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.