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Here’s something that everyone that runs a business probably knows, either intuitively or not: the business world is always changing. The conditions of today will not be the conditions of tomorrow (well, the conditions of a few years down the line). The rate of change is becoming faster all the time, so it’s not an exaggeration to say that the business landscape might look radically different in the not too distant future, especially once you’ve factored in the effects of the coronavirus pandemic. While you can’t prevent the world from changing, you can affect your company’s suitability for navigating the changes. If you put the right pieces in the right places, then you could have a future-proof business that ensures you can continue to thrive no matter what happens.
Core Values
It’s a mistake to put too much of your company’s hope for the future in a single product or service. Indeed, you can argue that it’s a mistake to put too much faith in your entire business operations; Blockbuster were in the business of renting DVDs, but if they hadn’t been so committed to that, then they might still be around. Rather than simply thinking of your company as a business that provides X or Y, look at it through the lens of your core values. The values and ethics that guide your business can be timeless; they’re not affected by the market. When it comes to making changes, you won’t be overly tied to whatever it is your business does -- you’ll be tied to the values that underpin your operations. And that can be a very freeing sensation.
Adaptability
Think of your business like a house that lies close to the sea. The rising tides might consume that house. However, if the house can be moved, then when those high tides come, the house can simply be picked up and put in a safe, dry place. The location of the home was adaptable, and while the view changed, things more or less stayed the same -- it remained useful and beneficial. You should try to make your business equally adaptable. The economic and business conditions will always change, but if your organization is too rigid and stuck in its ways, then it won’t have the flexibility that’s needed to adapt to the changes as and when they arise. An agile approach to your business is key -- it’s what all the big companies have because it allows them to change direction when the winds change. Similarly, it’s wrong to put all your eggs in one basket -- looking for new products and services that will serve you better.
Sustainability
Sustainability can manifest itself in many forms in your business and in your establishment. Sustainability requires constant adherence and a commitment to sustainable practices. Eco-responsible cleaning is a fundamental component of a sustainable business model that will have a positive impact on your establishment and all its occupants, whether they are property managers, building management contractors, residences for the elderly, educational establishments or food service establishments. Many businesses are already undertaking sustainable projects. This project which was recognized with an IES Illumination Award of Merit is one. You can adopt many practices to become sustainable.
In day-to-day business, small changes are enough. It is not a question of regressing, but of knowing how to use the modern tools made available intelligently. It is well thought out to do most of the work by computer or electronic media. This reduces paper consumption and travel. As everything can be done remotely, there is no longer any need to put several vehicles at the disposal of a single company. However, you have to think about the energy cost of these gadgets and act accordingly. Choose to turn off computers rather than put them on standby. Do not abuse the smartphone charger on the pretext that it is very useful. Likewise, the general attitude of employees needs to be reviewed. Look at how you can make things greener and involve your whole team. It is important to note that most companies will have to adhere to new green rules as time goes on.
Investing in Staff
Ideally, you’d hire a member of staff once, and that’d be it -- you can forget about it for the foreseeable future. Bringing new employees on board can be time-consuming and expensive, after all. However, it’s not enough to simply hire the best employee. You could have the most talented employee in the world and still run into trouble if you’re not providing them with ongoing training and support. No matter what industry you’re in, there’ll always be things that change and develop -- the skills required today will not be the same skills required tomorrow. If you make a commitment to training your staff, then you’ll always have access to the best, well-trained team of employees. Plus, this can help retain employees -- the best ones usually leave if it feels like they’re not space for development.
Leadership Turnover
One problem that all companies, even large companies, have is the leadership turnover issue. While you might have an awesome team of management right now, they won’t be around forever -- they could move up to more senior roles, retire, or move to another company. When that happens, an organization can find that it’s in serious trouble. It takes a long time to get the experience and company know-how required to work in leadership roles. If you’re looking to ensure that your company has a bright future, then you need to think ahead about how you’ll handle the leadership question when your current crop of leaders leaves. This is where succession planning comes in. This is the process of identifying potential leaders and then preparing them to step into a leadership role over the course of several years. Of course, you’ll need to talk to the employee about whether that’s what they want.
Reading the Market
The world changes in many ways. Sometimes, it’s a technology that drives things forward. At others, it’s changing attitudes and needs. The point remains the same, however -- in order to have a successful business, then you’ll need to serve your customers. While we often think that the market is some unknowable force, that’s rarely the case. Surprises do crop up, but most developments are not a surprise; they’ve been coming for a while. There are various ways you can figure out what the future of your industry might look like. You can attend trade events and read trade magazines, for example. Also, looking at where the leading companies in your industry are investing their capital will give you a strong idea.
Continued Innovation
You’ll have had a solid product or service when you first began your company. Yet, while that’ll see you through a few years, there’ll come a point when the product or service that you provide begins to feel a little outdated and behind the times. You see it happen with companies all the time. The problem is that when you realize you’re behind the times, it’s a difficult process to try and catch up. The best companies make innovation a core part of their operations; there’s never a time when they’re not innovating. Take The Beachbody Company as an example. They’ve been in the fitness industry for over twenty years, but they’ve never rested on their laurels. Rather, they continue to innovate. This ensures that they’ll always be at the forefront of their industry, no matter what the future holds.
Identifying Risks
All companies have weaknesses, even the very best. The presence of weaknesses is not by itself an issue; it’s when a company isn’t aware of those weaknesses that problems arise. As part of your company operations, it’s important that you’re identifying risks on a continual basis. You’ll find that many of them can be remedied or at least controlled with a little bit of planning. Think of your company’s future in the same way that Jamie Foxx sees his future happiness; he asks himself, ‘what’s going to be a problem?’ Simply thinking of what might be an issue some years down the line allows you to handle the threat today.
Listening to Customers
Your customers are going to be one of your best resources for creating a future where your company can thrive. After all, if you always have customers on your side, then you have a viable business. Getting feedback from your client base is something you should be doing on a regular basis anyway, but it’s especially important when you’re planning for your future. You might just find that they can tell you all the answers you need to shape the future of your business.
Analyzing The Competition
You’re always in competition with other businesses, but who your competition is will change. You might have a list of competitors right now, but in the future, it’s likely that a new company will pop up, and they might be a greater challenge to your success to what you currently experience. As a general rule, it’s a good idea to continually monitor developments in your industry, and also, to never discount an ambitious company. People thought that a concept like Airbnb would never take off, but we all know how that turned out.
Continue Learning
On an individual level, you, as a business owner, should continue to develop and learn. If you take a look at the attributes that the leading entrepreneurs possess, you’ll find that they all share a common trait no matter what industry they’re in: they all make it their mission to continue learning. If you think that you know all the answers, then you’ll be in trouble. Why? Because the answers that lead to business success today will not be the same answers that guide success in the future. You can learn from many different sources -- just keep your eyes and ears open and you’ll absorb the lessons you need.
Conclusion
As we’ve seen time and time again, there are no guarantees that just because a company is successful today, then they’ll be successful tomorrow. There’s a long list of companies that were once at the top of their game that are now simply a part of the history books! If you have plans to be in business for a long time, then it’s important that you’re analyzing how ready you are for the future. In doing so, you might just find that you’re able to create a bright future, all just by doing a little bit of planning today.