For this fifth article in our series on how business agility can improve your bottom line, we look at how business agility aids building resilient systems. Here business agility practices help by aiding us in looking at risk management for the entire system. Not only ensuring the systems we build respond even when under stress, but helping us build safety into the system.

Business owners tend to underestimate the cost of recruiting and retaining the talent needed to grow. In 2022, it was reported that companies spend an average of over $4,683 and about an eighth of the financial year for recruitment and training per new hire. Recruitment costs can add up, especially if your business has a high turnover rate.

Losing top talent is clearly a cost that businesses have to consider. Perhaps the most immediate impact that losing employees has on an organization is lowering team morale. Employees enjoy having a friend or confidant in the workplace and seeing their colleague leave will weaken their connection to the organization. We saw this in mid-2021 as the “Great Resignation” had millions of employees leaving their jobs in droves. 

Previously, we’ve talked about how business agility can increase your company’s bottom line by:

• lowering costs through improving delivery processes, being more deliberate when choosing projects, as well as reducing churn

• increasing revenue through releasing high-quality products, creating feedback loops, and capitalizing opportunities

Today we'll talk about a third benefit: how business agility can increase your company’s bottom line by improving alignment with its customers. 

The next topic in our series on Business Agility for your bottom line is how the adoption of business agility practices can help increase your revenue. When it comes to building a profitable organization, a key goal is to increase revenue. Business agility helps an organization’s revenue growth in many ways, here are three:

• Put out high-quality products into the market

• Accelerate feedback loops to learn from customers

• Identify opportunities to capitalize on

Introducing business agility to an organization can have a lot of benefits to a company's bottom line. It can increase revenue, profitability, and employee retention rates. Among these improvements, one change that can often heavily and rapidly affect a company’s bottom line is reducing the cost of delivery. 

Business Agility enables a company to reduce cost of delivery through:

• improving its delivery processes

• becoming more deliberate with its projects

• having a willingness to stop

The modern marketplace is constantly evolving. Customers expect a fast return on investment of both their time and money. The complexity of many technology solutions now resides behind easily consumable web interfaces and SaaS services, making it easy to rapidly switch to alternative products. It is easier than ever to “try before you buy”, and if you don’t feel like you are getting the value, try something else. To counter this, consider how introducing Business Agility practices can protect and improve your bottom line.