Do you really need to futureproof your new company?
As a new business, being able to futureproof your company from the get-go is vital. Find out why it’s so important, and what you need to consider.
In an age where the economy is forever changing, and digitalization is changing the world as we know it, getting left behind due to your oversight will only serve as a nail in the coffin of your new venture.
No one wants that. In fact, despite the events of the past couple of years, statistics still report that 20% of businesses will close within their first year of trading, 30% in year two, and almost half after five years.
So future-proofing. What is it, and how can you do it?
Future-proofing by definition is:
“The process of anticipating the future and developing methods of minimizing the effects of shocks and stresses of future events”
Be in the know
The more you know about what is going on in your industry and sector, the better. Keeping your finger on the pulse has never been more critical. When starting up, the easiest way to future proof is to look to new and emerging technologies and methods to apply from the off to give you a head start. Remain adaptable and have in your business plan scalability plans to help you evolve as the world does so you don’t get left behind.
Keep track of as much information as you can on the operations of your company. To get the most out of your data, it should be updated at least once a month. This allows you to compare it to past months or years, looking for trends that can raise a red signal.
By being familiar with the numbers in your company, you can identify problems early on and design robust solutions based on reliable facts.
No one person can do everything. If you do, not only will you run yourself into an early grave, but you will take your new venture with you—new technologies and staff training can come at a cost, as cna mistakes made due to inefficiencies or lack of knowledge and skills.
Outsourcing has long been a buzzword, and for a good reason. If you choose specific components, your company can outsource, you can benefit from training and expertise in your preferred area at a fraction of the cost and without having to ensure thorough training is undertaken.
As a new business, one such place you should consider outsourcing is your accountancy needs to a company such as Perks. Keeping your books up to date is one of the best ways to assess your profitability and allow you to make better financial choices.
Keep an eye on competitors
Failure to look back in the rearview mirror will only obscure your view of the future. You need to know who and what is coming up behind you and how your previous habits cna form future stepping stones.
Keep an eye on your standing within your sector and use this to keep pushing forward to keep yourself moving up.
Digital marketing is a vital tool in any business’ toolbox. But utilizing one method of digital marketing can be limited. People change their habits all the time, and if you are reaching them where they are hanging out online these days, you are doing your company a disservice.
Focus your marketing efforts on an omnichannel approach. This means using your website, emails, SEO, social media, online advertising such as PPC, etc., to create a consistent and practical approach to marketing, allowing you to hone down your target audience using the data at your disposal and produce better results from your marketing spend.
Photo by Christina