Plan A is Plan A for a reason. A lot of the time, it has the biggest upside: not just the best chance of success, but that success is the best. The business is then geared with that in mind to maximise than chance of success. Opinions are divided on Plan Bs. If you need a Plan B, then Plan A isn’t good enough, is what some would say. Others lament the dependence on one plan.
Future-proofing though, isn’t necessarily about having or not having a Plan B. It is about securing the chance to simply continue operating, to ensure that businesses are able to make the decision on whether to push for Plan A while developing a Plan B. It is, though, not an entirely defensive and conservative act, though. As it is as much about securing your footing to take the next step, rather than hunker down. Here are three tips for future-proofing your business.
In 2020, it is a shock that not all businesses utilise data. It should be a priority. The benefits of using data is, simply, that you can see more and gauge more, and, therefore, make more informed decisions – especially if there are large sums of money riding on them. Soccer clubs are only just waking up to the idea of how useful they are, and those clubs are valued at up to a billion. Data will allow businesses to track changes in their business. It will allow them to make pre-empt and make decisions which will course-correct or further advance their performance. It is future-proofing because it tells you a fuller story, of what has happened, is happening, and will happen.
Prioritise Value Creation
It might sound simple but focusing on what will create value for the business, the employees, and customer should be the priority. At the end of the day, most tasks will create or, at least, re-enforce value for one of those targets. However, the goal is to prioritise projects which need more time and effort and will have bigger benefits to the business. There are administrative and other manual tasks which take up a bulk of the daily workload which can now be completed by other entities.
Cloud computing services is that entity. For instance, SysAid offer IT service management software which can automate repetitive tasks and assign tickets and duties to the appropriate people. The software is the go-between. Additionally, there are other services which support customer relations management and bookkeeping, which can automate processes, freeing up employees to work on value-creation projects.
Keeping Up With the Market
Utilising data and having a freer workload will allow employees to really keep on top of the market. Businesses and markets have a two-way relationship: they influence each other – not always simultaneously and with the same intensity, but they are both affected. It is best to keep an eye on how the market changes. Quickly, business models can become obsolete. Blockbuster are a common example of neglecting the warning signs when they laughed off the oncoming streaming revolution. Learning the lesson of Blockbuster will be integral to survival: be aware of changes and adapt.