If you pay even minimal attention to what’s going on in business, you’ve likely come across the term “agile.” Top consulting firms have documented company transitions to agile methodologies. Business publications have repeatedly published on agile adoption. Maybe you’ve even read about specific implementations of agile.
So agile is on your radar. If you even casually suspect that your company needs a change and you’re looking for growth options for the future, now is the time to pounce on agile adoption.
What’s that, you say? You’re doing well with legacy practices? Your numbers are stable? By all accounts, things are running like clockwork? Fear not dear reader. We’re here to explain why skipping out on agile adoption when you have the chance is the beginning of the end for you.
An Impending Economic Boom
The economy is accelerating. And as industries across the board continue to focus on post-Covid recovery, businesses that have been waiting in the wings are going to start popping up like spring daisies. Supply chains are going to be back up and running with promising technologies. New products that were slow to get to production during Covid times are going to hit the market.
And this is no flash-in-the-pan economic recovery. Economists predict that we’re on the verge of a major boom, and that it could last for an extended period. Your company needs to be ready for this future. Can you compete? Are you set up to quickly pivot your strategy if needed?
Demand is Up
During the pandemic, many have (understandably) been hunkering down, sheltering in place, and not spending in traditional consumer-oriented industries. However, the ramping up of the vaccination program and the recent CDC guidance on masks will likely put an end to that in the coming months.
People are desperate to venture forth, to eat at restaurants, to work out at gyms, to bob for apples, to generally do all the things that the pandemic has prohibited them from doing. As a result, demand, especially in the consumer-driven service sector, is expected to surge. Some economists are even saying that 2021 could be the economy’s strongest year since 1984.
Is your company prepared? Agile product management has been demonstrated to be especially responsive to customer demand (and satisfaction) by providing early and continuous deliverables. With a more agile methodology implemented into your organization, you’ll be in a position to get your product to market more quickly and respond to increased demand without breaking a sweat.
Consider Your Competition
Any exec worth their salt understands that business ecosystems aren’t static. All but the most brittle organizations respond to changes in economic circumstances to position themselves in an advantageous way. Your company is likely one of many players in a particular space: so you must consider your competition.
It’s exceedingly unlikely that your competitors will be practicing business as usual on the cusp of an economic boom. More likely, they’ll be ramping up and enhancing their own development process, ensuring that their product is ready to launch when the time is right. So responding to a changing economy is not all you need to be thinking about. You also want to be ready to respond with vigor to the machinations of those around you.
Agile is a way to do that. Agile methodologies are renowned for increasing efficiency, productivity, flexibility, and speed when it comes not only to product development but also getting those products to market. Those are all benefits that can help you best the competition. Adopting an agile methodology (like Scrum) will put you in a position to outcompete your rivals when it matters most.
Your People Need Motivation
You should also think about the workforce. It has been a tough year for a lot of people. In the midst of a global pandemic, there were massive layoffs. Employees who managed to retain their jobs have been forced to wear multiple hats, coping with an increased workload and fighting to keep their heads above water.
That can end now. It’s time to get back on the horse and start motivating your team in preparation for the increase in demand that is coming.
Agile teams are, of course, known for turbo-charged productivity, independence, and responsiveness. Agile business arrangements also tend to eschew traditional hierarchical norms. While it’s clear that those attributes benefit the bottom line, they also benefit employees.
Employees that are required to take responsibility for important deliverables feel more invested in the work they do, leading to greater job satisfaction. Agile methodologies use collaborative approaches to problem solving, as opposed to top-down managerial styles, which makes employees feel more involved in the decision-making process. Agile workflows can enable flexibility in employee schedules, removing the spectre of a grim and endless cycle of clocking in and clocking out.
So think of the people: adoption of agile product development techniques makes for a happier, more productive workforce.
The Clock is Ticking
The economy is already accelerating and growth is not projected to slow down as we move toward 2022. Taking advantage of that economic boom means you’ll need to start putting processes in place now.
As a leader in your organization, the choices you make can increase your likelihood of success. Agile adoption does just that. Agile businesses are better able to respond quickly and decisively to changing economic circumstances. They are better able to compete in the zero-sum arena of the marketplace. Agile employees are more efficient and invested. Each of these outcomes increases the probability of robustness and longevity for any business venture.
The economy is about to kick into high gear, and now is the time for your business to rise from its slumber. Responsive Advisors is well-versed in the ways of agile adoption and transformation. Working with an agile coach means custom consultations that will directly address your unique business needs, future potential, and transformation to agile.
The new economy is coming. You could see growth like never before. Can you keep up with it? Or will it swallow you whole? The choice is up to you.