As we measure our financial Covid-19 losses, many companies are finding that resilience is key to whether they sink or swim. But what does it mean to be resilient? Is it just a buzz word for adequately funded? A key node of resiliency is agility, the ability to adapt quickly to changing and unpredictable conditions. Today we dive deeper into where you can promote agility in your business model.
When it comes to financial agility, companies need creative ways to find additional funding such as flexible payment plans and find ways to reduce the cost of operation. Financial agility enables product agility. In tough times, your company must find something people are willing to pay for. For one pizzeria in Chicago, this meant replacing revenue from dine-in customers. The pizza joint retrained their employees to produce 5,000 face shields a week using pizza ovens.
Loop agility is a bit more complex than just changing up your product. It means continuing to experiment and grow, even when times are rough. Keep brainstorming and producing new ideas. To establish loop agility, leadership agility is also key. You need proactive leaders who are willing to distribute decision-making and learning.
Under strong leaders, the people who make up your company will ultimately determine your agility. If the workforce is not engaged and motivated, it will be difficult to adapt to changing conditions. This means coming up with positive motivational tools and checking in with your employees to make sure everyone is mentally and physically healthy.
Lastly, supply chain agility combines all of these factors and more. It means building a strong network of sourcing inputs and distributing products and/or services to clients creatively. This could look like sourcing raw materials from multiple suppliers or new modes of delivery to socially distanced customers.
Resilient companies not only survive crises, but they grow faster after one. It can be difficult to know where to start on the path to resiliency, but agility is a key factor you can begin implementing in your business model today.
