The 4 Steps To Future Proof Your Business…

Step 1 – Funding That Is Accessible

One of the most often asked questions by people wanting to start a business is “how do I go about funding it?”. Well of course the aim is to be profitable, but in those early days, funds are required to get going before any revenue, let alone profit is achieved.

So depending upon your own unique circumstances, you may consider Bootstrapping, reaching out to Family & Friends, Banks and Non Banks, Grants, Incubators, Crowd Funding, Angel Investors, Venture Capitalists and Investment Bankers. Regardless of which way you, may go, you will still need a Pitch!

Step 2 – Administration That Is Commercial

Your business must be commercial from day one. This to ensure 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 Knowledge Management, Legal Structures, Banking, Accounting, Intellectual Property, Risk & Compliance, Security, Talent, Governance, Ethics, and Social Responsibility.

Step 3 – Strategic Partnerships That Are Effective

One of the biggest changes in managing a business today in The New Economy, compared to say just five years ago, is the importance of creating an ecosystem where you form partnerships or “collaborations”. Some of these may be formal and long term. Others less formal and perhaps established only for a discreet period of time on a project.

Regardless, some of the things you need to consider today are how you work with your Suppliers, Leads, Prospects, Clients, Industry Expert Authorities, Associations, Promotional Partners, Affiliate Marketing, Joint Ventures & Investors, Complimentary Competitors, Supplementary Competitors, and Influencers.

Step 4 – Think Tanks For The New Economy

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. When you do this, you will not only be ahead of the curve, when it comes to new opportunities, but also be mindful of potential threats that could impact your existing business. However the challenge for many founders and business owners is that they keep within their own ecosystem and not always get out and exposed to different ways of thinking.

To help you do this you need to look at how to Re Wire, Disrupt, Engage, through Events, Network, Coach, Mentor, or Advisory Councils.