If you are still giving a wide berth to innovation in your startup, you better wake up and smell the coffee. Failure to adapt and change how you do business now might render your business redundant in no time. But it’s not over yet; you can still change with the world and stay afloat.
Here are several approaches you can adopt to stay relevant today and still be future-proof. Read on to find out how.
1. Identify, and Start Managing Risks Now
While you cannot foresee what risks lie in the future, you can set up proper mechanisms now that will absorb whatever troubles the future throws at you. First, you must identify any possible loopholes in your business regarding data security, legal compliance, business processes, etc.
Do everything possible to eliminate over-reliance on single individuals or suppliers for your business success. Otherwise, the business will collapse when those people are no longer around. Seal any gaps that exist in your business before they metamorphose into full-blown problems. Whether the gaps exist in the procurement, deliverables quality, or customer support, you must identify the risks and lay down appropriate mitigation measures.
2. Devise New Strategies to Attract New Customers
The strategies that businesses employed to attract customers may not work in the future. For example, fewer and fewer people today rely on traditional media to get information, and putting an ad in a local daily may not yield as much exposure as it would have done 20 years ago.
With the emergence of internet-based avenues such as inbound marketing and search engine marketing, the advertisement landscape is undoubtedly changing. While traditional advertising channels still have their place, you do not have to spend top dollar to get word out. Besides, how many people still read magazines?
3. Create an Environment That Favors Learning and Innovation
While following the industry leaders can guarantee some wins, you must embrace innovation to stay ahead of the pack. You may not hit the bull eye right away, but you will be ahead of the competition by miles when you finally do.
The readiness to learn new ways of looking at problems and solving them is one way to define a visionary leader. Whether you decide to take an online degree or just a short course, learning will improve your creativity and help you see things in a different way.
4. Embrace Diversification
Some companies strike it big with just a single product. Not in any way is this wrong. However, you must figure out new ways of diversifying your product portfolio if you are to beat the future. This idea contradicts the school of thought that ridicules “a jack of all trades,” but putting all your eggs in one basket doesn’t sound like solid wisdom.
The good thing is that you do not have to build another business from scratch; you can create a natural extension of what you currently do. For example, if you sell ERP software, you can as well sell security software to keep your client’s systems safe.
5. Be Conscious of New Developments and Be Open to Change
If you are keen on future-proofing your business, you must keep tabs on developments related to your industry. For example, artificial intelligence is influencing industries that seem unlikely such as real estate. If you are a realtor, you need to understand the impact AI will have on your business and act accordingly.
It’s a fast-changing world, and if you are not careful, you will be overtaken by events. Even well-performing businesses are not guaranteed survival if they remain complacent in their business approach. You must constantly seek new ways of future-proofing your startup and stay ahead of the game. By doing so today, your tomorrow might be secured and assured.