POWERED BY STORYTELLING ❖ CRAFTED BY THE BEST WRITERS ON THE PLANET

CLICK BELOW TO REDISCOVER HUMANITY

5 Ways Modern Businesses Can Increase Flexibility

Are you running a modern business? If so, then you will have numerous goals on your mind. One of the goals that will undoubtedly be high on your list is the aim to make as much money as possible with your company. But before this and other goals, the aim should be to ensure that your business is as flexible as possible. Why is this goal important? Ultimately, if you increase flexibility then you can guarantee that your business will be able to adapt and shift in the wake of lots of different challenges and changes on the market. This would potentially include things like economic shifts or drops in demand for your business. If you look at the market right now, then it’s clear that things aren’t exactly stable. There are near-constant levels of disruption that you must handle head-on. Increasing flexibility does allow you to do this the right way.

Remote Work

First, you should ensure that these days your business is set up for a significant level of remote work. If the coronavirus has taught us anything, it’s that companies must be prepared for the challenges that throw office life out of the window completely. The good news is that most businesses can be run remotely these days, at least to a significant extent. It is possible to complete a lot of your main business processes from the comfort of your own home. A lot of companies found this out once they had no other option. But you can make sure that this is a smoother process.

One option would be to look into a shared platform for your business. With a shared platform, it’s easy to share concepts and ideas between workers on different teams and employees who are operating from different places. Shared platforms can be designed and set up to ensure that they are custom-built for your business. If you do this, then you won’t have to worry about them not being suitable for the purpose that you need them for.

Another element of remote work would certainly be guaranteed that you can interact and engage with your team members. This is possible through software that is readily available on the market such as video conferencing. Zoom use skyrocketed through the worst of the coronavirus pandemic and now that the pandemic is over, you should still be focused on using the same types of services.

The Gig Economy

Next, you might want to explore where using freelance workers could be the right option for your business. Freelancers are great for a few reasons. If you utilize freelancers, then you don’t have to worry about the additional costs that are usually going to be associated with hiring employees and that’s important. Hiring employees is always going to be one of the most expensive elements of your business. But it’s not the pay that pushes up the price, it’s the incentives and the cost of the responsibilities that come with a team of workers.

That’s where utilizing the gig economy comes in handy. Freelancers don’t need incentives nor do they expect them. You also have limited to no responsibilities when it comes to freelancers. This can be true, even if they are working from an office that you own. You might think that utilizing freelancers in a major business is rare. However, this isn’t quite true. Indeed, the freelancing sector is growing at a tremendous rate. By 2025, it is estimated that nearly 50% of the total workforce will be freelancers. As such, this might just be a trend that business owners need to get on board with sooner rather than later.

Outsourcing solutions are also worth exploring. An outsourcing service is a great way that you can tackle significant issues in your company. With outsourcing, you can remove the cost and the complexity of areas like marketing and accounting which is great. If you can find the right solution, you can get the quality without the significant expense.

Technology

It’s also important to look at how the latest technology can help make a business far more flexible overall. For instance, businesses should be thinking about the cloud. The majority of businesses, both large and small do have some form of cloud solution at the heart of the business. It does provide a lot of benefits. For instance, if a company is on the cloud, then it’s possible to guarantee that information can be accessed instantly regardless of where you are, without impacting the level of data security. A cloud solution is also completely scalable. This means that it can increase or decrease in size and cost depending on the specific requirements of a company.

Businesses are also starting to rely more on multi-cloud solutions. The benefit of a multi-cloud system is that the level of risk is significantly reduced. For instance, if one cloud fails, then the workload can almost instantly be shifted to another cloud that is operating on the same network but is from a different provider. This type of flexibility is highly important in terms of what it can bring to your business.

One final aspect of tech that could be worth exploring is automation. Automating processes that are largely complex is becoming the norm in businesses across the world. This is largely thanks to the development of machine learning tech. Machine learning is the concept of creating software that can create software to complete processes with little to no human interference. Make no mistake, this is the future of flexibility in businesses. But, contrary to popular belief, it doesn’t mean erasing the human workforce. Rather, training is necessary to ensure that your team knows how to work with this type of tech.

Office Changes 

Changes to office environments are also coming thick and fast and this is against all about ensuring the highest level of flexibility. One example is going to be ensuring that you can always remain connected in the office and around a business property. It’s quite common for there to be dead zones around a large business office which, if apparent, can slow a company right down. You need to make sure that you are tackling this issue head one. Of the ways that you can do this is with solutions like WilsonPro cell signal amplifiers. With tech like this, it’s possible to guarantee that calls can always be taken with crystal clear quality regardless of where someone is in your business office.

Of course, it’s also worth noting that business offices are expected to become smaller over the next few years. This is again, definitely tied to the fact that more people are going to be working from home. The reality of this is largely inescapable. It will also be more common for businesses to use solutions like host desks that are hired out by the company so that employees have a space where they can remain productive and on task.

Cash Flow

Finally, it’s worth thinking about the business income. These days, it is recommended that private individuals have a few different sources of income. The benefit of this is that it means people can fall back on a second income if their primary income fails or falters. Businesses should be in the same position and they should always have various avenues of cash flow. An example of this would be ensuring that they are providing a diverse range of different products and services. Companies should also be able to use the assets that they have in hand to make money. For instance, a lot of businesses are using websites that have high domain authority as marketing tools for other companies. This can be a highly profitable idea.

Business owners should also be ready to explore different investment options in their company model. This does include stock as well as investments with a higher level of risk like cryptocurrency. On the same day, it is also crucial that customers are given more choice with your company. If you provide more choices to your customers, then you will be removing the roadblocks that could exist between them and a potential sale. It will also mean that you are flexible to their needs and that your business is adapting to changing buying trends and habits on the market. This is always going to have a positive impact on the cash flow of your company or organization.

We hope this helps you understand the best ways that your business can increase flexibility and why this is critical for the success of your company on the market. By making your business more flexible, you are always going to guarantee that it is in a far stronger position on the market. You will even be able to ensure that it is more competitive when directly compared to other businesses. With a high level of flexibility, you can keep your business firing on all cylinders in the wake of extreme changes that you might not expect but that you should be prepared for.

BIZCATALYST 360°https://www.bizcatalyst360.com/about/
We are an Award-Winning global media digest, operating under the umbrella of 360° Nation, encompassing a wide range of multimedia enterprises, including; 360° Nation Studios —dedicated to reaching across the world in an effort to capture, produce, and deliver positive, uplifting messages via game-changing productions such as HopeFest 360°, and BucketFest 360°. We also operate GoodWorks 360° —a pro-bono consulting foundation focused entirely on providing mission-critical advisory services to nonprofits worldwide. With an emphasis on action, our 800+ international contributors empower people to transition from knowing what to do to actually doing it. Today and every day, we simply deliver the very best insights, intelligence, and inspiration available anywhere, doing it our way by placing our writers and our audience at the forefront. It's magical. It's evergreen. And quite frankly, It's just good stuff. Period.

DAILY INSPIRATION. DELIVERED.

PROUD RECIPIENT OF THE WEB MARKETING ASSOCIATION 2020 "STANDARD OF EXCELLENCE" AWARD

TAP INTO OUR FLOW