We all have different tolerances for risk and failure. Successful small businesses have to become comfortable balancing both – particularly when faced with rapidly evolving technologies and customer demands. Though uncertainty can be unnerving, sticking to a brittle business model is likely to fragment your chances of success.
Instead of letting change break you, learn how to master the art of digital flexibility to lead a more dynamic and responsive operation.
81% of companies can’t be totally off base. That’s how many have identified agility as one of their most important initiatives and embarked on digital transformation projects in the last three years, according to KPMG.
As digitization accelerates, companies who aren’t utilizing those advances risk getting edged out. Be it real-time data insights, cloud-first operations, or AI-powered cybersecurity, the list of possible entry points is long. Still the countdown to evolution or obsolescence is getting shorter.
This is survival of the agilest. Meaning companies can either take advantage of tools that allow them to forecast better and make more strategic decisions, or lag behind in an increasingly globalized digital landscape.
Your business is only as adaptable as your work culture. Agile organizations understand that change is to be celebrated, even if it wasn’t anticipated.
Yong Kim, CEO at Wonolo, reminds SMB leaders that, “It’s critical companies have a culture that embraces constant change, whether it’s with a go-to-market strategy, workforce planning or product road map. Companies should also have proper systems in place to easily adjust their businesses to changing factors in their industry or in the overall economy.”
As technology proliferates, markets will continue to become saturated and more competitive. Your ability to pivot in response to local or global shifts can mean the difference between innovating and being snuffed out by a competitor’s willingness to do so.
For 71% of global organizations, digital transformation is their first strategic priority. At a time when the majority of customers are considered ‘digital natives’, organizational agility is everything.
As Katherine Kostereva tells Chief Executive Group, SMBs looking to level up their agility need to focus on evolving the big three:
Identify and upgrade any manual processes across your most essential departments.
Test and refine your approaches with a carefully-selected core technology platform.
Embrace digital opportunities for a broad-strokes change or get granular and specialized (e.g. facilitating sales transactions in a new region).
Legacy systems and a that’s-the-way-we’ve-always-done-it attitude are like an anchor keeping you stuck in the past.
If the last few years have taught us anything, it’s that change waits for no one. It indiscriminately impacts all sectors, all regions, and all teams. The only antidote is an unrelenting drive to improve at all costs.
Fortunately you don’t have to do it alone. Samuel Johnston of nth Venture, reminds leaders not to overlook their workforce resources when creating a culture of innovation, “Businesses must create an environment where ideas are captured, nurtured and respected so that all within the organization can have a positive impact on business process improvement and product development.”
Digitalization reached a fever pitch during the pandemic. Big changes in everything from cloud technologies to data capabilities continue to gain speed and momentum, disrupting traditional businesses who refuse to adapt.
They’ll be the first to tell you: successful digital transformation isn’t a one-off project. It’s an ongoing outlook that’s as essential to your company culture as your core values.