Adapting Your Business to the Needs of Various Stakeholders

Adapting Your Business to the Needs of Various Stakeholders

Adapting Your Business to the Needs of Various Stakeholders

Just like a living entity, businesses must grow and adapt or face an unfavourable future. As the company begins to hire more staff, the need to expand becomes more prevalent. Employees require facilities that help them stay productive, and if your business is under-resourced, the effects can, and will, be damaging to your operations. Here are a few ways that you can adapt your facility to the growth of your business.

Anticipate internal and external change

Last minute upgrades may land you in hot soup as you rush to keep up with the demands of your growing business. For example, LEGO underestimated the trend of electronic toys in the market as well as Wal-Mart and China’s influence, which led to the large toys manufacturer losing a significant portion of its market share.

On the other hand, planning ahead will help you anticipate change. Try to forecast your business’s growth for the next year, including considerations such as how many people you plan on hiring, where they will work, what equipment they will use, and, to a lesser extent, how many people might leave. Other factors you must consider are your business performance, industry trends, and consumer insights.

Don’t wait for grumpy employees to complain or leave

Most companies wait until they’re haemorrhaging staff before implementing any favourable changes. To make matters worse, they introduce changes slowly and overlook certain aspects as they rush, figuratively, using sellotape to fix leaks and buckets to drain water off of their sinking ships.

Instead of being the employer who looks doe-eyed at an oncoming truck, be the one who tries to identify problems that might arise before they do and enable yourself to fix them immediately.

Renovate or move buildings

If your facility isn’t big enough for your staff, start looking for an alternative building to accommodate them. Purchase essentials such as beverage and water dispensers, electronics, and other miscellaneous spare parts in bulk. Station all essential gadgets and electronics in high traffic areas and ensure they’re regularly maintained and upgraded.

Promote the Growth of Staff and their Health

To a large extent always factor in the health and wellbeing of your staff. Have incentives in place that motivate them to be more productive and live healthier lifestyles. However, this only works if you’re equipped with the necessary facilities such as adequate access to water coolers, comfortable office furniture, and areas where staff can relax.

Unless you intend on letting your business die in the next couple of years, adapting to its changing needs is essential to its survival. Wanting to stay the same will lead to stagnation and disgruntle employees and customers. So, it’s important to always look at areas that you can improve your business. 

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