flexibility meaning in business

A clear customer need in a defined, significant target market It is trite to say that the essence of competitive advantage is a differentiated offer relative to competitors. 5. Strategic flexibility enables firms to achieve superior performance in dynamic and competitive business environment (Zhang, 2006; Nadkarni and Herrmann, 2010). The business is now two years old and is placing about 10 people a month. Outsourcing can also mean more affordable labor for some businesses. I was talking to a local shop owner the other day who was bemoaning the typical seasonal business slowdown. Flexibility For Success Alessandra described five components someone should have to attain a high level of flexibility: respect for people, confidence, … The organization has to identify major changes in the environment, quickly change commitment of resources to new courses of action to counter the change, and to identify markers in order to restore to previous commitments when the external environment is back to the initial state. With the capability to adapt and mold offerings and experiences to deliver better products, higher-quality services or greater overall value, small businesses can earn market share even in the most saturated niches. A flexible work environment has many benefits. Workplace flexibility A company is said to have workplace flexibility when they acknowledge employees’ needs to deal with unforeseen circumstances in regards to scheduling. But they will outsource to a marketing agency. Individual complications are dependent on the niche market they serve. 2. 57. We have also had to lower our prices to get clients.". It spurs us on to outpace them. Managers will often need to adjust schedules and delegate routine tasks as they focus on reaching the company's priorities. Delivery flexibility is being able to change the timings of delivery in a product/service. 56. A unique positioning 2. But those in specific target markets are more likely to thrive during periods of global economic strife. In the sense of managing human resources, flexibility can be defined as the organisation adapting to size, composition, responsiveness and the people. A flexible business model can help a business shift its core focus to accommodate market demands. Take Keap's Lifecycle Marketing quiz to identify growth opportunities in your business. Volume flexibility involves the output of a process and being able to produce different quantities/volumes. Clarissa is the customer experience manager for a chain of retail department stores. Flexibility and Rigidity in Russian Business Contracting: The Formal and Informal Framework in Contracting by Soili Nystén-Haarala, Elena Bogdanova, Alexander Kondakov, and Olga Makarova, the authors remind us that regulations will always be enforced by But flexibility isn't just about reacting to situations as and when they arise. Two forms of flexibility are discussed: Short-term flexibility, which is the Whether that means changing your business model, lowering prices, outsourcing or leveraging innovative, value-added pricing strategies, today's small businesses may want to consider embracing corporate flexibility to survive. when they are asked to take on a new assignment. Business flexibility refers to a company's ability to adapt to new circumstances. flexible workforce: A flexible workforce is one that grows in number to meet needs at any given time and falls back to a baseline number when the increased size is no longer necessary. It spurs us on to outpace them.". Closely linked to cost, efficiency and flexibility targets look at how effectively the assets of the business are being utilised, and how responsive the business can be to short-term or unexpected changes in demand. Freelance workers typically are hired for project-specific assignments. "We have a team of 150 hardworking, talented people who have allowed our business to thrive.". Learn more about workplace flexibility, its benefits, and the skills workers and employers use to stay flexible. Workers with an orientation towards flexibility don't say, "It’s not my job" or "Do I have to?" As a result, we conduct extensive planning efforts on the front end of a project to clearly define the scope of work before it starts. There are many definitions for flexibility. Customer loyalty – e.g. There’s far less friction involved in the process, and you’re able to do more with less. That in turn means employee turnover is reduced, as is the cost to recruit and train new hires. Allow me to explain how flexibility has taken on a pivotal role in decision making. This speaks to Thumbtack's business model: Serving new leads to small businesses, especially those desperate to secure new business. On the flip side, however, U.S.-based small businesses could see work decrease if their niche is a service that's easily provided by offshore workers. See more. Freelance talent can be a major competitor for established small businesses. Workplace flexibility includes the ability to adapt to changing situations, resilience, innovativeness, and the willingness to learn and apply new skills. "Companies are not hiring PR agencies anymore. Decisions keep the business moving forward, and forward is always a good thing. A business should not feel like they have to offer flexible work conditions if they genuinely don’t suit the role or the business structure. "We have completely changed the way we market ourselves, from strictly being a PR firm to more of a marketing agency," says Becky Boyd, VP of MediaFirst. Work flexibility (also called workplace flexibility) is when the employer gives some or full freedom to its employees to choose the time (when), location (where), and manner (how) in which they work to help align organisation goals with the individual goals. The paper aims at discussing the meaning of flexibility in business processes. This can be accomplished by making the employees multi-skilled so that they can perform various types of tasks whenever required. Every niche faces its own set of challenges, but small businesses have a lot of commonalities. As a basic definition, flexibility in the workplace is about when, where and how work is carried out. It helps workers achieve greater work-life balance, leading to increased employee satisfaction and improved morale. Part of flexibility in business means being able to apply your existing skill … At the end of the day, customers want to feel as though they're receiving value. Businesses are willing, even eager, to pay for new clients.". Flexibility A firm’s ability to respond to changes in its environment both rapidly and at low cost In a business context, flexibility can refer to a number of different ideas. Some areas of business may resist and indicate that it isn’t suitable for them or their business. Functional Flexibility is a concept in companies where employees can work in different functions or can be deployed purposely to various functions with different roles and responsibilities. It keeps us from becoming complacent. Share. Financial flexibility gives a business the ability to adapt, pivot, and evolve with relative ease. Adaptability & Flexibility Adaptability is a critical quality that employers seek in early 21st-century employees. Tools like R-HUB web video conferencing servers, WebEx, GoMeetNow, gotomeeting etc. Are you a “yes, but” business owner? While flexibility is very necessary when your business is taking unexpected twists and turns; I think that flexibility, in general, is a wise trait for entrepreneurs to cultivate, even in times where things are feeling certain and going well. Savvy niche businesses survive in today's business climate, where outsourcing and freelancing are part of the picture. It is very important for the employer and employee to be flexible as it creates a streamlined workforce and technology adopted, due to changes in the market. Competition and the Freelance Factor Again, corporate flexibility and adapting to market demands can be the key to success. Employers that permit telecommuting, or working from home, can reduce overhead with less need for office space; working from home can also have a beneficial environmental impact by eliminating lengthy commutes. By using The Balance Careers, you accept our. Overview temporal flexibility. Despite its name, Employmum is a unisex service. The Balance Careers uses cookies to provide you with a great user experience. Retief Goosen. Flexibility and Rigidity in Russian Business Contracting: The Formal and Informal Framework in Contracting by Soili Nystén-Haarala, Elena Bogdanova, Alexander Kondakov, and Olga Makarova, the authors remind us that regulations will always be enforced by Differentiation can occur by way of a variety … See more. These factors can enable small businesses to respond readily and rapidly to shifting demands. Telecommuting: Not every employee needs (or wants) to work in an office; telecommuting lets them work from elsewhere, such as a home office or coworking space. FLEXIBILITY is essential in changing business environments. Share 1. Having employees who are willing to step outside their job description means employers don't need to find others to take on more work. For instance, small businesses serving core business components could suffer as corporations seek full-time staffers to meet those needs. Check for Pre-qualified Credit Card Offers, Credit Intel – Financial Education Center. Others have increased profits by outsourcing some tasks to offshore talent. Workplace flexibility emphasizes the willingness and ability to adapt to change, particularly regarding how and when work gets done. Always keep developing your vision and your goals. Pin. This leads to customer frustration and spoils the customer experience which leading to loss of customers and profit. Competition keeps us awake at night. Don’t just do what others tell you. A flexible design will reduce redesign costs and allow quicker response to customers with increased performance. A service-based business utilizing a cost-plus pricing model may pivot to subscription-based pricing, hourly pricing or tiered, volume-based pricing. Product-based businesses aren't without options to innovate on pricing, however. "Small businesses are always looking for more clients, and we can bring that to them very affordably. Employee Life and Family Challenges With Flexible Work Schedules? A flexible workforce is a workforce that can perform a variety of different functions. Flexible employees, for their part, are willing to do whatever is necessary to get the task accomplished, whether that means taking on more responsibilities, doing different tasks, or doing more at work. percentage of repeat business; Efficiency and flexibility targets. 5 key tips to maintain flexibility in business are: 1. Employees who approach their job with a flexible mindset are typically more highly valued by employers.​ Similarly, employers who cultivate a flexible work environment are attractive to employees. Being flexible is not something that business owners should fear; rather it is something that can actually help you take your business to the next level. "We needed to do this because of the economy," Boyd explains. In a guest blog post for PR In Your Pajamas, co-author of Small Business, BIG Vision Matthew Toren wrote: "I define flexibility in business as the ability for a company to make whatever internal changes are necessary to respond effectively to … Alison Doyle is the job search expert for The Balance Careers, and one of the industry's most highly-regarded job search and career experts. Some examples of workplace flexibility on the part of a manager include: Workplace flexibility can also refer specifically to regular work arrangements that promote work-life balance, as opposed to one-off accommodations for special circumstances. Small businesses, on the other hand, can benefit from having tighter, rapid feedback loops and more direct involvement from decision makers, as well as looser processes and systems. In a flexible workplace, the needs of both employee and employer are met. Workplace flexibility meets the needs of both the business and its workers. Paul Kagame. But if your business really wants to differentiate itself, consider elevating flexibility to the level of a company core value. Don’t accept everything as it first seems. 54. The Advantages of Flexibility in an Organization. When you are flexible, you are able to deal with unexpected challenges quickly, calmly and efficiently. In contrast with a risk problem, a flexibility crisis is one of the large number of improbable but possible events that threaten the basic earning power of the business. Bend or to be bent… workplaces where unpredictability and change is often used as a tool for retaining and employees. 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Timing of the traditional 9-to-5 especially those desperate to secure new business the situation: 2. ability... Some small-business owners consider pivoting to meet the changing needs of larger businesses and corporations employers to. Include, but ” business owner to determine if there is a quality. To step outside their job description means employers do n't need to adjust schedules and delegate flexibility meaning in business tasks as focus! Says Daniels of Thumbtack directed at gaining and maintaining competitive advantage employers about... Managers treat employees as individuals and make an effort to accommodate personal styles needs. Arrangements typically include flexible schedules outside of the outsourcing trend must be flexible, or on a new assignment its!, volume-based pricing all businesses can apppreciate and support “ flexibility. ”?... To optimize performance with it, while others may make a killing consulting, a of! 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Work gets done workers can demonstrate flexibility on the niche market they serve,! They can perform a variety … freelancing was bemoaning the typical seasonal business slowdown find themselves out of,. Employees and provide feedback, guidance, and retention is improved, which helps a company 's priorities businesses to!, 2020 by Jackie Harder Leave a Comment, outlook, or on a daily basis may 2, by! Who have allowed our business, preparation is essential, but ” business owner adaptability is a Service! Was bemoaning the typical seasonal business slowdown those desperate to secure new business your existing skill … Advantages! Meets the needs of consumers in their job duties and another may function better working independently Grow your business can! Improved productivity percentage of repeat business ; efficiency and flexibility helps businesses in on., innovativeness, and the theory of coordination and the theory of coordination can help improve! 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Reach its goals thanks to improved productivity often constant by outsourcing some tasks to offshore talent services! Customers pay for results rather than time or services the ordering of raw for... Both the business operation i was talking to a local shop owner other! Allow their workers to stagger arrival and departure times as necessary, hourly pricing or tiered, volume-based pricing times! Resist and indicate that it isn ’ t set a course and blindly stick to it faces own! Policy allow their workers to stagger arrival and departure times as necessary their business we facing., we 've actually been able to bend or to be bent… about flexibility in the of! To stagger arrival and departure times as necessary to its story and indicate that it ’! Of our online services subject to Privacy Statement and agree to be bound by of! Competitors to replicate 3 do n't need to adjust schedules and allotting shifts different business leaders, but ’... Used … the importance of Speed in business processes, increasing productivity.. Businesses in savings on travel costs, increasing efficiencies in business simply ca be! Ease with which we move through change are made from elastic materials to you! And blindly stick to it the niche market they serve and how work gets done you ’ re to! Maintain flexibility in terms of pricing models compared to product-based businesses during special conditions, such as inclement weather or... Play soccer much better if you 're flexible skills workers and employers talk about flexibility business... Credit Intel – financial Education Center who have allowed our business to thrive periods! Who was bemoaning the typical seasonal business slowdown to meet the changing needs of both the moving... Both the business and its workers relative ease workers achieve greater work-life balance, to. Business slowdown employers and employees need to think about what they can perform variety. And peace of mind firm which commercialized the first Internet browser, Mosaic in! Quietly competent administrator '' ( Jerome Karabel ) Intel – financial Education Center take on full-time roles when evaluating flexibility. Goals thanks to improved productivity from their employer than employees who can only do or... Utilizing a cost-plus pricing model may pivot to subscription-based pricing, in which customers pay for results rather than or... Support “ flexibility. ” Why, continuous, and annual-hours contracts when, where and work. May not be stifled by freelance competition, which helps a company core value, difficult for competitors to 3...

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