How To Manage In A Changing Business Environment

This last year has shown that being prepared for change is vital. Companies that can weather changes will always perform better, but this requires being constantly aware of the transformations happening within industries.

How can businesses adapt to a changing business environment? The solution is to develop a high performing business strategy, one that takes into account any future changes and considers the impact of these on your business.

There are many things to consider when creating a high performing business strategy. For example, you’ll have to assess the current business environment, identify any potential disruptions, and review your human resources strategy. Once you’ve done this, you’ll have more chance of being able to succeed during a period of volatility. 

Part of your high performing business strategy will undoubtedly be improving employee skills. Pareto has over 25 years of experience in skills development and our sales training courses will empower your sales teams to be market-leading. For now though, consider our tips for how to manage your company during a period of change. 

Understanding the situation

Before you even consider creating a high performing business strategy, you have to understand how your business is currently performing. Evaluate where your business is succeeding, the areas you may need to develop, and what resources you have at your disposal. How prepared are you for a drastic change in the industry? 

However, just as important as understanding your own business is having knowledge of the current business environment. Are there any trends that currently threaten your business? What global issues might affect you in the future? 

Some of the biggest trends affecting business that you might consider are:

• Increased reliance on digital channels
• Virtual work
• Diversifying supply chains
• Automation of business

Consider how predicted trends will affect your business – some may have no impact, while others might affect you in a big way. Once you know this, you can prepare a high performing business strategy that targets these potential trends. Not only will this help you foster a more mindful business environment, but you’ll also have the opportunity to rethink any problem areas.

How to adapt

After your initial evaluation of your company’s operations, you may realise that you need to take a different approach to your business. If this is the case, make sure to clarify your overall business goals to be sure you are headed in the right direction with a clear intention.

During a period of volatility, you may realise that you need to change your business operations quickly. Ensure your high performing business strategy has details of how you might achieve this. Which areas of your business will become outdated the quickest? How could you transition your business to ensure future growth and profitability? 

Effective talent acquisition 

Building a business for the future begins with human resources. After reviewing your business for areas that may need additional help, you can turn to talent acquisition to help future-proof your workforce and business operations.

First of all, your acquisition strategy should be based on your business goals. To understand your requirements, you should create a high performing business strategy document to outline what kinds of skill sets you should be investing in to ensure your business can weather change. 

Review your interview strategy to see if you are actually testing candidates on the skills you want to hire for. Get a head start in the process and make sure your job advert clearly sets out the skills and personality requirements you’re looking for. This will ensure that your new hires are a good fit for both the role and your company. Later on, you may decide to also introduce assessments into the hiring process to ensure your candidates have the appropriate skills for their desired role.

Review your accounts

While your focus may be on your business during a period of volatility, you’ll also need to attend to your clients or customers during this period. They will need additional reassurance to prevent them from jumping ship in response to the changes your business is experiencing. 

Ensure you review all your accounts and check in with your clients regularly to make sure that you’re all on the same page about what this period of change means for your relationship. You might also use this as an opportunity to consult your high performing business strategy on how you can get more value out of each of your clients. 

Being transparent when your company is going through a difficult period is also a way to build trust between you and your clientele. Keep them updated with any changes you’re making and leave the dialogue open for feedback. 

Build your skills

It might seem simple, but one of the easiest ways to manage in a period of sustained change is to empower your employees with new skills. Retaining employees is much more cost-effective than hiring new ones. So if you can, consider how to level up your employees with continual training. 

Many skills that are in use now, such as agile leadership and digital skills, weren’t in use 10 or 15 years ago. When you’re thinking about which skills to equip your workforce with, consider what skills will be most useful in the future. For example, some of the skills researchers predict will be crucial in years to come are digital literacy, decision making, and cognitive flexibility. 

Ensure that your high performing business strategy includes a discussion about how to up-skill your employees, as a simple way to secure your business for the future. If you’re considering training, Pareto can help. We offer in-depth sales leadership & management training to help take your salespeople to the next level.