New businesses are always under threat when it comes to their success. They have the risk that they may not make enough funds to be able to compete against the big boys. Luckily, the motivation of many business owners and entrepreneurs are always looking to avoid these threats, as they look to move with the times to prevent such scenarios.
Industry trends are continuously evolving and changing. Consumer demands are increasing and technologies are developing at a fast rate. So, if you want your business to thrive you need to be able to future proof it as much as you can.
In today’s society, change is a continuous process that needs to be kept on top of. Different processes and technologies are developing to help meet consumer needs and help businesses to evolve. This makes planning with the future in mind important to lead your business to success.
Specifically, there are 3 threats that can be a risk to businesses which you need to be aware of to avoid and mitigate the risk it can have on your own business.
Artificial intelligence and Machine Learning
AI and machine learning are becoming increasingly present in business processes. We’ve seen them introduced in creating new products and services, chatbots and personal customer journeys. They’ve provided benefits for both businesses to grow their customer base and customers who want a great service from the brands they’ve stayed loyal to.
The use of these technologies have changed in ways that businesses could have never imagined, and it’s taken time for businesses to adapt to these new ways. If a direct competitor has managed to use it in a way that leverages them above you, you could find yourself falling quickly behind them. On the other hand, if you don’t adopt these new technologies you may find that your existing customer base loses interest as they’re encouraged to use one of your competitors instead.
Cheap alternative brands
In a competitive market it’s not a surprise when we see competitor brands showcase similar products to the ones that you may produce at your own business. The difference will be that they have a different unique selling point to their service or product. The majority of the time, this unique selling proposition will be that they are a cheaper alternative that can perform just as well.
It’s natural that customers will gravitate towards the cheaper alternative as they feel they’ll be getting more for their money. This makes it extra important that your business is able to utilise advancement in technology and discover innovative ideas that will help keep your business one step ahead of your competitors.
Disruption is another
possibility when it comes to businesses being under threat. This is when a
different kind of service or product is introduced that completely disrupts a
particular industry to reach a whole new market or audience. We’ve seen this
with streaming services, for example, with Netflix disrupting businesses such as Blockbuster
These types of disruptions can be extremely difficult for businesses, as it can either completely deteriorate your business or create a big gap in your popularity as consumers divert to the new innovation.
Despite these so-called threats, technology can also be used to help future proof your business. Although you may have existing technologies that currently work well for your business, they may not be sustainable forever. So, it’s important to plan in advance for the next possible thing.
Protect your data and information
With many businesses now reverting to electronic methods to store and maintain their information and data, it puts them at risk of cyber attacks and malware. No businesses should take this lightly as cyber attacks can create negative awareness of your brand and put your customers and your business at risk.
Ensure your business has the protection it needs to avoid these attacks. If it does happen, it could possibly take months or years for your business to recover due to the information that can be taken from such attacks.
Make operations more streamlined
If you have a business that is up to date, it makes it easier to adapt to any changes in trends that are needed. Some of the elements to consider will be having fast internet connection, cloud backup and storage and reliable phone systems, these can all contribute to your business being more efficient.
Try to review your business operations on a regular basis so you can be sure that it has the technological needs for success in the future.
Provide a good customer experience
Your customers are the most important aspect of your business and should be at the focal points for any ideas that you have. How you can keep your customers satisfied is through great customer experiences.
Online experiences can be more difficult to cater to compared to those in a more traditional brick and mortar business. You need to have quick loading speeds and a website that’s easy to use. If you benefit from having an app, review it regularly to make sure it’s up to speed and provides the best possible experience for your customer.
Future proofing your business
Future proofing your business isn’t easy, but it’s the steps that need to be taken. Utilising the right technology can help to match your business goals and help your future success. If you happen to partner up with other businesses that deal with technology, be sure to perform technical due diligence.