Sometimes, the going gets tough. Nobody likes rough times – but even a successful business can expect to face a few ups and downs. When these times come (and they will), will you be able to weather the storm?
Here are 5 ways to future-proof your business to make sure your company lasts – no matter how difficult times may get.
Don’t depend on one part of your business for success
Most companies achieve success with just one, brilliant product. It could be designed for mass consumption, or it could be for a more niche market. Even if it is responsible for generating a great chunk of your total revenue, diversifying your product portfolio is vital to longevity.
Reduce independence on one part of your business – times change, and your product may fall in popularity as the years pass. For example, new products could be line extensions for the existing business. That way, you always have products that are needed, and that will lead to a loyal customer-base.
Are you truly engaging new customers? Think again
Marshall Goldsmith, an expert at attaining success, famously said: “what got you here, won’t take you there.” That is to say, the strategies you used to previously acquire customers may not be useful in future.
Many businesses have traditionally relied on print advertisements to build a customer base, but times are changing. With the rise of social media, and new avenues involving ‘Search Engine Optimisation’ and ‘Inbound Marketing’ – you need to get ahead of the curve. Adapt to the new ways, and watch consumers flow into your business.
Newspaper ads are outdated; why not try Facebook or Instagram instead?
Predict the future demands, today
Your customers cannot always tell you what they want, you have to anticipate it. As Henry Ford decreed, “if I had asked people what they wanted, they would have said faster horses.”
Unleash your imagination, and focus on gathering experience with the trends of the industry you work in. Once you grasp the trends, you can predict where they might go – and act accordingly.
Identify and start managing risks
You cannot predict all the problems that might occur in future, but you can prepare yourself for a variety of outcomes. Determine weaknesses in your business – think people, system or business processes, legal compliance, data security, etc.
If you depend too much on a single individual or vendor for the success of your business, what happens in the future when these people are not around? Figure out the gaps in your business processes and address them before they become unfixable problems.
Depending on the business, you may need to boost data security, purchase new material, invest in customer support and more. You are the best person to identify the risks in your business – so take measures to mitigate them.
Iterate
Innovation is not about new ideas only. A few touches and shifts in operation and communication strategy can lead to significant milestones for your business. Think of how you can reuse some of your resources in a new way. You could even repackage your products or services to appeal to new customers. Consider some of the tasks that take longer to be accomplished and see how you can incorporate technology for efficiency. With innovation, you keep reimagining – you keep challenging yourself and your people to think differently. That way, you future-proof your business.
Listen to your customers.
Your customer is the king, and if your business is to have its future secure, you must value them. You don’t have to give free things to keep them, nope. Keep them engaged in your social platforms, provide them with the freedom to share their views on the improvements they think you should make. That will enhance your relationship, and you can be sure they’ll be with you in the future.
Create a favourable environment for innovation
Predicting the future is not possible, but we can get close to it. Innovate to stay ahead of the game – even though innovation is risky, it reaps massive rewards in the long-run.
Give your employees the freedom to experiment and invest in the technology that allows them to do so. Take the ultra-modern, Unified Communications solution by Gamma for example. Communication is vital in ensuring the longevity of your business, and full transparency between shareholders and employees.
Gamma unifies multiple channels into a single application with their bespoke UC offering. If you continue, like your competition, to retain different comms channels – you are making sure that the future of your business will be disjointed, with infrastructure that drains time, budget, and resources. Instead, enjoy an innovative technology stack – bringing comms tools together into a single app. Watch customer satisfaction and employee rates soar, due to increased business growth and operational flexibility.
To learn more about how Gamma’s voice, data and mobile products can help you achieve complete futureproofing within your business, contact Gamma or one of their specialist partners.
