There is one thing that plagues every business, no matter what’s its size or position in the market. The future is an unknown quantity and as much as we try and predict what is going to happen, uncertainty creeps in.
However, forward planning is about creating a business model and structure that can embrace the changes that you want, and cushion the blow of those that you don’t. If you see a market closing down before you, hopefully you will have started to explore new avenues.
But ‘hoping’ or ‘being hopeful’ is not enough. Looking to the immediate future and understanding some of the risks, threats, opportunities, strengths and weaknesses are, you will have a better understanding of how your business could and would be affected.
Everyone is talking about it and although the furore may have died down, it is still simmering under the surface. With Britain’s exit from the EU on the agenda, there is a lot of uncertainty about how this could affect the economy, the job market and business, certainly for those companies who trade beyond the shores of the UK.
Every business needs to take steps to ensure that they keep a close eye on their markets, both domestic, European and international, to understand their places in the scheme of things.
The economy of a country naturally ebbs and flows but understanding that in times of recession there is a need to do more than tighten belts in business, as it were, is important.
Financial forecasting has many factors that influence it, both internal to your business and external factors too. Whilst external factors cannot necessarily be controlled, how they affect the financial prosperity of your business, profit and so on, can be. But only if you have a deep understanding of the financial market in which you operate.
Technology develops as a lightning fast pace and although this on the whole makes for more streamlined and efficient processes, investing in this new technology is expensive.
But the other side is that by not investing in the new technology that innovates your business, you risk being left behind your competitors. Do you know what technology is on the horizon that will affect your business?
Businesses also operate within rules and regulations, some of which are specific to your business. Who would have thought that health and safety would change the landscape of business in such little time, and by so much?
These changes in laws may be for the greater good but can, in the immediate future, place a specific onus on your business.
Nothing stays the same, and that includes the roles and responsibilities within your business. Will you still be hunting for the same skills and abilities in the coming years as you are now?
Future-proofing your business is about having an understanding what could impact on your business and either embracing those changes, or having policies and actions that cushion the impact. How future-proof is your business?
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