"Every successful business faces increased competition over time. Whether you're moving to a new space or redesigning your current one, transitioning to a more flexible design will yield benefits at any scale. Flex time refers to flexibility in employee work schedules. A flexible organisation is one that is able to adapt and respond relatively quickly to changes in its external environment in order to gain advantage and sustain its competitive position. Part time, full time and flexible hours. by AcronymAndSlang.com "Small businesses are always looking for more clients, and we can bring that to them very affordably. We at VC4 are of course most interested in how our Inventory & Management System (IMS) can help businesses to achieve flexibility, but this piece will also touch on how technology can be embraced for flexible working, allowing employees all over the world to stay connected with their business, wherever they may be based. Please review. SINCE 1828. There are many definitions for flexibility. Small businesses, on the other hand, can benefit from having tighter, rapid feedback loops and more direct involvement from decision makers, as well as looser processes and systems. Keep in mind that the hours you work are an agreement between you and your employer. Flexibility, or psychological flexibility, as it is sometimes referred to, is the ability to adapt to situational demands, balance life demands, and commit to behaviors. In other words, it is a group of multi-skilled workers.The term ‘flexible workforce’ may also refer to a workforce that grows and shrinks in size.Specifically, it grows and shrinks in size according to the employer’s needs. In this article, we explain what it means to be flexible, how it can benefit you, and how you can achieve it. Flexible working describes a range of employment options designed to help employees balance work and home life.. Why use the term “flexible”? Many … a flexible mortgage/loan With a … Flexible definition: A flexible object or material can be bent easily without breaking. Being flexible is not something that business owners should fear; rather it is something that can actually help you take your business to the next level. They are adept in this art that no one can beat them. With businesses now having to meet the 24/7 customer need for their services, there is a demand for flexible working. Similarly, employers who cultivate a flexible work environment are attractive to employees. 8. Find 78 ways to say FLEXIBLE, along with antonyms, related words, and example sentences at Thesaurus.com, the world's most trusted free thesaurus. Flexible: In the computer world, "flexible" may refer to hardware , software , or a combination of the two. It is designed as a 'Minimum Viable Contract'; meaning it has the least amount of information in it, but modules can be added to customize it to your current conditions. 3.The costs of maintaining the workforce are usually lower in a flexible staffing strategy. During periods of economic turmoil, some businesses may drastically drop prices just to make it, while others may make a killing. At the end of the day—at whatever hour that may be!—the majority of bosses care far more about the work you’re doing than the hours you’re doing them in. Others have increased profits by outsourcing some tasks to offshore talent. Although some of the technology a telecom service provider is using may only be able to be accessed in the office or at the company's headquarters, other tasks should be doable from home or another remote location, further improving flexibility. Instead, this type of organization relies on decision-making among lower-level workers, job rotation, adaptability and horizontal communication. What Is Flexibility? For instance offering the ability to work remotely may be the cornerstone of one company’s program while another company may give employees Friday’s off in the summer or allow them to make their own hours granted they get the work done. Pricing is another area with two sides to its story. This multi-user approach and high level of accessibility once again contributes towards a firm's flexibility, as centrally-stored files and data can be found quickly and easily. Businesses are willing, even eager, to pay for new clients.". We have also had to lower our prices to get clients.". A flexible business model helps niche businesses in today's business climate. Researchers of cognitive flexibility describe it as the ability to switch one's thinking and attention between tasks. ADVERTISEMENTS: 7. Freelance talent can be a major competitor for established small businesses. Flexible Organizational Structure. A suitable organisational structure is key to the "flexibility" of a business. Again, corporate flexibility and adapting to market demands can be the key to success. Outsourcing can also mean more affordable labor for some businesses. Some entrepreneurs see competition as proof of demand. You Always Have Options. adj. In a guest blog post for PR In Your Pajamas, co-author of Small Business, BIG Vision Matthew Toren wrote: "I define flexibility in business as the ability for a company to make whatever internal changes are necessary to respond effectively to the changing outward environment, as quickly as possible. Flexible: capable of being readily changed. A critical part of budgeting is the ability to control employee spend so that you never go over budget. All users of our online services subject to Privacy Statement and agree to be bound by Terms of Service. 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