Amidst fears of technological change and automation, businesses face an uncertain future in 2019. The modern landscape we operate in is one of constant flux and evolution, calling for a sense of agility among leaders to set a tone of resilience and resolve among their teams.
Business success is the result of an effective business strategy that considers the needs of clients and consumers both now and into the future. Even for those who are experiencing success today, blindness to considering the challenges of tomorrow can spell disaster for ongoing business growth and prosperity.
Although we cannot predict the future, we can develop effective behaviours and principals to lay the solid foundations of a future-proof business. Discover three ways to build a resilient company, equip to withstand the uncertainties and challenges of future business conditions.
As the saying goes, never put all your eggs in one basket. Depending on just one aspect of your business for long-term success leaves your organisation vulnerable to market fluctuations and changes. By diversifying your product and service offering you’ll be well placed to overcome the inevitable peaks and troughs of business with stability and ease.
The same goes for revenue distribution among your client portfolio. Investing the bulk of your resources in one major client can spell disaster for the overall health of your business if the relationship ends unexpectedly.
New products and services may enter the market at any time, requiring you to pivot operations to remain on the front foot. Look to expand your offering to include consulting services that showcase the professional expertise of your team.
So, what does this look like? For a digital marketing agency, tasks such as setting up Facebook Ads and pacing budgets can be easily outsourced to cheaper agencies offshore or taken in-house by clients. However, more complex skills such as developing social media strategies and performing in-depth website audits are harder to automate or perform without trusted professional guidance. Offering these services will make your business more valuable to clients, helping to increase retention and bolster new business prospects.
People are the core of any successful business. Your team are the face of the services you offer, working to build healthy client and customer relationships.
Strategic planning is critical when it comes to recruitment and staff retention. Without a clear vision of the skills and attributes you need to build a successful team, you’re unlikely to attract the right talent for the job and may struggle to cultivate an environment of creativity and curiosity in the workplace.
Think about what might attract a potential candidate to your business, and consider any gaps or weaknesses that might cause them to take up a role elsewhere. Do you offer flexible start and finish times to accommodate working parents? Are there any corporate gym or fitness facilities on-site to keep employees happy and healthy? Company perks and employee benefits are a valuable way to demonstrate your business’s focus on wellbeing in the workplace.
Consider the values and beliefs that are foundational to your brand and build mission statements that clarify these for employees. Keep talent engaged and inspired by ongoing professional development and training opportunities to benefit both the individual and your business. Schedule in-house training sessions for your team and enrol employees in professional development courses relevant to their role to help your talent grow, learn and deliver exceptional results for your business.
Effective strategic planning looks to the past to inform present and future success. Across all aspects of your business, analyse what is and isn’t delivering results and ask yourself ‘why?’.
Are your teams adequately resourced? Does your company offer rewards, incentives and perks to inspire strong morale? Have you rapidly expanded, or stagnated client growth? Have you hired the right remit of experienced talent to service your current workload?
Running internal employee surveys are a valuable way to assess the success of your existing operations and company structure. Keep responses anonymous to encourage honesty among respondents, and use these results and findings to inform organisational changes. Show your employees their feedback is valued by following up with new steps that indicate what changes you’ll be making in response to this feedback.
Allow at least 6 to 12 months to test any new initiatives and changes you roll out across the business. Be prepared for stumbles and challenges along the way, but stick with it to ensure you have enough data to understand if the change is or isn’t beneficial.
Taking a step back from the daily operations of your business will allow you to consider your organisation at a macro level and create an effective strategic business plan, an essential ingredient to ensure success both now and into the future.
vLinkD (pronounced vee-linked) are problem solvers. With experience in marketing and communications, IT and operations, our team are experts at helping businesses meet and tackle the challenges posed by technological change and automation. For an obligation-free chat about how to future-proof your business, contact us today.