Businesses in all industries are susceptible to unexpected interruptions at any given moment.
Reasons behind disruptions can be personalized to your business or out of your control, affecting SMEs on a national or even global scale.
The future is uncertain, but SMEs in all industries can prepare, and there’s no better time than the present to do so.
Here are some ways businesses in every industry can prepare for unexpected disruptions.
9 Ways to Future Proof Your Business
Many companies acknowledge the importance of adopting new business practices but struggle to execute them successfully.
While there isn’t a one size fits all approach or secret formula to prepare for the inevitable, below are just some simple ways businesses in any industry can future-proof their businesses.
1. Reinforce Your Company’s Purpose
With a clear purpose, future-ready SMEs can provide a sense of direction during uncertain times, drive commitment, and even uncover new business opportunities.
2. Create a Value Action Plan
A value action plan is a road map that breaks down business goals into concrete organizational components, such as business units, regions, product lines, and critical skills.
A value action plan can also align your aims, and you can focus on your efforts and inspire a sense of the most urgent priorities for every employee at your company.
3. Invest in Company Culture
SMEs that prepare for the future to set themselves apart primarily due to their company’s culture. And, to excel in an ever-changing business landscape, culture is crucial to retaining employees and establishing clear principles among them.
4. Create a Lean Company Culture
Streamlining your company structure will allow you to adopt a simple model and enhance your performance line with your business objectives.
Adopt a model that leverages independent microenterprises consisting of small, agile teams collaborating through platform networks and individuals to achieve company goals.
You can also use the helix model, which divides the reporting structure into two parallel lines of accountability, one focused on stability and the other on agility.
5.Delegate Rudimentary Tasks
Delegating tasks can help automate and even improve day-to-day decision-making. You can make preparing for the future with daily decisions easier for the employees who report to you.
Everyone must know their responsibilities, while managers should focus on allocating resources and talent.
6. Make Talent Your Most Precious Resource
To attract the right people for the right job, companies should create an inclusive workplace that thinks long-term.
This could mean creating a workplace that commits to employee growth, satisfaction, and the enhancement of business success.
7. Consider a Holistic Perspective
Future-proofing your business could be more successful when considering flexibility over strict processes. Ultimately, you need to view your partners as vital parts of your ecosystem and build relationships of mutual reliance.
8. Use Data-Rich Technology Platforms
Leverage data governance practices, adopt a modular approach to design, harness the power of cloud technology, and reallocate resources to new initiatives at a moment’s notice.
9. Turbocharge the Learning Process of your Team
Your team needs to be high-performing to weather what the future throws your way.
For SMEs to reach their full potential and cultivate a talented and empowered workforce, prioritize learning and fostering a culture that embraces experimentation and continuous improvements.
Want Better Insights On Running a Business?
This article only provides a preview of what you can do to prepare your business for the future. Read the more in depth article on the Cubeler Business Hub™ and get more insight on running an SME in Canada.