Flexible, Agile Businesses
In previous posts, I have beaten the notion of the necessity of change into the ground. So in this post, I am going to talk about it some more! However, this time I will relate it to survival in the new economy.
What characterizes our modern economy? Well, we are increasingly doing business on a global scale. The strongest companies in the US are growing and expanding their operations into other regions, such as Asia and Europe. Then, we see strong companies in regions such as Asia and Europe expand into our region and do business here. New competition is arising from different places in the world every day. With new competition, new ideas, and new innovations come changes in the market landscape and the way we do business. The changes we make in response to the changing market affect the market back and our competition as well and so this feedback mechanism continues back and forth.
But what’s the big deal? Hasn’t this always been the nature of competition? And hasn’t global commerce been around for a while?
To an extent, yes, global commerce has been around for quite some time, and we have seen these competitive behaviors since the dawn of competition. But what is different today is the extent of the global market and how fast information travels.
In the past, businesses were confined to the regions they did business in and traded goods worldwide. Now, businesses have a more pervasive presence worldwide, which affects respective economies and even cultures in a new way.
With the rapid information transfer that the internet allows, market activity has become faster and denser. Research can be done quicker and efforts can be coordinated instantly. What all of this results in is a highly volatile, ever-changing market to do business in. New innovations pop up all the time. Advances in technology change the market environment over night.
To survive, today’s businesses have to adapt to all of these changes and leverage the changing market conditions in order to attract more consumers and increase revenue. A changing market calls for changing businesses.
Businesses that are flexible are going to be the businesses that can change when the market takes a sudden turn. Flexible businesses have plans for reorganization. They also encourage employees to innovate and try new things whenever possible. They make change their policy.
I’ve talked about this before, but building with modular construction allows a business to have change-ready facilities. If a business needs a new workspace to begin working on smart phone applications, or a new computer room for social media marketing experts, that business will be able to expand upon their existing facilities without necessitating disruptive construction. New technologies require new workspaces to produce the latest product on the market. A smart business has to be ready for whatever is around the corner so they can be among the first to take advantage of it.
In the next post, I’ll talk about the significance of the green movement in relation to the new economy and how smart businesses are getting on board.