Five Ways To Future-Proof Your Business

According to a recent study, roughly 45% of small businesses fail within the first five years. While this may sound daunting, it's important that you keep this in mind during your day-to-day operations. This way, you can put plans in place to protect your business so that you’re around for another five (or ten or fifteen) years instead of becoming just another statistic. 

Fortunately, there are many steps that you can take to future-proof your business, ensuring that you enjoy success for many years to come. This includes: 

• Keeping your employees happy
• Taking cybersecurity seriously 
• Taking the more sustainable route 
• Seeking out continuous growth
• Putting your customers first

Keeping your employees happy

There are many reasons why keeping your employees happy can help to future-proof your business. Firstly, it ensures that your company continues to operate smoothly across the board, meaning that both deadlines and customer expectations are met. This, in turn, will allow you to build a strong name for yourself within your chosen industry. 

In addition to this, it will also help you stay ahead of your competitors in the war on talent while also reducing the amount you have to spend on recruitment. It also means that you won’t be facing continuous vacancies either, as employees are much more likely to stay in a job they enjoy. 

Luckily, there are many routes you can pursue when it comes to keeping your employees happy. For example, you could learn to harness the power of remote teams so that you can create a hybrid working model, allowing your team to work from home part-time. While this was nothing more than a security measure during the pandemic, many employees found that it helped them to improve their work-life balance quite considerably. 

Taking cybersecurity seriously

Another way in which you can enhance business longevity is by ensuring that you take cybersecurity seriously. You must not assume that running a smaller business does not mean you aren’t considered a target by hackers and cyber criminals; in fact, it could be quite the opposite. Small businesses are often targeted intentionally as they do not have the same quality infrastructure in place to protect themselves compared to larger or more established companies. 

If you don’t know the first thing about cybersecurity, don’t worry! Your best bet is likely to work with a cyber security firm that can carry out this work on your behalf, providing you with greater peace of mind and optimal protection for your business.

You should also ensure that every member of your team receives thorough cybersecurity training, so that they’re aware of the steps they can  take to protect sensitive information and customer data. For example,  you may wish to enact a policy wherein they must change their passwords every few months.

Taking the more sustainable route

One of the easiest ways in which you can future-proof your business is by capitalising on the latest trends or paying close attention to customer wants and needs. Right now, many customers have a growing interest in sustainability and environmentalism. In fact, a recent study found that “82% of customers believe that it's important for businesses to have green credentials.” 

Not only is this a great way to ensure you’re meeting the needs of your customers (and doing what is right for the planet), but studies have found that going green can boost your profits too. 

There are many ways in which you can make your business a little more sustainable, such as: 

• Digitising business processes and going paperless 
• Developing an on-site waste management and recycling plan
• Using recycled materials during product development 
• Using eco-friendly packaging for products
• Switching to a renewable or green energy source 

Seeking out continuous growth

Perhaps the most obvious way in which you can ensure your business has a future is by seeking out new growth opportunities as often as possible. Whether this means you’re focusing on developing new products, or seeking out additional customer feedback, embracing a continuous improvement mindset will help you to build a brand that lasts. 

After all, in doing so, you’re constantly on the lookout for new ways to impress or win over your customers. This means that they are far less likely to grow bored of your brand and what you have to offer.

Putting your customers first

Without customers, your business is doomed. As such, you can set yourself up for long term success by ensuring that you continue to keep your customers at the heart of what you do. 

Again, there are many ways in which you can ensure you’re running a customer-centric business. For example, you could start by developing a loyalty scheme that both rewards and incentivizes repeat custom. This can also help you to grow your customer base, as “79% of customers say they're more likely to recommend brands with good loyalty programs.” 

You should also host regular focus groups with your customers or members of your target audience, as they give you the perfect opportunity to figure out what you are doing right and what you are doing wrong. You can use the information gathered in these sessions to make meaningful changes moving forward that will propel you toward success.

Final thoughts

While some aspects of  your business success will be far beyond your control,  there are plenty of steps that you can take that will ensure your longevity, no matter what industry you work within. From prioritising your customer’s needs and expectations to seeking out continuous growth opportunities, this guide will help you to set out on the right track.

However, it is also important that you’re able to remain confident in the face of struggles. Even the biggest of corporations encounter challenges from time to time, so you aren’t alone in this. By remaining confident in both yourself and your business, you can remain innovative and ahead of the curve, while also being able to find easy and straightforward solutions to your problems. 

In short, if you don’t believe in your business, nobody else will either! 

Photo by Microsoft 365 on Unsplash