flexible is to answer hypothetical questions that one could ask you at any moment. This helps because it gets you in the mindset of being quick on your feet. For example:
- What would we do if we can’t deliver our products because of a malfunction?
- What would we do if our clients swap over to another company?
- What would we do if we lose some employees?
In conclusion, flexibility is a vital business skill to have because:
- Expanding your client list: a way to do this is to discuss who can benefit from your product or service and to make changes to your company (e.g: distribute your product online as well as retail stores) in order to reach those new clients
- Increase in customer satisfaction: by being able to be adaptable, your customer is more happy with the service you provide as it meets customer demands
- Increase efficiency within the workplace and your team
- Creating a more cost-effective business operation
- Being flexible means that when an opportunity is presented, your company can take it and utilise it to better and grow your company