Diversification is the cry of many industries and many companies. Your computer may have its greatest reputation and profits in building a certain brand of widgets in a certain industry of use. Your company may provide a given service in a service industry and doing well. The problems in this equation arise in that every industry and market have their up and downs – the unpredictable or unpredictable business cycle. What to do to weather the storm – to ride out the storm so to speak.
The answer lies in diversification. If your firm is not doing one thing – its time to do another.
Problems with diversification often arise do to lack of expertise or lack of planning. The key is a core group of employees – with an interest, a determination and an ability to learn. Outside experts in a given field may bring in or hired to evaluate, assist and even train staff.
It is true on the one hand it is best to stick with what you know “to stick with the knitting” and not to check out the other side of the street. If you never go in the water you can never drown. Yet diversification brings with it a means to balance an organization – whether is it is a manufacturing, service industry or even a non-profit firm.
In the aid of diversification there are certain elements that are key -whether the firm is large or small. In many cases it comes down to the treatment and the acquisition of staff. New staff, with specialized, even hard to find skills may have to be recruited. Previous staff may need retraining for entirely new skills and staff. Next – always remember perseverance is key – it all takes time. The job is always to simplify processes and systems so that newcomers can easily learn and fit in. In many firms have systems – especially “paperwork “system that is terribly convoluted and indeed frustrating. As companies and firms grow so do their systems. Often these are patchwork systems done by the seat of the pants of previous management, who at the time may either have been overwhelmed with a busy work load or even downright incompetent. Systems are built on the previous systems ad hoc. Add to the mix personal egos and turf wars being involved in the mix and you have a situation where a complex whole series of policies and procedures are in place and new employees are taught to do it a certain way “that is the way it has always been done”. It’s a great waste of time and energy, difficult to teach and employ – a lesson for frustration and even employee turnover. These systems should be cut to the bone literally. Simplification is key.
In addition mechanization, automation and even robots can be added to reduce the human workload and indeed free up needed time and energies for new projects.
Ongoing training and an atmosphere of support for continual learning is a recipe for success in these matters. Other innovative means of supporting and attracting staff include non-monetary incentives such flextime, mentorship programs, flextime and of course supportive programs for payment of training and training programs – whether at the time they be helpful to the organization specifically or not.
In the end it can be said that those that fail to plan, plan to fail. No company is immune now to changes in the marketplace. The roles of management are planning functions and follow through. It should not be a case of closing the barn door after the horse has bolted and a reaction of forming committees with alphabetical name to “pass the time” until the storm has abated. It can be said that management had better learn how to manage. Plan ahead. Don’t be caught in the impending storm.
Shaun Stevens Winnipeg Job BankÂ
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