Unlock Your Business Value to be Relevant and Competitive
Constant marketplace changes are often difficult to manage. When business owners’ heads are buried in day-to-day pursuits, they tend to miss trends and market clues.
As a result, the unexpected can take business owners out of their game. A proactive business owner remains relevant, competitive, and able to see opportunities in turbulent times. Concurrent reflection and research can reveal the value of change and its impact on the business. The business owner must be flexible, agile, and consider proactive responses to work outside the box and remain strong.
When you spot trends, are you willing to take the risks necessary to propel your business and your employees? Here are three ways to unlock the potential of your team in the face of change, to better identify and understand the market.
1) Identify resources needed.
Resources must be earmarked. Being accessible to utilize those resources effectively and efficiently is very important.
Finding new ways to compete takes resources. These include people, money, time, technology, and anything that is necessary to move the organization towards its goals. These resources need to be measured. You cannot change, adjust, or pivot without data. You must be able to assess what is and is not working for the business.
Establishing key performance indicators helps your organization become more focused and disciplined in evaluating strategy effectiveness. Teams must look within their own process to understand where the bottle neck exists and re-evaluate their decision-making and areas of stagnation.
2) Create an inclusive workplace.
Empower your team to trust each other and collaborate. Inclusion creates an environment in which people are valued, respected, acknowledged, and recognized.
Inclusion can move the needle on employee engagement to a different level. An inclusive culture makes people feel welcomed and willing to share, as well as create a sense of empathy across the organization.
When an organization’s culture is more inclusive, people are not inhibited from contributing. Instead, they are propelled to do more for the company. In fact, people are open to sharing insights, because those insights are being acknowledged, appreciated, and communicated as necessary to help your organization unlock value so that you can better compete in the marketplace.
[Related: Being and Having an Ally in the Workplace]
3) Make your culture transparent.
An organizational culture that nurtures and values idea exchange and includes contributions of all its employees - regardless of title status, rank, or function - unlocks tremendous value in the midst of change.
When company cultures are not transparent, people may feel they are being purposefully left in the dark. This can lead to distrust and uneasiness. Lack of transparency inhibits growth; if people are constantly worrying about their fate, they won't be focused on increasing business productivity.
This begins to foster pockets of insiders, the people with the knowledge and who make the rules, versus outsiders, or those who are consistently trying to obtain information. You'll unlock value when people know why things are occurring and how their piece of the puzzle fits into the entire puzzle, so they can obtain feedback regardless of the outcome.
Groupthink and resistance to new ideas can lead organizations to miss the boat on market trends. They also hamper an environment in which innovation, creativity, and failure can co-exist. To unlock value and be more proactive, create a culture that allows employees to be curious, address tensions openly, and collaborate across teams. It takes resources, inclusiveness, and transparency to help make your business culture thrive.
Simone Sloan is the founder of Your Choice Coach, which applies expertise in business strategy, executive coaching, and emotional intelligence to help organizations align activities with strategy and become more human to realize results.
Have more questions? Follow up with the expert herself.
Business Strategy| Facilitation| Executive Coach
Your Choice Coach
Simone Sloan is an Business Coach, Executive Strategist and Coach, Facilitator, and founder of Your Choice Coach, a certified diverse supplier. Her professional background includes Marketing, Communication, Medical Affairs, Promotional Regulatory/Compliance, and Global Business Strategy. She has successfully launched products/service, implemented programs for key stakeholders, developed and trained sales and medical teams, and has managed business cross functional teams and budgets. Simone partners with executives and business owners to develop high-level strategic planning objectives focused on identifying and aligning company... Continue Reading
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