Brexit and Beyond: Why Organizations Need Business Agility
The government is still unable to complete the task of completing the Brexit agreement with EU after failing votes and internal political backbiting that has eroded the credibility of successive UK Prime Minsters.
Confusion reigns, which leads to continued anxiety in markets and enterprises. Businesses across the UK are seeking ways to protect themselves from changing political winds and uncertainty, as Sterling values have been rising and falling with each parliamentary vote.
Many of the implications of Brexit for the UK are still dependent on the type and extent of trade deals that will be reached between the EU and the UK. These negotiations have not even begun.
Even after the terms of divorce are reached, it is still a monumental task to negotiate multiple trade agreements, not only with Europe, but with all other countries.
For example, the UK’s trade agreements were made with the US, Canada, and South Korea when it was an EU member. The EU has custody. Businesses of all sizes and types are now faced with new uncertainties and fears when they have to leave the WTO rules that protect their interests.
Why is Business Agile important and why now?
How can businesses and enterprises deal with all the political drama and unintended discord that this creates for their markets and businesses?
Companies need to prepare for a post-Brexit future, as evidenced by the well-documented actions taken by companies in the manufacturing, financial and health sectors to protect themselves by moving parts of their business to the UK.
The most frightening thing about Brexit is the uncertainty surrounding what a post-Brexit economic system will look like. It is vital for organisations to be able to adapt to a wide range of outcomes and scenarios.
Even ignoring the Brexit spectacle, companies must be able to adapt to new challenges that face them today. These include disruptive technologies, talent retention and skill shortages, as well as other worries such climate change and fears of another economic meltdown.
Companies can only take the best steps to meet unforeseeable future challenges by implementing strategies, new ways to work and business tools that allow for greater flexibility. Businesses that are able to adapt to changes such as Brexit and other uncertainties can be more successful.
Business agility has many benefits
Being agile means that an organisation can quickly adapt to changing circumstances. This includes tactics, resourcing and personnel, capital investment, asset deployment, personnel management, operational approach, and any other element needed to keep projects on track.
Flexibility is key to ensuring that teams are able to stay on track in achieving their strategic goals. This applies to portfolios, projects, programmes, and company-wide KPIs.
Project managers, team leaders, and PMOs can all be used to help businesses remain resilient.
The Business Agility Institute conducted the first global survey to assess how companies rate their performance and how far they think they have come in integrating business agility principles into their operations. 69% of respondents said they need more agility.