The COVID-19 pandemic presented a unique challenge to businesses, with some succeeding and some not. To ensure ongoing success and prepare for future uncertainties, companies should consider ‘future-proofing’ – that is, putting measures in place to safeguard the business in the event of unforeseen circumstances.
American Express has recently published an article, which suggests that future-proofing your business can be incorporated into your regular planning process without taking up much time or being expensive. While this may give you more certainty for uncertain times, it may also help to ensure financial stability for your company in the future.
In the following paragraphs, we will discuss methods that may be used to be ready for both expected and unexpected difficulties.
Give Your Clients Top Priority
Companies that maintain strong customer relationships are better equipped to endure difficult economic circumstances. Businesses that kept their channels of communication open during the pandemic were able to understand how to continue providing services despite the safety measures imposed. Restaurants and other businesses adjusted their operations to include delivery and collection at the curb to meet customer expectations, while utilities suspended disconnections due to nonpayment.
By gaining a deep understanding of your customers, you can ensure that their needs are met in any circumstances. Furthermore, they may provide you with valuable feedback and ideas for improving your customer base. Here are some suggestions for increasing your current clientele.
- Take advantage of every encounter with a client as a chance to learn more about their problems.
- Keep in mind where your customers are coming from and going to, and make sure they have a great CX the whole time.
- The “contact us” part of your website should be easily accessible.
- Ask your social media followers for suggestions.
- Gather consumer feedback through surveying workers, suppliers, and partners.
- In order to get feedback from your greatest clients, you should provide them early access to your new offerings.
Optimize Your Use of Modern Gadgets
Ensuring the company’s long-term success requires providing an excellent digital customer experience, giving staff more autonomy, and making informed choices. Customers have come to expect a user-friendly experience when conducting business online, such as strong search capabilities, a streamlined purchasing procedure, and an uncomplicated return policy. As customers become more familiar and trusting of digital technologies, customer service can be further automated to ensure a seamless digital customer experience.
It is imperative for the long-term success of your business that your employees have a positive digital experience. Furthermore, it is essential to have business intelligence capabilities in order for informed decisions to be made, based on factual evidence rather than conjecture.
Improve Company Morale
It is essential to make sound decisions by having strong core values and principles that inform your actions. If you have not previously established, or updated in a while, your mission and vision statements, then you should take the time to consider what your business stands for. Aim to create a brief phrase that clarifies your goal and is easily understood by others.
A goal for a women’s clothing store may be to “assist women of all sizes to feel confident in their attire”. With a clearly defined mission statement, it is much easier to decide where to locate stores and how to advertise them, as well as to recruit staff who align with the company’s values. The following video provides further guidance on how to strengthen the company’s culture.
Don’t Fall Behind the Times in Your Field
It is important to be aware of external factors which may affect the performance of your business, such as alterations in government regulations, the cost and availability of raw materials, and the preferences of your target market as it develops. For instance, the current chip shortage has had a considerable impact on the automotive industry, resulting in drastic changes. Automakers and dealerships are now having to create waiting lists for customers wanting to buy more expensive cars. Those companies who anticipated this shift were more equipped to respond to it.
Keeping an eye on your competitors is an important part of staying on top of market trends, and covert shopping remains a beneficial tool for collecting this information. You can evaluate how your business measures up to the competition and gain insight from data such as price, processes, products, and customer experience. Even if you are confident in your company’s position in the market, it is still beneficial to understand what it takes to stay ahead.
Diversify
Despite the common belief that organisations which specialise in one area are more likely to succeed, the concept of not putting all your eggs in one basket still stands true. Taking our initial example of the women’s clothes business, we can determine that they primarily cater to women by reading their mission statement. Nevertheless, to ensure that customers of all sizes feel beautiful in their clothing, there is still more that could be done, such as offering styling services or creating films or courses that would boost self-confidence.
Examine a Predictive Device
It is difficult to predict the future, however, gaining an understanding of the current situation can provide insight into what may come. For example, many organisations have recognised that the widespread adoption of remote working, which began during the pandemic, is a lasting shift in how business is conducted. To take advantage of this, businesses have used this knowledge to develop existing products or create new ones to aid in overcoming challenges associated with this shift. To secure a successful future, being open to new ideas based on knowledge is essential.
