In this day and age, we live in a dynamic, globalized business environment. There’s no doubt that it’s quite a challenge for all businesses to compete and survive amidst the frequent internal and external changes that they face every day. Most organizations are seen as small rafts navigating an unfamiliar, raging river.
Forces of change include changing consumer needs and wants, changing employee attitudes, management styles, technology, and equipment. Needless to say, searching for innovative solutions to help improve business management is an integral part of every manager’s job.
Lucky for you, this article provides you with multi-dimensional, innovative solutions to opt your management game and enhance the performance of your business.
As time passes and businesses grow larger and more complex, inevitably, traditional styles of leadership don’t work anymore, and there’s a need for a change.
Traditional styles of leadership are usually characterized by risk aversion, time pressures, and an obsession with the enforcement of rules. This is where adaptive leadership comes in; the main aspect of this leadership style is shifting the responsibility for change to the entire workforce.
This style is undeniably effective, especially when workers are widely dispersed, and the business operates multinational.
This is simply because regional managers and lower-level employees are closer to their markets and possess greater localized knowledge than top-level managers, who may be preoccupied with other roles like policy problems, setting strategies, and meetings with shareholders.
Your role as an adaptive manager or leader is no longer to maintain organizational norms and traditions, but rather to allow disorientation, challenge, and conflict.
This will breed a new organization that can learn, survive, innovate, shelter breakthroughs, and encourages mavericks! Undoubtedly resulting in a motivated and empowered workforce who can take on any challenges. I can guarantee you that this new style will certainly revamp how you manage your business.
If we have learned anything from the COVID-19 pandemic, it is that technology is paramount in almost every aspect of our everyday lives and especially in the business world.
Most businesses have started operating virtually after COVID-19, and have found ways to connect to customers and workers globally. So it doesn’t matter the size of your business, the market you’re operating in, or the number of employees in your organization.
Artificial intelligence is now taking on the world, and investing in the right technology is out of the question.
Innovative technology boosts organizational performance by speeding up business processes, increasing flexibility and productivity. There’s now a plethora of innovative software and programs that help monitor and run business activities, such as contract management and project management software.
contract management software stores and manages important and legal documents digitally, eliminating tedious filing systems that are very slow and unreliable. It also enhances security and cuts down on overall costs. Legal documents that are managed and stored on a cloud by CLM may include:
- Contracts with clients or suppliers
- Loan agreements
- Leasing agreements
- Employment contracts
In short, adopting innovative software and technology makes locating all documents much easier, and will definitely be needed to manage your business effectively and efficiently.
Having an innovative organizational structure that accommodates change and strategy is a top priority. Alfred Chandler once said that ‘Structure should follow strategy’
In fact, matrix-project structures are the most successful and contemporary organizational designs these days; they assign specialists from different functional areas to work on new projects.
These structures are fluid and organic, and they allow faster decision-making, enhance cross-functional processes, and increase responsiveness to environmental and market changes.
Not only do these structures allow you to respond to customer demands and changing consumer trends ASAP, but they also harness innovation and creativity, which will empower employees, enhance their knowledge and skills, and thus will grant you the competitive edge that you desire.
The balanced scorecard is a management system that was introduced to evaluate organizational performance from more than just the financial perspective. It looks at four areas: financial, customer, internal processes, and innovation as well as growth assets.
According to this approach, you should develop challenging, attainable, and measurable goals in each of the four areas and ensure they’re being met. After all, what cannot be measured cannot be managed. Objectives may include improving customer relations, acquiring a higher market share, and consistent development of new products.
The key to improving how you manage your business is to continuously search for stimulating and innovative techniques and methods to reserve a place in this competitive and ambiguous business environment. Try to reduce external controls, actively inspire, delegate, support new ideas, and most importantly, integrate technology.