Agility is needed to react quickly during crisis or disruption. Agility is needed to foresee and change with changes in the marketplace the business serves. Agility is a reactive quality. Anticipating opportunities as a result of market trends is proactive. Agility is defined as the ability of a business system to rapidly respond to change by adapting its initial stable configuration.” Both fortunate and unfortunate events happen in life as well as business but being prudent has a plan for when these events take place. Being reactive does not bring value, being able to do the following not only brings value but will help the business foundation remain stable and effective during business and economic cycles:
1) Plan based on trends - understand market trends, technology for your business as well as the clients you serve, demographics in your service area and regulations as it relates to your business and your customer’s business
2) Be innovative to adapt to new markets or environments and take advantage of new opportunities to implement
3) Transform based on environment and results. This may include expanding service or product offerings or a new business model or structure altogether if what you have in place is no longer profitable, bring value to customers or no longer is ideal due to market, legal or even tax changes.
