How Being Dynamic Will Drive Your Business to Success

The business environment constantly changes, and for your business to be a success, you need to be able to modify your existing strategies and implement new ones in response to these changes. Changes in consumer preferences, changes within the industry and regulatory changes can all impact your ability to sell the products or services you provide, but by adopting dynamic business strategies, your business can respond to environmental changes and minimise the impact. The environment dictates your strategies.

Businesses are no longer able to develop a long-term strategic plan. Now plans must be monitored on a continual and ongoing basis, and updated annually as a minimum so that operations and performance can be adjusted to suit the environment. Here are 3 ways to be dynamic within your business.

Watch Your Competitors

You need to always be alert as to what your competitors are doing, and adjust your strategies appropriately. You do not want to be overtaken by a competitor by a new addition to the market or miss out on an industry innovation. You can gain a significant amount of information about your competitors which can be used to build your business. You can use competitive intelligence tools to see what keywords they are using on their website, and how successful they are. This information is vital to you for growing your business and maintaining your position in the market. You can then tailor your marketing strategies using this data and spend money on only the effective methods.

Know Your Consumers

You need to know who your consumers are. You may have a general idea of who your customers are, but you need to have an in-depth appreciation of their likes/dislikes and even occupation to know how to target them for your products or services. You need to identify:

  1. Your customers’ demographic: age, income, gender and level of education.
  2. Your customers’ behaviour: what they spend their money on, what their interests are, and what other brands are they loyal to.
  3. Your customers’ location: are they local, or do they live further afield?

By finding out this information, you are able to categorise them into different groups or segments. This is called marketing segmentation and will help you to determine the best way to encourage each group to interact with your brand. You can use SEO tools to raise the audience numbers of your website, but these tactics take time; a quicker alternative is to use pay-per-click (PPC). PPC is the fastest way to target your audience without necessarily having good organic ratings, and is almost instant with its success. Hire a PPC agency to help you create a dynamic marketing strategy to make your business grow.

Know Your Employees

The people that you employ are essential to the success of your business. You will have recruited them because of their skillset, but you also need to be aware of their limitations and where they may need extra training or help. It is important that you schedule regular performance appraisals so that you can evaluate your employees’ efficiency and productivity, and an appraisal is an important tool for your performance management strategy. You can use an appraisal as an opportunity to provide feedback about performance, but of equal importance, it allows your employee to feedback to you any issues that may have arisen, so that you can seek solutions. Happy employees are productive employees, and employers are now more aware of the need to give staff a greater work-life balance. You need to respond to your employees’ requests and provide a way for their work-life balance to be supported. You can consider:

  1. Flexi-time

Flexi-time allows employees to work within a less rigid time structure. You may not think that this would be beneficial to your firm, but it has been shown to increase productivity. The opportunity for flexible working is an attractive option for employees; with 45% of employees having a commute of over an hour per day, they often feel stressed before they have even entered the office. It has been found too, that people are more likely to ask for flexible working rather than a pay rise, so you could potentially be saving money year-on-year. To negate any negative impact on your business, you can stipulate key core hours that people must be in the office for.

     2. Work from home

Depending on the employee’s role, technology today means that we can work remotely with no detrimental effect on business. Communication is easy - meetings can be held via Skype and instant messaging means that issues can be dealt with in a timely manner. Cloud platforms ensure that documents and information are instantly accessible and collaboration possible with a click of a mouse.

By encouraging an open culture within the business, your employees will feel able to communicate openly, and you will be able to react to any issues they raise before they become too serious. For example, an employee may not have the competency to undertake a task within their role, in which case you could provide further training or hire a skilled freelancer or contractor to complete the tasks. You need to be dynamic with your response to your employees’ needs to benefit the business.

Embracing any changes to the way your business works is the only way to succeed. The changing dynamics of the workplace means that you need to be able to adapt and respond to avoid unnecessary stress before it affects your bottom line. By being dynamic and flexible, it signals to your customers and staff that you can accommodate their needs above and beyond their expectations. Business is no longer as black and white as it once was: people want their voice to be heard, and as a business leader, you need to be listening to help realise your business’s full potential. Use technology to strengthen consumer and employee trust, and from that, you will find that they in return are more committed and loyal to your business.