How to future-proof your business
Life is funny, isn’t it? One minute you’re braving the predictable morning traffic, contemplating whether you should stop for ‘good coffee’, and then BOOM, a global pandemic hits, and life as we know it is turned completely upside down.
I’m certain that if you had a penny for every article you’ve read in 2020 citing the phrase ‘a new normal’, you’d be able to fund that new-found hobby with ease. The reality is though, there probably isn’t a more apt phrase to describe life as we know it, now.
Individuals are making concerted efforts to maintain a form of ‘normality’ within their homes. Finding, and maintaining, that work-life balance has proven to be the biggest challenge, but employees are seeing the dire need to be stricter when it comes to the boundaries you put in place. In order to ‘future-proof’ your home and family life, those boundaries need to be put in place.
The same can be said and done for your business. We explore five ways you can look at future-proofing your business.
1. Ask the tough questions
As unpredictable as 2020 has been, the greatest lesson it has taught us is to ask, or at least consider the unimaginable happening. Whilst this sounds awfully morbid, a good starting point would be to ask yourself this question:
How would my business survive <insert worst-case scenario>?
A worst-case scenario will look different for every business, but asking the question, and considering the answer and outcomes forces you to plan for such an event. We can’t predict the future, but we can certainly prepare our businesses to face unforeseen challenges.
2. Don’t put all your eggs in one basket
At Realm Digital, remaining innovative is at the core of who we are, and what we do. While we have our core competencies and key service offering, we cannot rely on one part of our business, one development language or one resource to drive the business forward.
Diversifying your product portfolio means that you’re not relying on one stream of business to generate the bulk of your revenue. In our case, it’s about staying on top of new technology and ensuring our clients stay ahead of the curve.
3. Plan for the worst
Another terribly sombre piece of advice, but an almost necessary thing to do. You won’t be able to predict the problems that might occur in the future, but you can certainly take some steps to better prepare yourself.
By identifying the risks or possible points of failure for your business, you identify the gaps and potential threats and can put the necessary steps in place to mitigate those risks. These risks could be in the form of people, processes, legal compliance or finances.
4. Keep innovation at the core of what you do
In order to stay ahead of the game, you have to innovate. Innovation isn’t always about coming up with game-changing concepts. In fact, simple shifts in communications or operations strategy can be every bit as successful at helping you create huge opportunities for your business.
Thinking about how to reuse existing resources, capabilities or solutions in new and exciting ways is every bit as innovative as coming up with an entirely new solution. Innovation is largely a process of constant reimagining and reinvention. Imagining what could be, and then doing it.
To foster a culture of innovation, you have to challenge yourself and the people around you to think differently, and give people the freedom to experiment. Innovation doesn’t flow from the top-down, it’s every team member’s responsibility to drive forward.
5. Resilience is key!
If at first, you don’t succeed, dust yourself off and try again. A necessary mantra for anyone in business. You may not succeed on the first, 10th or hundredth attempt, but what you are doing is learning the necessary lessons to make the next attempt a step in the right direction.
If you’d like to unpack some future-proofing strategies that will see your business go the distance, reach out to Realm Digital. Looking at how your digital enablement strategy is aligned to your greater business strategy is a critical step in ensuring your business is set for the future.
HOW CAN REALM DIGITAL HELP YOU?
Do not get left behind. We’d love to connect with you to discuss the endless possiblities for you, and your business.
Let’s connect over a call.