5 Tips to Future-Proof your Business

5 Tips to Future-Proof your Business

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“If I had asked people what they wanted, they would have said faster horses”. This quote from Henry Ford inspires many to innovate their business well into the future. At Conrad Carlile, we see how important it is to innovate and grow in order to future-proof your business; so we have put together a list of the top 5 ways to do this.

1.   Put cash flow and credit control in the spotlight

 Chasing payments remains the biggest time-waster for small businesses – a study carried out by Xero has found that small businesses spend at least 10 % of every working day chasing payments. This is an incredible amount of wasted time. When times get tough, it’s absolutely vital that you know your numbers, keep cash flowing and invoice promptly.

2.   Take advice from advisors and mentors

Studies have shown that over a third of small business owners have said they consider their accountant to be a trusted business advisor, however, over half do not always follow their advice. The key to success in business is playing to your strengths – and knowing where to turn for help in areas that you’re not so strong in. Advisors have expertise in areas you don’t and can put you one step ahead.

3.   Be brave enough to take risks

Often Entrepreneurs are stunted by being scared of taking risks. Don’t let uncertainty stop you from future proofing your business. Starting or growing a business at any time is a risk, but research has suggested that in the face of uncertainty, over half of business owners take risks and reap the benefits. Your accountant can help you calculate these risks and avoid issues that should have been foreseen.

4.    Remain immersed in your industry

It is important to stay engaged in your market for the lifetime of your business. Stay in touch with other business owners, be aware of what your competitors are doing and use social media to follow influencers in your space. Avoid tunnel vision. Don’t get caught up in wealth or control. Stay connected to what’s happening in your industry and commit to delighting your customers. Technology is a great way to future-proof but there is no substitute for person-to-person interactions, so attend events and meet with your customers face-to-face, as you’ll gain further insights into how best to serve them.

5.   Plan for the future

It seems like an obvious point but incredibly important. From the very beginning of running your own business, you should have a plan in place for the future of your company growth, succession planning and your retirement should all be thought about from the very beginning. This plan will need to evolve as economic, political, cultural, environmental, legal and technological changes outside of your control will happen, but having a plan in place for the areas you can control will help.

If you need help ensuring your business is future proof or would like to discuss any aspect of ensuring it will last through the changes, Conrad Carlile can help. Book an appointment with one of our advisors today to discuss how you see your business growth moving forward and how to reach those goals.

 



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