According to recent reports, around 60% of new businesses fail within the first three years. As a result, you must do what you can to future-proof your business, providing you with greater financial security and the opportunity to grow your company over time. While there are many factors relating to business success that are beyond your control, such as the after-effects of COVID-19 on both the economy and consumer behavior, there are some steps you can take that will help you get on the right path.
With that in mind, here are some top tips that you can use to future-proof your business.
- Put together a business plan that can help you navigate your way through your business launch and into the future. For example, your business plan should be more than a few sentences that you stick onto a forgotten word document. It also needs to include detailed research into topics such as risk management and financial planning. The more detailed your business plan is, the more prepared you are for when things go wrong.
- Invest money into marketing, as this is the easiest way to grow your customer base. However, while online marketing is key in this day and age, you should also ensure that you pay attention to your offline marketing strategies, such as networking and pamphlet distribution.
- Focus on customer retention as well as bringing in new customers. While you should always be on the lookout for ways to expand your customer base, you mustn’t neglect loyal consumers in the process. Customers who make repeat purchases are an asset to your company – and need to be treated as such. You can improve customer retention by adding a loyalty scheme, communicating clearly, and providing them with discounts.
- Use this blog to discover 3 Tips to Protect Your Small Business from Legal Trouble. Not only court legal proceedings cost you a great deal of time and money, but they can also irreparably damage your brand’s reputation – even if you did nothing wrong in the first place.
- Don’t try to do everything alone – even if you have a clear vision in your mind about how certain tasks should be performed. Instead, focus on building a team of like-minded individuals and employees who want your company to succeed. By delegating tasks across the workforce, you will increase the efficiency of your business significantly.
- While you must ensure that you pay yourself (and your employees) for your efforts, you should also try to reinvest some of the money earned within your business back into the company to allow the business to expand. For example, this could include investing in areas such as employment or even new office technology that can bump up your productivity rates.
- Consider making remote working a permanent option for your staff. While you may miss the feeling of a bustling and busy workplace, there are many benefits to remote working. Not only does it help your employees cultivate a better work-life balance, but it can also reduce costs. It also means that you are prepared for any changes that may come your way.