The way businesses operate today could have been a distant dream even a couple of years ago. The way a business operates today may not do even a few months later.
Many organizations had to change their mode of operation to survive and prosper. Other businesses had to wrap up their operations because they could not adapt to the changing environment.
The important question to ask at this point is – can a business be future-proofed? Can an entrepreneur improve the chances of its survival? While the future of a business cannot be predicted with precision, an entrepreneur can prepare his/her business to handle unforeseen challenges.
The following are some of the major strategies to help an entrepreneur to future proof their business
For instance, several companies rely upon print ads to get new customers. With the increasing popularity of fresh techniques such as inbound marketing and search engine marketing and social media marketing, things are no longer the same. Old strategies may not work now. So, it will be tough to get new customers unless you do not change your ways.
Many businesses usually get success with a single excellent product. It could be for the mass market or a niche market. Simply one product may be extremely high on the popularity chart and generates the lion’s share of the entire revenue.
However, you still need to ponder about different ways so that your product portfolio is diversified. You should focus on creating a diversified portfolio for your offerings so that your business can be future-proofed. The new offerings can be line extensions for your existing business.
It is not possible to always predict the bottlenecks that may come up in the future. However, it is possible to take some action so that you can be better equipped. First of all, you should identify the risks or potential failure points for your business.
Such risks could be about business processes, data security, legal compliance, system, or people. For instance, you might rely too much on a single individual, a small group of employees, or a particular vendor for your business’s success. Such over-dependence could lead to bigger issues when they have left the company.
In the same manner, it is imperative to detect the gaps in the existing processes and then address them so that they do not become problems. Based on the nature or type of your business, such gaps can be about any of the following:
i) Deliverable quality
ii) Customer support
iii) Purchasing new materials
Indeed, your customers may not be in a position to express what they want always. It is your responsibility to anticipate their needs as a service provider. The art needs some experience and imagination based on your industry trends.
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