You may have noticed how many businesses started to popping here and there for the past months. It just shows that startups are likely to mushroom at a fast pace within the coming decade. I think that the people have realized just how much it is important to have your own business because of the fear that the pandemic has caused all of us. Not being prepared is something that we have all learned and to practically create a business in just a few weeks or days may just be what most people have in mind these days. But the question is, is their decision right for them?
I often say that having your own business can build security for your family, which is indeed true. However, if steps are not taken carefully, then everything will bound to fail. Realistically, we have to keep a positive attitude so that we can start doing what needs to be done. However, if we lack the guidance, we are likely to just fail before we even begin.
You can see the massive transformation that the pandemic has caused us. It is unfortunate how a number of our workforce would have seen their jobs eliminated while others are required to be reassigned. There is also a need to be retrained so that they could respond to the continuous challenges and opportunities of the changing market. With these changes, the business should ensure that they are always on their toes enabling every opportunity and checking out what needs to be improved.
You will also notice how innovation may just be speeding up more than they used to. Organizations are likely to optimize their efficiency as to meet the demand for more value per unit cost. The pandemic has somehow sped us up into the future because it has taught us to become more efficient and agile, as well as work as a team creating better relationships with skills-oriented workforce. Along with this, automation will cause huge disruptions in labor markets.
To be at the forefront in the business industry, there is a need to achieve both efficiency and agility as it will require a new mindset that needs to look into new organizational structures and for being able to adopt to the advanced technology and automation.
Changes in the Market
There truly is nothing constant in this world. This hold very true to the number of consumers, their buying power, and their expectations. You may have noticed how the market is slowly being driven by globalization, the shift in expectations is being influenced by a transition in the market and workforces from the “baby boomers” to the millennials.
There is just a slight difference with these two generations mentioned. Although you can see how people before would also work hard, the millennials, I would say is more of a risk-taker. They would do more than what is expected of them and would sacrifice more just so they become successful in their career or profession. Thus, you may see how many successful entrepreneurs nowadays are only in their late 20’s or early 30’s and claim to be millionaires. Is this bad? Of course, not. This pushes the economy to the right track especially now that we need to slowly regain our losses after being in hiatus for 4 months.
The global market and competition will continue to soar. Despite any trade tensions, organizations will continue to benefit economically from open trade between nations. This will significantly reduce cost, improve quality and create more innovations that will benefit the people.
The rapid technology is forcing organizational change that can cause a massive disruption on the workforce. With that said, organizations need to be prepared and be able to adapt to these changes or they will be left behind.
Did you know that the rate of knowledge growth, although it may be truly hard to quantify has significantly increased in the past 50 years? The internet has somehow forced us to absorb all these “ready information” with just a click. Thereby, companies are forced to discover, gather, and apply knowledge so that they can be able to improve processes, products, and services in order to maintain a competitive advantage over their competitors.
It may be a scary thought, but it is likely that over the next decade, the industrial robots will displace so many jobs in the manufacturing industry. Bots and software may just take over repetitive work. Thus, this transformation will drive organizations the need to deliver efficiencies at a lower cost, greatly improved quality, and in predictable capacity.
The biggest problem of entrepreneurs is being able to find, hire, and retain an expert in a specific field. Thus, with automation, this might just become the solution.
How To Lead An Organization with an Efficient Mindset
Obviously, to be able to make a huge difference from what you used to, there is a need to have that clear picture of where you want your organization to be. If you want to succeed in the business and remain on that spot for the years to come, here are a few tips to guide you:
1. Define core processes by aiming to simplify but become more efficient.
2. Break down processes into smaller components.
3. Identify measurable outcomes in order to avoid making huge mistakes.
4. Assign people who are skilled on a particular field and measure the amount of work needed per department.
5. Only hire people who has the expertise that your organization needs.
6. Encourage your team to self-manage and allow them to present the expected outcomes on a timely manner.
7. Rebuild the organization in such a way that the whole team is aware of the processes and are able to identify how they are supposed to work and be able to deliver what is expected from them,
8. Never cease to improve processes and supersede any redundant tasks by using software for automation.
It is important, though, that you also have external experts that can help you guide your organization into full efficiency. Even if you think you already have it all in your hands, there might be some things that you may have overlooked and seeking help from someone with a keen eye can just make you reach your goal.
So, you may ask — is automation the answer to have a successful business? In a way, yes. But, I still believe that the human workforce will remain valuable no matter how advanced the technology becomes. Besides, isn’t it that man is behind all these technologies? Apart from automation, having the right people to help you build a dynamic plan for your business is equally important to create a successful business.
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You may contact Armando “Butz” Bartolome for questions and more information.
By email: aob@gmb.ph
FB Page: Armando Bartolome
Linkedin: https://www.linkedin.com/in/franguru/
Website: https://www.gmb.ph
