You may have noticed a significant shift in demand and supply for goods and services as well as different customer demographics reaching your business. Customer attitudes and needs have significantly changed this past year and an organization needs to move quickly to attend to these demands and stay competitive in the marketplace.
With the fast pace at which society progresses and the unpredictable needs driven by the pandemic, companies must do whatever it takes to stay innovative and relevant in the business world.
Reinventing and speeding up your business might be challenging but it can pay off if you comprehend your strengths and weaknesses, and develop strategies for your business model fitting the current environment needs. Forecasting various future scenarios may help you to identify key aspects of your business and moving it at a rapid pace.
Companies are speeding their businesses by thinking out of the box. For instance, Slack, a popular business collaboration and chat application, started as Tiny Speck, a company which developed a computer game called Glitch. The game offered interactive and colourful chat functionalities that both players and employees used. Glitch was shut down in 2012. However, the company found opportunities to use the powerful tool and technology that it had developed. In 2013, an app called Slack was launched. Slack generated $902 million in revenue between March 2020 to April 2021, a 43 percent increase year-on-year.
If your organization needs to speed up business growth and innovation to continue into a successful path, here are some of the areas that must be considered:
Technology is key: delivering faster is essential
Nowadays, it’s almost impossible to be global, fast, and highly innovative, without the extensive use of technology. Leaders must invest in new software that can enable both quality and speed. They also need to recognize that technology can lead to new opportunities and expand their business in different ways. There is no doubt that managing costs is crucial in these decisions. However, business owners seeking to improve profit margins should identify that speedy growth is achievable thanks to technological and innovative processes.
Effective team collaboration
Collaboration between employees from different teams is an essential component of company speed. Embrace cross-functional communication, and as a result, a culture of speed naturally forms, and it reflects in your services and products, attracting more customers and blowing away your competition.
Learning & Retention
Organisations must develop processes for identifying and then learning new information, tools, and solutions. The faster you learn, the faster you evolve to the point of exponential growth.
Processes must be integrated
Processes are necessary to ensure smooth integration between functions, helping on fast arriving solutions, quickly eliminating barriers, identifying improvements and opportunities.
Finally, if you want to be an industry leader and remain highly profitable, you must continually develop your capacity to speed up growth and innovation.
Techfynder is recognised for its adaptability, speed, flexibility of our platform and we can help you in this journey by helping you to hire talented professionals in the marketplace through an efficient hiring platform to grow your business.
We are a dedicated subscription platform service that allows companies like yours to directly connect with professional talent and to carry out every aspect of the recruiting process via a single portal. Try the Techfynder Free Job posting account!