Are you are an MSP considering adding Cloud Services or Cyber Security protection to your existing business? Maybe you are a Telecom Agent considering adding IoT or perhaps Software Defined Networking to next year’s initiatives. Changing buyer dynamics, margin pressure, and technological innovation all put pressure on your business to change. How do you avoid the risks of changing too soon, too often or too late? What if you are too slow to change or just plain stuck? Here are some tips to help you determine if your business is Agile.
What Type of Change is Right for Your Business?
Start by assessing the nature of change you are considering. Are you moving up market or attacking a new industry vertical? Maybe you are considering opening up a new geographic location. Alternatively, you may be looking at adding another vendor for an existing product or service category, or layering another solution on top of an already lucrative revenue stream. Not all changes have the same impact on your organization. Moving into new markets or verticals may require different skills, infrastructure, and even marketing lists. Incremental changes to your existing lineup may require attention to training, service delivery, pricing, and positioning. Depending on your company’s capacity for change, these considerations may help guide you through the decision of selecting your next big opportunity.
Measure Your Ability for Change
If you have successfully added a service line, new office location, industry vertical initiative, or acquired a new company within the past two years, you may have an easier time implementing change within your organization. You must also consider your team’s ability to absorb change. Without a yes from your team, it is unlikely you’ll successfully launch your next initiative. Your company health, and nature of the change will also determine your overall ability to reach your new business targets. Will you need new resources, new customers, more working capital, more people, or different skills? All of these will factor into your success.
Create Agility in Your Business
Leadership is a key ingredient in an Agile organization. Getting the buy-in from your team is critical. Keep in mind, your human capital is your most important resource. What’s more, they have legs and can walk out the door. By expecting too much from a stretched organization, you will reduce productivity and risk burning out your staff. Sometimes it seems like a people problem; in reality, it is just a bad working environment. Providing specific direction to the right people with the right resources will contribute to your success.
As you weigh opportunities for growth in your business, consider the impact on sales, marketing, service delivery and business operations. Also take into account time spent on organizational development, culture, planning and execution. Without a solid plan, you will need to rely on your luck alone to adopt new business models. Where possible, get help from the experts to ensure your success!