There is no guaranteed way to future-proof your business, but there are some strategies to increase the chances of long-term success. Here are five tips to consider.
1. Embrace Technology
Technology constantly evolves, and businesses that keep up with the latest trends are likelier to thrive. Whether adopting new software or incorporating automation into processes, staying current with technology can help your business remain competitive.
I do ample research before reaching out to new prospects and use tech platforms like Datamine and CRMs like Salesforce and Onepage. Today’s challenge is finding what is best for you and what you need.
2. Keep An Eye on Industry Trends
Stay informed about changes in your industry and be proactive in responding to them. If you can anticipate shifts in the market and adjust your business accordingly, you’ll be better positioned for success in the long run.
When researching clients and their markets I have always been data lead. Gathering suitable material from the right sources is essential, and from there, I distil the information to design the most fit-for-purpose strategies.
There are several actions I do to stay ahead and relevant:
- Sign up for industry newsletters
- Read trade journals and magazines
- Subscribe to business development on Google Alerts
- Stay engaged on LinkedIn
- Tune in to pop culture podcasts
- Follow similar industries on Instagram
- Attend business networking events relevant to Bigger is Better and my clients
- Regular conversations with my global network
3. Diversify Your Offerings
Relying on a single product or service can be risky, as trends and consumer preferences change quickly. Diversifying your offerings can help spread the risk and ensure your business has multiple revenue streams.
I have a client well-known in the advertising world who provides traditional services; however, many of their clients need more than just traditional advertising. They need brand, media and copy – a more end-to-end offer. After assessing costs versus growth potential, we invested in the right mix of capabilities, and now they are an agency that can deliver a full suite of services under one roof. This approach improves efficiencies and continuity and lowers costs.
4. Focus On Customer Experience
A positive customer experience can be a powerful way to build loyalty and differentiate your business from competitors. Ensure you’re listening to feedback and constantly working to improve the customer experience.
There is no excuse for poor customer service. There is no science here besides a bad reputation and no repeat business. If a business consistently provides a positive experience, it can become known for its exceptional customer service and attract more customers.
One strategy I like to use is the mystery shopper model, as you quickly discover what is and is not working. Also, you can further define and streamline the engagement process by reverse engineering all customer touchpoints. Continually seek better ways to connect with your customers and their interaction with your business.
5. Cultivate A Strong Company Culture
A positive workplace culture can help attract and retain top talent and improve productivity and collaboration. Creating a culture that values diversity, equity, and inclusion helps ensure your business is prepared to navigate future changes and challenges.
Your team is the fundamental reason why your business succeeds or fails to succeed. In my experience, creating an environment where people come to a career, not just a job, allows for:
- Individual growth
- Personal investment
Ultimately, the key to future-proof your business is to remain adaptable and responsive to change. Keep an eye on the horizon, be open to new ideas and perspectives, and be willing to pivot your strategy when necessary.