How to Future-Proof Your Small Business

One thing that is constant in the business world is changing trends. This fast changing environment means that you need to keep up with technology, as well as customer and employee needs and behaviour. It is either you continuously improve the way you operate or stand the chance of becoming just another failed business statistic.

Here are three ideas that can ensure your business will you stay on top of its game:

1. Get adapted to the data economy

It is now possible for small businesses to discover important business insights through collecting and analysing vast amounts of data with the help of mobile communications and the internet. Here is how your business can take advantage:

• Know your customers: you can make use of online surveys, social media listening software, and data analytics programs to understand your customers better and capitalise on sales opportunities.
• Provide personalised offers: personalise your products and services to meet the needs and tastes of individual customers and groups by collecting data from your website, CRM system, and other sources.
• Introduce performance dashboards: One way to improve your efficiency is to evaluate how your business is doing in key areas against external benchmarks (like industry averages) and business goals. Take note of key performance indicators and use them to develop performance dashboards.

2. Predict future demands today

It is often the case that customers do not know what they want until a new product or service has been provided to them. Your customers can’t always tell you what they want; it’s up you to anticipate it. To be able to do this, you need to observe and gather experience in the trends of the industry. It takes imagination and innovation to stay ahead in business. According to Henry Ford, people would have said “faster horses” if he asked them what they wanted. We never know what lies ahead, so protecting your business with a specialised insurance policy will ensure you’re not caught out by any nasty surprises.

3. Embrace millennials

Millennials fall under a term known as Generation C, used to describe people who live in the digital age and are engrossed in technology. They thrive on the three Cs which are community, connection, and creation.

Your business needs to appeal to millennials, who in their nature are not inclined to traditional business staples that do not make sense in our modern world. They are difficult to reach through traditional media, since they search, find, and purchase products and services online. Through their inclination towards technology and innovation, they have significant influence in our digital world and are often willing and ready to become advocates if you succeed in engaging them. It is therefore essential to maintain a robust online presence through social media and a relevant and up-to-date business website.

We can expect that by 2020, millennials will make up a more significant part of the workforce than they do currently. In managing employees, consider offering flexible work hours and creating the possibility to work from a remote location. Improve your benefits and compensation structure to attract and keep such talents that are inclined to tag around between jobs to find the best opportunity.