You don’t need a crystal ball or psychic to know that the world of business is changing very fast. Bill Gates once said, “This is a fantastic time to be entering the business world because business is going to change more in the next 10 years than it has in the last fifty.”
With trends and technologies of the future always upon us, here are 5 ways you can “futureproof” your business:
1. Think relationships
While profit is no doubt the underlying motive of your business, you must understand that all businesses are moving toward a customer-centric approach. Before profit, it is most important to focus on fostering deep and meaningful relationships with customers.
2. Change the organization structure
Going with a boss-employee hierarchy model may not work as it has for countless organizations in the past. As workplace environments and cultural norms move into team structures and more varied formats including virtual offices, there is a need to reconsider the organizational structure. Of course, a leader must manage and coordinate team efforts, but the emphasis is on the word “team.”
3. Setting big goals
The organizations that have the best chance of seeing the biggest success are those that solve the biggest problems that impact the greatest number of people. Peter Diamandis, Chairman and CEO of XPrize Innovation said, “The best way to become a billionaire is to help a billion people.” The emergence of the Internet has diminished geographical limitations significantly, so as your goals grow, you can extend your company’s reach.
4. Offer an experience, not just product
Customers are fast becoming the central focus of companies. It will be even more important to prioritize customer service departments, customer relations, and customer engagement strategies including keeping your online presence simple and easily accessible. It will become much harder for companies who don’t take care of their customers to stay in the game.
5. Employ millennials
Millennials will dominate future leadership roles, so they must be prepared now. Millennials have grown up in the environment where customers are given the utmost attention, so many of them understand what a customer wants and can craft strategies to keep customers satisfied.
For more tips on future proofing your business, download the white paper titled, 5 Ways to Futureproof Your Business