Note: Running most Fridays in FromGregsHead.com, this is a continuing series of budgeting tips brought to you by Ventana Research and PKF Texas. These run Saturday mornings during the BusinessMaker’s Radio Show on FM Newschannel 97.5. Audio files can be found on the Entrepreneur’s Playbook page of the PKF Texas website.
Many executives at mid-size companies feel trapped in the middle, bigger but less agile as an organization that they were previously, but smaller and without the resources of large organizations.
By budgeting and planning more effectively, mid-size companies can recapture the agility that they had as a smaller organization and overcome the advantage of their larger competitors.
Agility is as much about seizing opportunities as reacting to disappointments. When markets are hot, companies that can decide to apply more resources sooner are more successful than those who wait. During downturns companies that trim spending sooner do well, but those that understand where best to cut resources do even better.
Agility is one of the most important reasons small companies are able to compete effectively against giant corporations that have far more resources. People associate survival of the fittest with Darwin. However, what Darwin actually wrote is “It is not the strongest of the species that survives, nor the most intelligent…it’s the one most adaptable to change.”
Agility is knowing the right answer sooner, not later.
Agility is being able to make the right decision sooner, not later.
Agility is being able to implement the action plan in a concerted effort sooner, not later.