Future-proofing your business to avoid failure.
Statistics from the Australian Small Business Ombudsman show that 97% of the Australian economy is made up of small business. Businesses with less than twenty employees. Unfortunately, despite the information and knowledge available more than 60% fail within their first three years. The odds are against those who continue, because of a lack of future-proofing businesses against adversity.
Small businesses are continuing to struggle with spiralling costs, working long hours for low returns while always struggling with cash flow are all too common amongst us. These challenges compound when you think you are not big enough to seek advice or you are leaning too heavily on your own understanding.
Future-proofing businesses mean getting fundamentals right.
It would help if you ensured your business fundamentals were right and aligned with your vision and objectives.
You can’t future-proof your business with old systems and processes. Seek advice in upgrading for the longer-term. It is usually less expensive than you might think.
- Spend more time relaxing, thinking and reflecting on what you are trying to achieve. Seek advice on adopting a better planning system.
- Check your values and where possible only work with people who share your values. Values underpin peoples behaviour and actions; they will impact your future success
- Reset your Key Performance Indicators using appropriate metrics and dashboards.
- Become more aware of your target market’s problems, frustrations wants and needs.
- Look after your health, look at your nutrition, exercise and sleep habits, these are the things to improve your time management problems. Understand your stressors.
- Stop continually working more than 50 hours per week, seek advice in better management practices, and spend more time with family and friends.
- Focus on what you like doing and do well then do those things even better while outsourcing everything else.
Become committed to doing something different to what you’re currently doing, become more creative and innovate.
The way you think and behave has a ripple effect on every aspect of your business. Limiting thoughts and beliefs about yourself and your capabilities will restrict your progress and leave you vulnerable to market forces.