In today’s society, technological change is the norm – new opportunities are continually arising that change the way a business operates or improves products and processes. Businesses that are complacent can risk failing.

Creating a workplace which emphasises the need to meet changing demands is important. That is where agility fits in. An agile workplace is one that adapts quickly to the changing needs of the market, its customers, employees and other key stakeholders.

Agile workplaces respond faster to these trends and disruptions, are more efficient and encourage innovation.

Consider the following ways to promote a culture of agility in your workplace:

Staff training and development

Building up your team to deal with disruptions and contingencies is key. Cross-training and reskilling your staff is one way to meet the ever-changing demands of your business. This provides flexibility as roles can be rotated and a variety of tasks can be delegated. Having multidisciplinary teams also helps to create a smooth transition when a staff member leaves and another employee starts, meaning the team won’t suffer too much from the departure of one staff member.

Use data to make decisions

Agile businesses determine the strategic direction of the business by evidence obtained from multiple sources of data and insights. By using data rather than relying on knowledge alone, businesses can gain a competitive advantage and respond to predicted forecasts and opportunities in a more timely manner. Data can also be utilised to reduce inefficiencies and manage risk more effectively.

Leverage technology

Technology is the ally of agility. To successfully thrive, technology must be at the forefront. Traditional business models are continually changing with technology providing new ways of doing business. Adopting new technologies and encouraging adaptation among staff can help to remain competitive and agile.

There are ten steps that can be used to maximize the value of a business and these are outlined below. These steps can be grouped into three distinct phases:

Phase 1: Optimum Performance
Phase 2: Polishing the Business
Phase 3: Creation of the Sale

Phase 1 – Optimum Performance

Step 1 – Profit Improvement

Improve the profitability of the business by removing waste. There is no point to putting more business through an incapable business and a key measure of how efficiently a business converts its sales is the profit of the business. One of the most efficient industries globally is the automotive component manufacturing industry and the lessons on how they remove waste can be applied to any other industry.

Step 2 – Growth Plan

Grow the business. A positive trend line of the sales growth can provide confidence that the sales process in the business is working well.

At the end of this first phase the business performance should be optimized, cash is created to fund the next phase of the process, and the sales and profit trend lines show a continuous and predictable improvement. It is at this point that Phase 2 can be commenced.

Phase 2 – Polishing the Business

In this phase make sure that all the elements of a great business are in place. There are four distinct steps in this phase.

Step 3 – Lock in revenue (contracts)

Make sure that, wherever possible, the future revenue of the business is locked in, preferably with long-term contracts. A buyer of the business needs a degree of certainty of the five year revenue outlook so contracts with customers need to be robust.

Step 4 – Lock in management (no reliance on founder)

Establish a management infrastructure that removes reliance on the owner. The management skills and experience (and processes) to lead the business in the absence of the owner need to be in place.

Step 5 – Brand

Protect the brand of the business. Mechanisms for this include the web-presence, social media, patents, and other intellectual property protection.

Step 6 – Reduce Debt (clean up balance sheet)

Reduce the debt levels of the business in order to clean up the balance sheet. The cash created in Step 1 can be used to retire debt and remove loan accounts.

At the end of Phase 2 the business looks as good as it can and it is now that the sales process can formally begin.

Phase 3 – Creation of the Sale

The key success factor in maximizing the sales price is to find a buyer who “needs” to buy the business.

Step 7 – Find a buyer who ‘needs’ the business

Ideally several potential buyers have been identified at this point (through brokers or other industry contacts) and an analysis of why the business is essential for each potential buyer is carried out. This analysis often requires changes to the look and feel of the business. The information gained from the analysis enables a specific sale process for each potential buyer to be developed and implemented.

Step 8 – Negotiate well for the seller

Make sure that the negotiation process goes well. Often the business owner needs to be coached on their role in the sale. The psychology of the sale process must be clearly defined and followed. There is no point in having built a valuable business and then handling the negotiation of the sale badly.

Step 9 – Anticipate all objections and value reducing tactics

Anticipating all the likely objections that will be raised by the buyer and their value-reducing tactics in the sales process are just part of the sales process planning.

Step 10 – Manage all the risk

To manage the risk in the sales process we suggest using a Failure Mode and Effect Analysis (FMEA) process to control all identified risks.

If these ten steps are rigorously followed over a period of 2-4 years the probability of getting a high price for the business is maximized. Don’t leave the opportunity to make these critical change too late, ask for assistance.

Contact your Harris Black team member to discuss how we can assist your business maximise its value.

Burnout can be detrimental to your employees’ wellbeing and the overall productivity and performance of your team.

Despite the consequences associated with burnout, many workplaces do not have effective strategies in place to prevent it from occurring. The key for many employers is to keep employees engaged, satisfied and harmonious.

Here are three factors that can influence employee burnout:

Work/life balance

Expecting staff to be available at all hours of the day is unreasonable for most jobs. If staff are expected to check their emails after work hours or on weekends and paid leave, you may want to consider the type of culture you are instilling in your team. Furthermore, when staff work overtime and through their lunch break, there is limited time for relaxation which can impede creativity and problem solving. Overworking your staff can result in exhaustion and mental fatigue, both of which play a large role in burnout.

Compensation and rewards 

There is no sure-fire way to prevent burnout but paying your staff adequately can help reduce some of the stress associated with the role.

Competitive salaries and “work perks” can give staff motivation to continually strive for the best results. On top of a decent salary, rewarding great performance by providing bonuses, promotions and awards can help to ensure staff feel appreciated and recognised for their hard work.

Empowering staff 

Staff need to feel valued and responsible for their work. Give staff autonomy and ownership of their work by setting clear tasks, providing them with the right resources, and ultimately, avoiding micromanaging. It is also important to be supportive and realistic when staff members make a mistake. Trusting your staff to recover from a blunder gives them the confidence to overcome it with more ease.