The COVID-19 outbreak posed unprecedented challenges for businesses, with varying degrees of triumph and disappointment felt. To secure a bright future and brace for unforeseeable hazards, organisations should consider undertaking the process of ‘future-proofing’ – implementing strategies and precautions to fortify the enterprise in case of unanticipated events.
A recent publication from American Express outlines how incorporating future-proofing measures into your routine planning procedures can be a cost and time-effective strategy. This approach not only offers greater assurance in uncertain times but can also guarantee long-term financial stability for your business.
In the subsequent paragraphs, we will examine techniques that can be utilised to prepare for anticipated and unanticipated challenges.
Place Your Clients at the Forefront of Your Agenda
Firms that foster robust client relationships are more equipped to withstand economic adversity. Organisations that sustained continuous communication channels during the pandemic gained insights on how to facilitate operations despite the imposed safety measures. Restaurants and other enterprises adapted their practices by introducing delivery and kerbside collection options to meet patrons’ preferences, while public service providers suspended service terminations due to payment-related issues.
By attaining a profound comprehension of your clientele, you can ensure the fulfilment of their requirements in any situation. Additionally, they may offer you valuable insights and recommendations to bolster your consumer base. Here are some proposals to augment your existing client roster.
- Make the most out of every interaction with a customer as an occasion to gain further insight into their concerns.
- Be mindful of where your customers are originating from and headed to, and ensure they experience a seamless Customer Experience throughout the entire journey.
- Make the “contact us” section of your website readily accessible.
- Enquire with your social media followers for recommendations.
- Collect feedback from customers by conducting surveys with employees, suppliers, and partners.
- To obtain feedback from your top-tier customers, give them preferential access to your latest products or services.
Maximise Your Utilisation of Contemporary Devices
Securing the company’s extended prosperity necessitates delivering a first-rate digital Customer Experience, granting greater autonomy to the workforce, and making well-informed decisions. Online customers have developed a preference for a user-friendly experience, comprising robust search functionalities, simple purchase procedures, and uncomplicated return policies. As client familiarity and trust in digital technologies increase, customer service procedures can be further automated to ensure an uninterrupted digital Customer Experience.
For the enduring prosperity of your enterprise, it is essential that your employees enjoy a favourable digital experience. Additionally, it is imperative to possess Business Intelligence (BI) capabilities to make well-informed decisions, based on factual data as opposed to speculation.
Enhance Corporate Morale
To make sound judgments, it is crucial to have solid core values and principles that guide your actions. If you have not created, or updated in a considerable period, your mission and vision declarations, then it is advisable to allocate the necessary time to assess what your enterprise represents. Strive to conceive a concise statement that defines your objective and is easily comprehensible to others.
An objective for a women’s fashion outlet may be to “empower women of all sizes to feel self-assured in their clothing”. With a well-defined mission declaration, it becomes easier to determine store locations, effective advertising strategies, and recruiting proficient personnel that align with the organisation’s values. The accompanying video explores additional recommendations on how to reinforce the corporate culture.
Stay Current in Your Industry
Being cognisant of external factors that may impact your business’s performance, such as variations in government policies, fluctuating raw material costs and availability, and the developing inclinations of your target audience, is crucial. For example, the existing scarcity of microchips has significantly influenced the automobile industry, producing major modifications. Automotive manufacturers and distributors have begun compiling client waitlists for higher-value automobiles. Those firms who anticipated this change were better equipped to react to it.
Monitoring your competitors is a crucial aspect of staying informed of market trends, and undercover shopping continues to be a useful technique for gathering this knowledge. You can appraise how your enterprise compares to the competition and obtain valuable intelligence on aspects such as pricing models, procedures, product offerings, and customer engagement. Even if you are optimistic about your enterprise’s market position, it is still advantageous to comprehend what it takes to preserve an edge.
Diversify
Contrary to the conventional notion that focusing on a single area increases the probability of success, the notion of diversifying your portfolio still holds validity. Referring back to our previous instance of the women’s clothing enterprise, by studying their mission declaration, we can conclude that their primary clients are women. However, to guarantee that customers of all sizes feel confident in their wardrobe, more can still be accomplished, including providing styling assistance or generating visual content or tutorials designed to bolster self-esteem.
Explore a Predictive Tool
Foreseeing the future is a challenging task; nevertheless, comprehending the present scenario can offer a glimpse into what lies ahead. For example, numerous enterprises have realised that the widespread acceptance of remote work, which took root during the epidemic, represents a permanent shift in the conduct of business. To leverage this shift, businesses have utilised this insight to remodel existing offerings or construct new ones to address challenges connected with this transformation. Embracing fresh concepts grounded in information is imperative for securing a prosperous future.
