Entrepreneurs are known for thinking outside the box and finding solutions to problems that are sometimes radical.: The building blocks of entrepreneurship: ‘Business nimble’
6 Jun 2018
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Entrepreneurs are known for thinking outside the box and finding solutions to problems that are sometimes radical. But this is necessary to run a nimble business that can withstand and surmount the challenges of the modern business environment. Without decisiveness, organisations will stumble into bureaucracy, with too many people involved in decision making and actions taken far too late.
It’s clear that in the current climate, across Australia, businesses large and small are failing, and that’s why “Business Nimble” is more important than ever. But exactly what does this entail?
First, it involves knowing your business inside out: every margin, every contract, every revenue stream and expenditure line. Without this knowledge, it is impossible to make informed decisions.
Secondly, it means building a very special culture that drives every team member to give their all to make things happen. To do this, you need to have the right team and you need to know their strengths, their weaknesses and their personalities. An entrepreneur’s team must be able to rise to every challenge, and treat business imperatives as if they were their own.
Thirdly, a nimble business needs industry intelligence. It needs to know what is happening in regulatory matters, in the wider sector, on the international landscape and in the offices of their competitors. The best entrepreneurs are known to be sociable, willing to share their knowledge and comfortable interacting with their rivals. When did you last have a coffee with your competitor?
Without agility and adaptability, businesses will fall by the wayside. With too much hierarchy, the whole team won’t understand the whole picture. If an organisation wants to thrive in today’s fast-changing business world, it needs to be “Business Nimble”.