Future proof your business Posted on January 20, 2021
When real life turns out to be stranger than fiction, business owners know that they need to be prepared for anything. Here are the top trends that will improve business agility and security no matter what the future holds…
- Automation is no longer a ‘nice-to-have’. Those who were automated ahead of COVID were in a much better position to control their financial response. Remote working, digital reporting, accounts processing – none of it skipped a beat. Data is your friend. It will tell you what is working and what’s not so that you can adapt and make smart business decisions.
- Remote working is here to stay. If not for you, perhaps for your team, or clients, suppliers or partners. Having the right technology, processes, communication methods and IT security is a must! Simply having an email account and a computer from home won’t cut it when it comes to productivity, engagement and profitability.
- Enterprise Risk Management (ERM) is your fall-back plan when something unexpected, albeit unlikely (such as a pandemic) pops up. Finance managers aim to pre-empt crisis management by planning to manage risks and prevent their impact before they occur.
- Upskill and train yourself and your team. This is an important step for competitive advantage. Technical knowledge and the building of specialty areas will appeal to your clients and customers, and soft skills such as communication, decision-making and problem-solving will help to get you over the line. A well-communicated investment in training and development will improve staff retention and you will be an attractive employer to potential talent in an employer’s market.
- Monitor the market. Having one eye on what your key competitors are doing will ensure that you equal or surpass your offering to your clients and customers. A fluid communication process with your clients will also keep you informed of what their needs and wants are so you can adapt accordingly. And sometimes the best ideas come from outside of your industry.
- Diversify your revenue streams. Businesses could be called into lockdown at a moment’s notice. How would that affect you? Do you have multiple revenue streams that you could continue despite an external mandate on your operational freedom?
- Build a culture of innovation. When your team feels a sense of ownership over solutions and projects, they will initiate ideas and invest their time and energy into its success. This requires letting out a little rope, but it is worth it. The old adage rings true – two heads are better than one.
David Evers and Troy Marchant are hosting a free business workshop on Wednesday 24 February, 5.30pm, Albany Street North, Gosford on how to support your business during and post COVID-19. Places are limited due to COVID safe measures. Register at www.adviceco.com.au/events/