5 STRATEGIES TO FUTURE PROOF YOUR BUSINESS

Technology, automation and job changes are at the forefront of many people’s minds. Look at manufacturing, for example. It’s an industry that’s changed entirely – as robot’s takeover many jobs that we used to do.

At the risk of sounding futuristic, we’ll see more and more of this in the coming years. While this might scare you (that’s okay), it’s important to look at this in a positive light. Businesses of the future will need to adapt to fast-changing environments. Let’s go through a few of the ways you can make sure your business not only survives but thrives in the future.

1. Spread out your revenue streams 

Avoid focusing on part of your business for the entire success of it. What we mean by this is don’t just have one service or product that brings in 100% of your revenue. Diversify your business to increase your chances for survival. If something goes wrong with one ‘arm’ of your business, it’s okay because it’s easy to replace. Always look for new opportunities.

2. What’s failed in the past? What’s worked? 

Strategies that you used that were successful doesn’t necessarily mean they will be again. Let’s say you picked up a few new clients through a print ad in 2013. This doesn’t mean it will work now, five years on. Things change and it’s critical that you search for new ways to connect with potential customers.

3. Be an observer 

Predict future trends by looking at problems your customers or industry are having. Your market won’t always tell you want they want, so do your best to anticipate it. Be imaginative and curious. What are your customers communicating to you? How are they behaving? Follow trends in America and the rest of the developing world. Stay ahead of the game and track what’s happening elsewhere in your industry. Also, this will help you identify and manage risks.

4. Look outside your industry 

Have you noticed cool ways of doing business that aren’t in your industry? You can apply the same concepts to your business. Many people only focus on what’s going on in their own space that they miss these opportunities.

5. Create a culture that encourages innovation 

Make sure your company is positioned to innovate. This means when you spot an opportunity, you can go for it, without wasting any time. To foster a culture of innovation, create an environment that experimental, flexible, and free.

We’re on the cusp of a whole new way of working and running businesses. Embrace it, now.