Is your business future proof and ready for anything?
Your business is invaluable not just to you, but to the clients and customers you serve. If you have identified a gap in the market and have used your expertise to provide customers with something they really need, then you might be thinking that your business will have easy longevity.
However, it’s exactly this type of thinking that can result in the opposite. You never want to become complacent and stop striving to achieve more. And you should always be seeking ways to future-proof your business. So, in this brief blog article, we’ll take a look at 5 top tips for future-proofing your business, so that you can keep up with the changing trends and needs of your customers.
Identify Risks In Advance
When things are going well for your business, you might want to rest on your laurels and enjoy your success. Of course, celebrating successes are an important part of creating a fantastic company culture (more on that later!), but don’t be tempted to stop looking for risks.
Identifying risks in advance is one of the best ways to future-proof your business. This could be looking at competitors and seeing that they are offering a product or service that can evolve quicker than your own, or examining your employees and weeding out those who do not share the company vision. You should also always be assessing risks when it comes to budgeting and market trends – anything that could leave your business relevant and up-to-date with the times.
Also, a very modern risk is your data security. You should assess and manage this risk by ensuring that your technology is always up to date and relevant to your business model.
Create A Strong And Innovative Company Culture
Doing the same thing forever is rarely the way to succeed – especially as times are continually changing. While you might not be able to predict what comes next, fostering a strong company culture that emphasises and encourages innovation is the next best thing.
Rather than always looking at what your competition is doing and presenting a carbon copy with a few extra frills, you should keep speaking to others in your business and find out where your innovators are.
Encouraging a culture where employees are free to discuss, create, experiment and learn is vital for this. You may not always have the right answers or ideas, but by creating a diverse workforce, you will always have a wealth of experience and knowledge to draw from, which can help you to come out on top.
Providing employees with a clear pathway to progression will keep them excited and passionate about their roles and their place in your business, giving them more room to grow and innovate.
Have a Flexible Outlook
If COVID-19, and the restrictions that came with it, have taught us anything, it’s that there is great value in flexibility. No matter how solid and well thought out your business plan may be at the beginning of your journey, you need to remember that your business is an ever changing creature. It should evolve and grow to meet new challenges. This could come in the form of embracing remote or hybrid working models, updating goals to suit changes in leadership or staff, and being prepared to alter your direction if necessary. Opening yourself up to a flexible workforce could mean finding that dream employee, who lives outside of the radius around your premises that you currently hire within.
When it comes to your business plan, you need to make sure that you are regularly reassessing and updating it to meet your current outlook and goals. This is so you always have a roadmap to success, which can help you to tackle the unexpected.
Flexibility is also important when it comes to gathering feedback – listening to your staff, customers, and any other relevant stakeholders and responding to their concerns, questions and compliments is vital in creating a business that can keep up with the future.
Stay Current With Marketing
Marketing is something that every business has to take part in – and keeping up with new marketing trends is a great way to future-proof your business. Keep it current by exploring how marketing is evolving. While old school methods like newsletters and other emails, as well as physical marketing like leaflets, are still doing well, the new wave of marketing is a little more digitally minded. Always be prepared to go the extra mile when developing your strategies.
These days, connecting with customers and humanising your business are great ways to market subtly to your core demographic and beyond. Social media platforms like TikTok, Twitter and Instagram are as vital to success as more business-centric platforms, so having a marketing team with a range of skills is essential for success.
Bear in mind, though, that these platforms are only what’s ‘hot right now‘. You will need to keep learning, growing, and creating fresh strategies as the next big thing comes along again – and again, and again!
Embrace New Technologies
One of the most essential techniques for future-proofing your business is by embracing new technologies. While this means taking advantage of digital platforms (such as social media), it also means how your business functions on a day-to-day basis. This means providing employees with modern technology that boosts productivity and efficiency. As well as the opportunity to work safely when they are remote by offering cloud-based phone solutions and tight data security – as well as centralising your information on platforms that everyone can access.
Times change fast when it comes to technology, so keeping up with all the advancements might seem like a chore. However, this chore is crucial. Many of these new technologies are perfect for streamlining your processes and creating an easier and more functional business model that will find a home in the market no matter how things change.
Where Yo Telecom Comes In…
These five strategies for future-proofing your business might not be exhaustive, but they are a good place to start. As we’ve mentioned, one of the most vital tools when it comes to future-proofing any business is always embracing the right technology. Here at Yo, we’re all about Improving Business Success through telecoms, technology and other means. So, if you are interested in updating your telephone system and/or WiFi, then Yo Telecom can help. Enter your details in the contact form below to find out how we can help your business TODAY!