In a fragile economy, it’s more important than ever to stay ahead of the game and ensure that your business is fit for the future. Businesses that survive rocky times are those that take note of key business trends and ensure that innovation is a core part of their business strategy.
Here are 5 top tips for future proofing your business and ensuring you have the collaborative advantage you need to survive in the future:
Put the Sharing Economy at the Heart of Your Business Strategy:participating in the Sharing Economy is essential for the survival of your business. It’s been called the biggest business trend of all time and it’s causing the most significant shift in society since the Industrial Revolution. You can achieve this by hiring a Sharing Economy Consultant to determine your Sharing Economy market entry strategy.
Crowdsource your Products and Services: the crowd is your biggest asset. By involving customers in the development of your products, services and overall business, you ensure that you stay in the game. One example of this is Hallmark’s event Hallmarket, where young makers were invited to create new products, consequently engaging new customers.
Innovate, Innovate, Innovate: If you don’t have a Chief Innovation Officer, make sure you appoint one. Surviving in a fast-paced digital world means being at the forefront of innovation is essential to stay ahead. Business model innovation is key as well as having the right leadership to ensure survival. It’s the best investment you’ll make.
Be a Mission-Driven Business: Businesses with a clear purpose that bring economic, social and environmental value are the winners in the business landscape of the future. Why you do what you do matters. If you don’t have a mission, think again. It’s time to get one. Zappos innovated ways to “deliver happiness”—their mission—through non-traditional benefits like surprising 80% of customers with free overnight shipping.
Turn Idle Assets (costs) into a Revenue Stream: With over £3.5 trillion worth of idle assets worldwide, businesses of the future are those who can turn unused assets (spaces, equipment, goods, transport, skills /human resource) into a revenue stream. Efficiency is all if you want to ensure business success. Marriott Hotels partnered with Liquid Space to create Workspace on Demand, charging out their unused spaces as co-working spaces to startups.
By following these 5 top tips, you can be sure that your business is fit for the future.