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What Businesses Must Do to Future-Proof Themselves

“Tomorrow is not guaranteed” is a common saying that reminds us no one knows about the future. The recent calamities—the epidemic, hurricanes, and other disasters—have shown us that this saying cannot be truer. When disaster strikes, it impacts everything, and businesses are no exception.

Preparedness in disaster management is imperative for all businesses that want to survive hard times in the future. A SCORE report states that 75% of businesses fail in the first three years after a disaster because they lack a continuity plan. You need to future-proof your business. So, what must businesses do to future-proof themselves? Let’s find out.

Understand Your Raison D’etre

A raison d’etre is the sole reason your business exists; what sets it apart from similar outfits. If there is one thing that Covid-19 taught us, it’s that mere existence is not enough. You must have that one thing that makes you stand out.

What is special about your company? Ask for customer feedback, run surveys, and partner with focus groups to identify your business’s unique selling proposition (USP). Find out if there are any mistakes or issues you can address to provide the best services to your esteemed clients. If you do this, your company will likely withstand any calamity.

Diversify Your Portfolio

If your company derives its income from a single product, you are unprepared for a rocky future. What if consumers find an alternative for your product and desert your business? Lack of diversity made Kodak close up shop because it only had one USP. When smartphones with cameras hit the market, the company was no longer useful to consumers and had to file for bankruptcy.

Diversifying your portfolio future-proofs your business against the competition, disasters, and more. Find out what other products or services you can offer alongside your primary product and start offering them.

Keep Your Finances In Order

Lack of funds is one of the critical issues businesses face during calamities. Rewarding yourself with an expensive gift, vacation, or asset is great when the money starts trickling in. However, don’t get too comfortable too early. Instead, you should first set aside enough money for a rainy day.

The best thing to do when times are good is to slow down the spending and save more. For instance, if you’re tempted to buy new business vehicles, buy used cars instead or lease. Doing this allows you to grow your business and save money for the future.

Follow the Trends

Companies must be agile and adaptable to survive hard times and times of change. For instance, businesses that hadn’t embraced social media and online delivery found it hard to keep up with competitors during the 2020 lockdown. Brick-and-mortar stores that quickly set up online shopping and delivery did well and thrived at a time when in-store shopping was impossible.

Likewise, future-proof your business by keeping up with the trends and adapting to new business practices. Consult the younger generation in your company to develop new ways to market your brand and stay ahead of the competition.

While it’s impossible to predict the future and be fully prepared, some practices will help your business survive any disaster or calamity. Apply them and be prepared for the future.

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