Every business is vulnerable to threats. No matter how safe and sound a company seems, it can go out of sight within a few years. It has already happened to many businesses. Hence, it is wise to future-proof your business and make it ready to face anything.
Most of the time, business owners think that they can future-proof their business by adopting new technologies, replacing and updating systems, and protecting the IT ecosystem. Of course, this is needed. But, there are certain non-technical strategies that a business needs to adopt through and through to ensure business future-proofing.
If you’re not aware of them, read this post. We had a word with some of the best minds and have jotted down some non-tech-tips.
1. Keep the Future-proofing Strategy Straightforward
There is no point in having high-end technology for future-proofing that is hard and tedious. Your employees are having a tough time becoming hands-on. Always make sure that whatever tools and technologies you adopt for future-proofing are understandable and straightforward.
For instance, if you’re using a VPN for secure internet browsing that you should definitely use, try to pick a VPN that comes with an uncomplicated interface. In addition, having mobile app support for a VPN makes it more accessible than ever.
For other systems and tools, ask for training from the vendor. This allows your team to have a better understanding of tools that they are going to use at the workplace. This strategy always works as your teammates become confident and make most of your future-proofing tools.
2. Don’t Bank Upon Only One Part of the Business
Sustenance only happens when a business has deeper market penetration. To make this a reality, it is wise not to rely upon only one part of the business.
We know that every business has a star product that has won its customers’ hearts and even driven most of its success. But, always try to have some extension services.
This helps a business ensure continual cash flow from multiple points, and we all know what worth constant cash flow has for a business. In its absence, as per this report, around 82% of small businesses shut down within five years of launching.
Do you want to be included in that list?
If not, plan some new launches once you earn the confidence of customers with one product.
3. Keep an Eye On Your Competitors
We know success demands focus. But, it also demands competitor awareness. Do you know that most small businesses become irrelevant because of competitors selling the same products at a lower price? Honestly, businesses of all sorts face this issue. Customers have this tendency to see the price first and then think about quality. And, if all other parts are equal, they will go for the affordable option. This could be an alarming situation for you. If your competitors have managed a breakthrough, you will lose the race for sure. So, keep your eyes wide open and stay aware of your opponents’ moves.
4. Invest In Your Employees
The two most important pillars of a business are customers and employees. Customers bring revenue, and employees deliver services. The majority of companies invest in customers and run costly marketing campaigns. In all of this, they forget their employees. There are many examples of businesses that have suffered severe losses because of poor employee retention. Gartner reported that stressed and dissatisfied employees are likely to deliver 5% less than their actual capacity. If you want to future-proof your business, invest in your employees.
Future-proofing your business is a good thing. But, it should be done strategically. Don’t overly focus on the technical part. Pay attention to keeping your strategy simple; invest in employees and in studying your rivals. In this way, you will be able to sustain your business in the market for year after year.