Future proofing is no longer an option for modern businesses – it’s a necessity. Technology is moving fast and we’re adapting as a species to accommodate it and the fallout of the COVID-19 pandemic continues to be felt across the world. But from a very real, pragmatic perspective, what could and should you be doing to ensure your business doesn’t get lost in all the madness and confusion?
Be tech savvy
According to Robert K Bratt DLA Piper, you need to ensure that you’re keeping up with the technology as tech has become increasingly in demand for all sectors. This means everything from ensuring your computer systems are flexible and modern enough to run the latest software to investing in a business fleet of electric vehicles for your business to mitigate the changes in emissions standards.
Enter futures contracts
As a business that uses raw materials, it could be worth getting futures contracts in place with the suppliers to ensure that the price doesn’t fluctuate and the contract allows for a fixed stable price. Futures contracts hedge a company’s exposure to a certain risk. So, for example, a company that runs a petrol station might use futures to manages the risks associated with the cost of petrol. A car company, meanwhile, could use the forex market to monitor specific markets and ensure a futures contract is in place.
Invest in the areas that matter
Andy Defrancesco believes that investing in automation could be a great way to future proof your business as it can reduce time spent in particular areas. This will allow you to spend time improving the business elsewhere. Artificial intelligence and automation are not the boogeymen of the business world that they once were and can be used to not only boost productivity but free up employees to invest more time in creative tasks.
Keep options open
One thing that COVID taught us all is that anything truly can happen and we can’t be prepared for every eventuality. In business, it’s always wise to keep your horizons broad and ensure you’re not limiting your market. In a post-COVID world, it’s become even clearer that sticking to one lane is rarely a safe option. Because you never know when you might need to switch lanes at a moment’s notice.
Take a stance on your purpose
We now live in a world where people genuinely care what the businesses they work for and buy into actually stand for. Countless surveys have proven the public are more likely to invest their time and money in a brand that has decent ethical acumen. So, future proofing your business doesn’t just mean making it more profitable but making it more ethical too. So invest in green alternatives, treat your workers how you’d want to be treated and invest in the happiness and ideas of your workforce. You’ll be amazed at what a difference it makes!