How To Future Proof Your Business
How to future proof your business in The New Economy starts with developing business acumen and being commercial. Discover more in your FREE consultation.
Will Your Business Be Next To Get Disrupted?
All businesses move through a life cycle starting from setup, to scale and then to sustain.
However, things are always changing.
Emerging and disruptive technologies, new ways of doing things like “everything as a service”, or new competitors, means what was in high demand, no longer is.
Failure to understand and act on this, means failure in your business.
That’s why it is critical for you to continually reinvent yourself, if you are to remain relevant and provide value longer term.
The Challenge Though, Is What Do You Focus On, And When?
With so much uncertainty it is very hard to know what to focus on and when to focus on it, in your business.
For example…
How do you know when is the right time to raise funds for your business if your goal is to grow and scale? How do you know if a specific technology investment is the right one? Is it in your interest to establish formal partnerships, or go at it alone? Or how are you learning and keeping up to date?
These questions and more, will need to be answered at some point on your business journey.
That’s Why The Imperative Of Support Is Non Negotiable
So, the Imperative of Support ensures you are focusing on those commercial aspects of your business such as finance, legals, risk, and security. Also, in this age of The New Economy, you have in place the best partners to help you scale your business and are aligned to what is happening in the market place so that you can come up with your next big idea.
To help you with The Imperative of Support for your business, there are four steps that you need to implement…
The 4 Steps To Future Proof Your Business…
Step 1 – Funding To Access
One of the most often asked questions by people wanting to start a business is “how do I go about funding it?”.
Depending on your circumstances, bootstrapping, reaching out to family & friends, banks and non-banks, grants, incubators, crowd funding, angel investors, venture capitalists and investment bankers could all be options. However, you will also need to create a pitch!
Step 2 – Administration To Be Commercial
Your business must be commercial from day one. This ensures not only risk is minimised, but also ensuring that the correct processes, procedures, and practices are in place to help you scale and grow.
To do this, you need to consider things like legal structures, banking, accounting, intellectual property, risk & compliance, security, talent, governance, ethics, and even social responsibility.
Step 3 – Strategic To Get Leverage
One of the biggest changes in managing a business today is the importance of creating an ecosystem where you form partnerships.
These may be formal and long term or less formal and established only for a discreet period like for a project. Some of these “partnerships” may include suppliers, leads, prospects, clients, industry expert authorities, associations, promotional partners, affiliate marketer, joint ventures & investors, complimentary competitors, supplementary competitors, and influencers.
Step 4 – Think Tanks To Keep Growing
Developing and maintaining an entrepreneurial mindset for the New Economy, is key to ensure you are successful in your business, as disruption and new ways of doing things is the norm.
To help you do this you need to look at how to re wire, disrupt, engage, through events, network, coach, mentor, or advisory councils.
How To Future Proof Your Business
How to future proof your business in The New Economy starts with developing business acumen and being commercial. Discover more in your FREE consultation.
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