5 tips to future-proof your business

You can’t predict what the landscape will be like in 3 years, but you can prepare for the unexpected

MANILA, Philippines – It doesn’t seem too long ago when starting a small business required having lots of capital and acquiring an actual brick-and-mortar store. 

These days, you can start a business from the comfort of your own home, with a cellphone in hand and the Internet as your marketplace. 

If you want to reach your audience fast, you need to be online. Your current and future customers are browsing e-commerce sites, asking questions via Facebook pages, and posting reviews on forums and blogs.

“Digital first” is the new norm for business. That’s why incumbents – those who have established their business in the past 15 or 20 years – are swiftly being overtaken by younger, more aggressive disruptors who have the latest technology at their disposal.

But disruptors won’t stay in the lead for very long. Soon, a new generation of disruptive businesses with even better technology will catch up with them. In order to survive, an entrepreneur must learn to evolve fast – and constantly.

Future-proofing your business is vital if you want longevity. You cannot predict what the landscape will be like in the next 3 years, but you can prepare to weather the unexpected. All you need is the right mindset. – Rappler.com  

  • Know your customer demographic so you can observe what they like
  • Stay updated on news about your industry

Tip: Get a data plan for your business so you can be present online and stay one step ahead of your competitors.

  • Re-evaluate and refresh past strategies to engage new customers
  • Monitor global trends
  • Observe the best practices of your competitors and other entrepreneurs

Tip: If you started off with a brick-and-mortar business, build your digital presence using easy platforms like Shopify.

  

  • Observe different areas of risk such as people, system, business process, legal compliance, etc.
  • Put up the necessary security measures to mitigate risk
  • Find the gaps and fill them before they turn into a real problem

Tip: Conduct SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis sessions regularly.

  • Listen to what your audience needs and wants
  • Strive to perfect customer service

Tip: Send your promotions to a targeted audience using solutions like AdBlast Profile or AdBlast Zone for a more personalized touch.

  • Make sure your systems are always up to date
  • Observe how your business functions and see where there’s room for improvement
  • Invest in digital solutions that can provide the most value to your business

Tip: Streamline your management system by using useful and easy-to-use applications like Google Apps for Work. 

Create your success by staying up-to-date with business tips from experts and receive workshop invites when you sign up for the mailing list of Globe myBusiness.

 

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