Technology evolves at the speed of light, and some business owners might worry that they can’t keep up with the constant change. If you’re looking for ways to stay ahead of the curve and stand out in your sector, then there are plenty of ways to do just that. Although no one knows what the future may hold, here are six tips that will help your business cope with whatever comes your way.
Recognize that the traditional office is obsolete
The traditional office is slowly going the way of the dodo bird. With the increase in remote work technology and the recent pandemic, the brick-and-mortar office may soon be obsolete. That’s why folks are moving to virtual office space services like iPostal1, which offer a lot of the same advantages as an office but without the hassle and high costs of leasing a storefront.
With a virtual office, you can monitor mail, faxes, and phone calls from anywhere with an Internet connection.
Form a company purpose
More and more employees seek to align their work lives with their personal missions or goals. Said differently, careers aren’t just about work anymore. Labor is about making a difference. If you want to set yourself up to hire from the younger generation, then creating a company purpose will make it easier for those that work for you whether their values align with yours.
The specific purpose you set will come down to your company and its offerings. Whether you seek to improve social conditions, adopt an eco-friendly approach, or just make lives easier for people, having that statement clear and understood is vital for establishing a reputation with the next generation.
Acknowledge the importance of company culture
Exposure to toxic misconceptions about company culture is no rare occurrence. With corporate culture soaring to the top of company leadership’s priority lists, so-called experts have released an abundance of resources on how to overhaul organizational culture. Unfortunately, unreliable narrators who peddle common myths and misconceptions can easily lead business owners astray.
For example, some business sector superpowers wrongfully conflate talking about culture and building culture as one and the same. As a result, culture strategists spend more time talking the talk than walking the walk. In other cases, business leaders may argue that company culture should play second fiddle to recruitment or growth-related initiatives in a small business. Perhaps worst of all, some eat culture-related myths with a knife and fork by believing that a thriving culture will organically evolve as the business grows and succeeds.
If you’ve fallen victim to any of the above misconceptions, take a step back and find your bearings. Soon enough, with your own secret sauce of core values, you’ll be able to decrease turnover, improve productivity, and solidify a rock-solid brand identity. Remember, when doggy paddling in the rocky professional waters of 2021, a thoughtfully curated company culture can serve as a life ring.
Expedite decision-making processes
The point of all the meetings and communications within management meetings is finding and solving problems. Without these discussions, the company can grow stagnant or make inefficient practices part of the rote operations.
However, identifying these problems is worthless if the decision-making process takes far too long. Streamline the way decisions are made in your company so that when it comes time for the leadership to make a call, it’s not too late to solve the issue.
Treat talent as rare
With how connected the world is now, it’s hard to believe that finding the right people for your company would be tough. The problem is that, while your talent pool is broader, so is the number of options a particular recruit has.
If you want to keep talented folks around, make them feel involved once they are at your company. Recognize workers’ achievements and find ways to encourage them to keep up that work, so their talents continue to improve your business.
Use data to your advantage
Without data, your decisions are no better than guesses. With the amount of data collection and aggregation tools out there, it’s hard not to find a set of tools that works for your business.
Find ways to collect data from clients and your website and analyze this data. This information is vital to make sure that you stay ahead of trends and prevent a poor decision from lingering too long.
Accelerate employee learning
Continuous learning is critical for staying ahead of the curve in technical fields. Without ongoing education, it’s easy to fall to the dust in these fields, where the ecosystem is changing rapidly.
Find ways to encourage your employees to seek new information and bring it back to your business. New tools, systems, or talent could be what separates your company from where it is now and wild success.
A ravenous appetite for growth can quickly get the best of growth-driven business professionals. To avoid joining the astounding 90% of startup owners who ultimately fail, adopting a slow-and-steady-wins-the-race approach will be your best-kept secret to success.
But how is one to scale sustainably? Start by standardizing and automating processes whenever possible. Otherwise, you may find your salaried executives chipping away at mindless tasks like inbox management, invoicing, payroll, and inventory management—preventing you from maximizing every cent of the company dollar. Next, recruit jack-of-all-trades generalists to cover your bases. With these generalists in your company roster, you can establish practical frameworks for business operations and tack on new team members as necessary.
As a final preventative measure against unstainable growth, secure your foundation by streamlining processes and ensuring your LIFT (legal, insurance, financial, and tax) systems are up to standard. Part of establishing an unshakable foundation involves forming strategic alliances that will serve you as you expand. For example, partnering with vendors and contractors who can grow with you is a must for those in the sales sector.
One last tidbit
The key to future-proofing your business is innovation. Without a mindful approach to changing and adopting new information, you run the risk of growing stagnant in an ever-changing world. Find ways to improve and stay at that advanced level.