• Live The Times

How to strengthen your business

Updated: 6 days ago

Although it has been more than a year since the pandemic began, the global economy is still reeling today. The uncertainty it has generated is present in all aspects of our lives daily. For this reason, now more than ever, companies must have an agile and flexible workforce to face the challenges they already face and those that are yet to come.

How does your company adapt to the situation that has been experienced?

Since the first wave of the pandemic, there has been a massive difference between organizations that have resisted and even prospered and those that have not. The pillars that have best adapted to have been below.

Flexibility: A strategy based on flexibility with agile execution has allowed many companies to adapt quickly to the situation.

Digitization: Operating virtually during confinement, delivering products and services digitally, or providing new experiences to satisfy customers who demanded certain products has been essential for the survival of some companies, both large and small.

Communication: Some companies have turned to their clients, maintaining very active communication, and guaranteeing business continuity thanks to the implementation of new tools and formats; in this way, they have managed to be as close as possible to them, even when it has been more difficult.

Talent: Empowering and training employees and giving them work flexibility that they didn't have before, has meant that many businesses have been able to maintain profitability, and others have even prospered.

Managing uncertainty requires excellent agility, and, to evaluate it, you must observe if your company is making decisions and executing measures faster and more efficiently than before and if it is necessary to reinforce this aspect. Define the next steps to follow clearly and concisely and be persistent in achieving your goals. Apart from the above facts, as the employer you should have a clear idea of capital, ROI and the return on equity.

3 ways to increase your business performance through talent

Talent is an essential part of the development of any company. Through a good strategy in managing people, you will not only avoid losses in your business, but you will also increase productivity and, therefore, profits.

  • Don't stop looking for talent

Contrary to popular opinion, freezing hiring during economic downturns is counterproductive for a business. With a larger pool of talent looking for a job, your business can access more trained professionals. Many people have taken advantage of this situation to train, so finding those skills necessary for your company to prosper will be much easier.

  • Reskilling: the key to being prepared for future crises

The lack of digital knowledge has been exposed more clearly than ever during the COVID-19 crisis. Not having a strong e-commerce platform or not being ready for remote work has made many companies less competitive, leading to huge losses. Investing in technology to make your company more efficient and recycling your staff with the necessary knowledge to handle it correctly is a way to remedy the existing gap, apart from providing talent with skills that can be useful throughout your professional career.

  • Invest in developing both current and future leaders

It is in times of uncertainty that strong leadership is needed most, and above all, agile. This has been noticed more than ever during the pandemic. Any company worth its salt must continue to invest in developing stable and effective leadership. Effective leaders must support and inspire a tired and frustrated workforce during tough times.