Is Your Business Future Proof?
The Future is Here Every Day
With ever developing technology and a constantly evolving market place, there has never been a time where keeping on top of your business has been more important to survive. We know it can all feel a bit complicated, which is why we have created a list of ways to future proof your business.
The Rise of the Millenial Generation
The millenial generation are increasingly taking over the workforce, with over 50% by 2030. And the igeneration is not far behind. It’s imperative your business is online and on social media with strong positioning and authority in order to finding and recruiting younger talent.
But it doesn’t stop there.
If you find invaluable members of staff in this process, it is important you offer an incentive to stay. For better retention of staff, offering training and mentorships is a great way to cement your workforce and for keeping staff happy.
Diversify Your Product Spectrum
The truth is, relying on one great product in this marketplace just will not cut it anymore.
While you might be know for and brilliant at one thing, the chances of your survival are low. You never want to become dependent on anything in your business, because if that one thing becomes redundant, or some other business comes along and does it better than you, you no longer have a business.
The way to future proof your business is to think about natural ways to expand on what you already sell. Diversify your product spectrum by offering similar products for a higher or lower rate to meet to needs of all your potential customers, whilst maintaining the quality you need to survive.
Build a Virtual Marketplace
Whatever has worked for you in the past may not work for you today, because how we acquire customers is always changing and you need to be prepared for that.
For example, leaflets through the door used to be a great way to get customers, but with the rise of social media these tactics are not so useful anymore.
One way you can future proof your business is to start building your online presence through social media, with a website that has ecommerce capacity. You could even employ a member of staff to start learning about online marketing to attract your ideal customer at a price your business can afford.
We suggest you try a few methods, decide what is working for you and adapt accordingly.
Automate Business Activities
Artificial intelligence (AI) is on the rise and here to help your business. AI helps by taking over a vast amount of tasks, which allows you to focus on what you are best at. Go through your business processes and decide which areas could be helped with technological solutions, and which systems are best suited for you.
Not only can they do tasks for you, but many systems can help improve productivity and reduce costs to your business as well. Make sure your staff are involved in the process too, to ensure they are comfortable and on board with the new technology.