While there are many benefits of “living in the moment” in your personal life, this is not an ethos you should carry into your work, especially when running your own business. Instead, you should always be planning ahead, whether that be for your next product launch or business event. Doing so will help you to enjoy the longevity of your business.
With close to 600k businesses closing shop each year in the US, this form of future-proofing is essential. However, for many, it can be difficult to know where to start, which is why you may now find yourself asking the question: How can I ensure that my business is future-proof?
Photo by Bethany Legg on Unsplash
Don’t worry – this guide will tell you everything you need to know!
Future-Proofing Tip #1: Invest in the right tech and software. Businesses that do not properly invest in technology are set to fall behind their peers, even if they offer some of the best products and services on the market. This boils down to the fact that technology is a real time-saver, which, when implemented correctly, allows you (and your team) to work more effectively.
Ideally, you should invest in tech and software that is purpose-built for the industry you are working within. For example, if you work in the education sector, you may want to collaborate with higher education technology solution providers.
Future-Proofing Tip #2: Keep your customers happy & smiling. Customer satisfaction is one of the biggest contributors to long-term success. After all, it encourages both repeat custom and word-of-mouth referrals. Luckily, there are many different ways in which you can keep your customers happy. For example, with 48% of customers expecting a response to their emails or enquiries within 6 hours, adding a chatbot to your website can be a real game changer.
Alternatively, you could simply focus on elevating your customer service game. For example, why you may currently rely on your best-sellers to close deals and win over customers, having them train other members of the team ensures that every single person in the workplace becomes a customer service superstar.
Future-Proofing Tip #3: Remember that your employees are the backbone of your business. While there are many benefits to adopting a customer-first mindset, this should not come at the expense of employee wellbeing. They are the backbone of your business and are responsible for a large portion of daily operations and, as such, deserve your respect and support. By making an effort to take care of your employees, you’ll reap many positive returns. For example, you will notice an increase in employee retention rates and overall productivity. You can show your employees your appreciation through:
- Handing out awards, such as Employee of the Week/Month
- Offering out verbal praise to let them know they are on the right track
- Promptly responding to complaints and resolving any issues that arise
- Developing an employee wellness scheme
- Rewarding and incentivizing hardwork
Future-Proofing Tip #4: Plan for the worst to come out on top. A positive mindset can help when running a business, as it means that you’re able to remain focused on the bigger picture when things go wrong. However, this does not mean that you can operate without any kind of contingency plan in place. After all, without a contingency plan, your team will be left scrambling to come up with a quick solution to a problem. As they’d likely be rushing to resolve the issue as quickly as possible, this could lead to inefficient solutions that make matters worse rather than better. However, with a contingency plan in place, they have a guide to follow.
Future-Proofing Tip #5: Invest in quality marketing campaigns. Few businesses are able to survive through word of mouth alone. Those who are likely have years of experience under their belts and an incredibly recognizable brand name. As a newer or smaller business, you have to be able to get your name out ther as much as possible, which means that you have to invest in innovative and high-quality marketing campaigns. For example, given that “60% of business-to-consumer (B2C) brands get their customers through social media,” you should focus on growing your presence on this platform so that digital ads receive as much attention as possible.
Future-Proofing Tip #7: Be willing to work hard every (work) day. While taking a break and developing a good work-life balance is important, the businesses that enjoy the most success are those that are led by entrepreneurs who are not afraid to work hard. This means that on working days, you should lead by example by putting in the hard work. This will inspire your team to follow suit while also ensuring that everyone remains on track for their goals.
In short, there are many different steps you can take to ensure that you will still be a business owner in 5, 10 or even 15 years. Of course, a lot can change during this time, but by continuing to put in the hard work and effort, you can ensure that you remain on track and that your business continues to thrive.
