Weekly Business Insights from Top Ten Business Magazines | Week 295 | Entrepreneurship Section | 1

Extractive summaries of and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Week 295 | May 5-11, 2023

5 Ways to Organize a New Business to Take Advantage of the Future of Work

By Cory Hymel | Entrepreneur Magazine | May 9, 2023

Listen to the Extractive Summary of the Article

The future of work we have all been waiting for came faster than we expected, completely reshaping how to start and run businesses. Enterprises and established businesses are currently struggling to rethink their offices and company culture as the human cloud and hybrid work models come into greater demand. So, if you were starting a new business designed for the future of work, what would it look like?

1. Incorporate distributed teams into your organizational chart.  Traditional companies have an established, top-down org structure, and any freelance, contract or gig workers are considered “other” or outside the organization. This structure isn’t viable in an era where the workforce is becoming increasingly freelance, contract, remote, fluid and distributed.  So the future of work demands a more flexible and inclusive organizational structure, bringing on board a fragmented workforce while fully addressing the roles and communication channels available between the organization and its team members working outside the company.
2. Adopt a non-linear chain of work.  When developing the org chart, you should also allow for more decentralized decision-making instead of a traditional hierarchy.  Decentralized decision-making will be particularly valuable as you embrace outsourcing and allow for the expertise of people outside the organization to be added to the conversation.
3. Embrace outsourcing.  As companies look to innovate at scale, outsourcing software development and leveraging staff augmentation have become increasingly common. In fact, having a large in-house team isn’t really necessary at all in the future of work.  Outsourcing development to distributed teams allows your company to stay lean while rapidly responding to the latest tech opportunities.
4. Consider remote and asynchronous work.  To fully enjoy benefits like greater productivity and higher retention rates, you’ll need to create corresponding distributed processes for your teams in different time zones and geographical locations that must work together to deliver results despite not sharing common office spaces.  Going async from the start means workers don’t have to be online simultaneously, as they can work autonomously and still deliver expected outcomes.
5. Create workflows for distributed teams.  As the future of work provides prospects for workers to operate from the most exotic places, you should future-proof your new startup by creating a workflow for your remote teams that makes work-related communication easy to increase productivity.  Make plans for implementing clear and visible workflows showing how team members and managers collaborate to reap the benefits of remote working. 

3 key takeaways from the article

1. The future of work we have all been waiting for came faster than we expected, completely reshaping how to start and run businesses. Enterprises and established businesses are currently struggling to rethink their offices and company culture as the human cloud and hybrid work models come into greater demand. 
2. If you were starting a new business designed for the future of work, what would it look like, consider the following:  incorporate distributed teams into your organizational chart, Adopt a non-linear chain of work, Embrace outsourcing, Consider remote and asynchronous work, and Create workflows for distributed teams.
3. As businesses rely on outsourcing, asynchronous work and distributed teams, the organizations that are best able to support these new structures will see the most success.

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Topics:  Future of Work, Technology, Startups, Entrepreneurship