For 100 years Kodak was a giant in the photo industry and then it filed for bankruptcy, while competitors Agfa and Fuji remained afloat. Industries change and businesses need to change with them, or face falling out of favour.
Future proofing is an important, but often overlooked, aspect of business continuity. As new technologies emerge, older ones wane, so for a business to survive it needs to keep thinking ahead. Here are six tips for future-proofing your business:
Build your brand
To keep your brand alive make sure your “look” is in-keeping with your message and maintain a strong social media presence so you know what’s working and what you customers and staff want.
Motivate your staff
To avoid staff become complacent and unproductive and going through the motions to get the job done, encourage contribution and reward people for their efforts and ideas. Perhaps get involved in a charity to instill a sense of purpose and create a positive association with a brand.
Research and develop
To make a quality product at a good price, you need to do lots of market research and keep up to date with new technologies and maintain an edge over your competition.
BIA and RA the right way
Business impact analysis and risk analysis are crucial parts of continuity. Looking at how introducing new products, technologies and market trends will affect your growth strategy and if you can use them to your advantage.
Improve operational efficiency
If you can’t meet market demands, then customers may look elsewhere, however good your product or service offerings may be. Operational efficiency will avoid bad-quality products from ending up on the shelf.
Train and upskill
Money and resources spent on training personnel is a worthwhile investment because skilled and competent personnel are an asset to every company.
What the world learnt from the Kodak story is that times change, markets evolve and technology advances. When businesses keep up to date, they keep going.