Organisational adaptation is critical to avoid death by a thousand cuts. While this may sound dire, you don’t need to look too far back to the demise of Kodak and the subsequent rise of Fuji to understand how easy it can be to overlook profitable opportunities. It’s no longer enough to have great products: you need to have great products that are relevant to not only your future but that of your customers’.
Here are the top five ways you can future proof your business today:
1. Plan for the long-term
Do you have a five-year plan? When mapping this out, consider what business you’re in today, what new opportunities are on offer and what capabilities you need to take advantage of these.
2. Surround yourself with experts
Don’t just limit your ‘experts’ to the financial sort. Surround yourself with experts in business strategy, sales strategy, business development, accountants, lawyers and automation specialists.
3. Look outside your competitive set to the best in market
Your competitors are no longer necessarily from the same industry as you, and they’re coming for what you have. As scary as that sounds, you’ll see that those who succeed are those who prioritise strategic growth through efficiencies at the outset.
4. Look at how your business is financed
Surround yourself with independent financial experts to ensure you’re getting the very best advice and not putting all your eggs in one basket, as we mentioned in our article Four Key Finance Essentials.
5. Automate for efficiencies
Automating your business will contribute to process efficiencies and production output. Not only that, it improves your customer experience. Make automation an ongoing strategic priority and set up your business functions and finance accordingly.
Every organisation needs to change and automate and the right organisations are constantly looking for advice and help. We work with a number of businesses on their five steps for growth and helping them surround themselves with the experts they need and the finance to support their growth.
If you’re ready to start future proofing your business, call Andrew Sutherland at Halidon Hill Finance, for a discussion on 03 7018 3270 or get in touch via email on firstname.lastname@example.org