Blog Search

Critical strategies to future-proof your business

Critical strategies to future-proof your business

Even for established businesses, it’s not easy to make sure that you will be ready for whatever might happen in the future. Your company needs to constantly evolve, and you might find yourself in uncharted waters. So you have found your place in the market but how do you keep it? Complacency is a killer. How do you keep your business on its toes to build for resilience and business growth?

Identify your customer and your value proposition

Customer needs change over time, and if your business does not keep up with these changes, there is a risk that you could get left behind or blindsided by changing needs. Just because yours was the best solution in the past does not mean that your future is secure. As difficult as this may be, you and your team need to speak to your customers on an ongoing basis to understand what they want. Then scout the market for solutions that meet these needs. Can you work these into your business? If these solutions cannibalise your existing product or service, you may need to think about timing. You may be reluctant to compromise your current revenue streams, but this may be the only way to meet the needs of your customers and stay ahead of the competition.

Play to your strengths

What is your business known for? What are you really good at? Your reputation is one of the most important assets in your business, but it is sometimes hard to identify what your “magic” really is. Is it your product range? Is it the expertise of your team or the quality of your design? Do you communicate these strengths clearly to your existing and new potential customers? When you build on your strengths, you are more likely to deliver to the needs of your customers, and this creates a virtuous cycle. It will also build your confidence to take on new challenges.

Invest in technology

It’s important to keep up with the latest developments in your field – whatever field you work in. If you are not keeping up with technology, then you could be left behind by your competitors. It’s easy to get stuck with “legacy” systems that everyone knows. But new technologies could reduce your business risks, could help you work more efficiently and support the business as it scales. Keep up to date with how technology is being used in your industry and understand the likely impact of AI, machine learning, digital printing and Big Data on your business?

Invest in talent

As a business grows, it’s easy to lose sight of the wood for the trees. Take a step back and evaluate your team. Who could you not afford to lose? How can you keep and nurture these assets to the business? It may have nothing to do with pay, and the solutions may lie in greater recognition, autonomy or authority in the business. Have you identified who the rising stars with fresh ideas? Create the space for them to shine and potentially team them up with older members of staff to spur innovation and transfer the knowledge that only comes with experience.

Future-proof your business

Businesses might continue surviving with their heads just above water, but is there a better way of running your business to allow it to meet the challenges of the future and use insight to ensure business growth?

If you are a business owner who isn’t sure how to build your company and keep it moving in the right direction, that’s where Aurik comes in. We can work with you to better understand your customers, and to ensure that your product or service solves their problems. If you are worrying about critical aspects of your business including ensuring that you are using the best technology and have the right people in place, you don’t have to sail this ship alone. Our customised growth programmes can future-proof your business.

Tags: Growing business value, Business Development, Growing, Focus, Business Growth

Three sales propositions to speed up deals in a tough economy

Three sales propositions to speed up deals in a tough economy

In today's tough economic environment it is taking longer and longer to close deals. To speed up this process, you need three...

Read more

Start with the end in mind

Start with the end in mind

Plans don’t always work out – that’s life. Starting a business is no different, especially when you need to work closely...

Read more

Negotiating the family business deal

Negotiating the family business deal

76% of family businesses don't survive through a second generation. It's a scary statistic and one that affects many private...

Read more

Building a pricing strategy to grow your business

Building a pricing strategy to grow your business

“The pricing game is emotional”… this is how a tweet from a listener began, and he’s right. A challenge to your pricing feels...

Read more

NEXT-LEVEL GROWTH: WHAT IT IS & HOW TO GET IT RIGHT

NEXT-LEVEL GROWTH: WHAT IT IS & HOW TO GET IT RIGHT

How often have you heard the terms "Next-level growth" or "Getting to the next level" bandied about? It's become more business...

Read more

Our past determines our approach to the SA economy

Our past determines our approach to the SA economy

Carl Jung said “We are trapped by the images of our past”. Meaning that our past experiences affect our perception of reality....

Read more

White Knights, Silver Bullets & False Prophets

White Knights, Silver Bullets & False Prophets

The exhaustion of running a business can make us vulnerable to the allure of a cure-all solution. But if it sounds too good...

Read more

Help Pavlo to #NameTheBook
namethebook

Help Pavlo to #NameTheBook

Pavlo Phitidis has just completed a book about the ideas, thoughts and more valuably, his direct experience in building successful...

Read more

How to build a retail empire very, very slowly

How to build a retail empire very, very slowly

Retail is notoriously difficult, but if you have a great product targeting consumers - you need to get it right. Pavlo Phitidis...

Read more

Immigrating talent for a quick but enduring economic boom

Immigrating talent for a quick but enduring economic boom

If we can attract 100 000 STEM qualified immigrants, we can not only bridge the skills gap that is stagnating our growth,...

Read more

EMIGRATION: Its cost and opportunity to a business owner
Business Growth

EMIGRATION: Its cost and opportunity to a business owner

Over the last month, I have had two same, but different meetings with two different business owners. They were the same because...

Read more

Creating opportunities that didn’t exist before
Growing business value Business Growth

Creating opportunities that didn’t exist before

Creating economy is a key entrepreneurial skill. Its something that is entirely possible irrespective of the environment...

Read more

Why waiting to act becomes the only act and how to ‘snap’ the bad habit
Asset of Value

Why waiting to act becomes the only act and how to ‘snap’ the bad habit

With the South African elections now come and gone, it feels like we have passed a milestone that we were all holding our...

Read more

Winning mindsets turning thought into action and action into results
Building your Business Business Growth

Winning mindsets turning thought into action and action into results

The distinguishing feature between business owners who crack it and those who drift along, and fail… is mindset.

Read more

How to structure the offer of a Management Buy Out
Business Succession Succession planning

How to structure the offer of a Management Buy Out

A hardworking, smart professional presented me with a scenario on an offer she had received to conclude a management buy-out. She...

Read more

Position your business for success and maximum impact
Positioning your Business Business Growth

Position your business for success and maximum impact

Wing Chun Kung Fu, a style of martial arts, requires that you have a secure footing on the ground in all its defensive and...

Read more

Building a business is like sailing a ship
Asset of Value Building your Business

Building a business is like sailing a ship

Analogies are very useful to simplify thinking and action. As a #businessowner, building a #business in a challenging environment...

Read more

What’s your business worth?
Business Growth

What’s your business worth?

Firstly, this only matters for 5.4% of all #businessowners since 94.6% of all business started fail to sell. They close at...

Read more

Creating wealth through your business
Business Growth Wealth Creation

Creating wealth through your business

Wealth describes an abundance of a desirable thing. It could be friendship, love, money, access to a foodstuff and so on....

Read more

Developing an effective marketing strategy
Business Growth Marketing strategy

Developing an effective marketing strategy

If you can’t and don’t get potential customers to know that you exist, they don’t care and you die. They don’t care because...

Read more

Build resilience into your business to take control of your future
Business Growth Strategic Planning

Build resilience into your business to take control of your future

We often hear about being resilient to thrive and survive in business today. Why does this matter and what does it mean?

Read more

Escaping the project revenue trap and why you should do it
Building your Business

Escaping the project revenue trap and why you should do it

Recently, at an Asset of Value event in Johannesburg, South Africa, a room bristling with 58 business owners that collectively...

Read more

What is your business building approach to 2019: Chose one of 3 strategies
The Money Show Business Strategy

What is your business building approach to 2019: Chose one of 3 strategies

2018 has been an exhausting year. Taking time off is important, so long as you don’t break the momentum of your business....

Read more

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures
The Money Show

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures

Collaboration is a key element for building your business into a successful Asset of Value. But, not every joint venture...

Read more