The success of your business is not always measurable by numbers of sales or profit margins. While those certainly are important indicators of success, a lot of the critical growth that leads to business success directly relates to how your company navigates changes and challenges. This article will discuss three characteristics your company can adopt in order to secure success and future growth.
When a business is adaptable it is able to shift gears, add products or services, change its sales process, or even refresh its image relative to the ever-changing environment of the world in which we live and do business. One area where adaptability is increasingly evident is technology. Companies that have embraced new technology and given their businesses an effective online presence are able to thrive to a much greater extent than companies that were either slow to move online or companies that did not go online at all. Being able to adapt to changes like this in consumer and market demands is critical to continued growth.
Adaptable company leadership is careful to not become too rigid in their thinking and planning. Being able to listen to customers, employees, business consultants, or others who may have ideas and suggestions for improving the company is an important aspect of adaptability. Open channels between company leadership and constituents must be in place, otherwise shifts that are needed in the business may not be identified in time to take appropriate action.
Flexibility plays a role in both adaptability and resilience but also deserves to be in a category of its own. Without flexibility, growth is slow or even impossible. Just think of the amount of flexibility that nature requires for a new human being to grow within its mother and be born. A company, likewise, must be able to stretch to capacity at times. Flexible companies have both leadership and employees who can take on different roles in the company when needed in order to expand and grow.
Learning and staying abreast of new technology, trends, and processes is key to flexibility. A flexible company consistently trains people at all levels of the company so that everyone has the knowledge and tools necessary to be the best at what they do. It is well known that the best athletes train extensively before any competition; expecting anyone in a company to remain competitive or at the top of the game without regular training is unrealistic. Keeping leadership and employees limber and fit for their roles is one of the best ways to promote company growth.
A company that can carry on business successfully when the unforeseen strikes has a high level of resilience. While some companies may seem to come by resilience naturally, it generally is achieved through strategic planning. Awareness and preparedness of company leadership is perhaps the most important key to having business resilience. Leaders who assess risks and form functional risk management plans that can be implemented in threatening situations are able to carry their companies through challenges.
Other factors that affect resiliency in business include responsiveness and a strong company culture. When change is required quickly, a company structured for responsiveness is able to quickly effect necessary changes to keep business moving forward. A responsive leader must be in touch with and aware of each sector of the business and its employees. Having a strong company culture boosts resiliency because it allows everyone in the company to maintain a focus on a common vision and mission when disruptions strike. Strong company cultures also create a psychology of unity among every member of the company, resulting in a sense of working together to overcome obstacles.
Business growth is commonly measured in numbers and statistics, but it is the deeper character traits of a company that determine overall success. As companies navigate challenging and changing world markets, terms such as adaptability, flexibility, and resilience will be integral to new dialogues in business.