5 Ways to Future Proof Your Business for Scalable Growth

Dear Freedom Achiever,

What do entrepreneurs, career professionals, and corporate leaders have in common? Whether you run your own business, work within a company as part of a team or lead teams of your own within an organisation, the past 18 months have set in motion changes that will have lasting effects on how you work.

“The COVID-19 pandemic has accelerated digital transformation at 59% of surveyed organizations.” – IBM Institute for Business Value

Even before the start of the pandemic, many executives found themselves questioning how they can keep their businesses and organisations relevant in the 21st century. The truth is, the ongoing pandemic did not create the divide between technology leaders and laggards; it simply exposed the existence of those gaps already waiting on the doorstep to be bridged by new innovations. However, this digital transformation requires a holistic approach.

What Really Makes A Company Future Proof?

Preparing your business or organisation for the future requires a holistic approach to digital transformation that includes not only robust business models, but also a workforce that is well-equipped to transform ideas into value and operations capable of delivering products and services without interruption. There are at least five areas you can focus on to ensure that digital transformation results in scalable growth regardless of whether you are the CEO or an integral part of the team.

1. Operations

Start by thinking of your business or organisation as an ecosystem, not a one-sided entity. If you want to see your business or the organisation you work within grow and succeed in the 21st century, understanding how all aspects of its operation feed into each other can help to create transformational results. Consider which parts of your process may be slowing down or inhibiting growth for other areas, then take the appropriate steps to implement technology that will efficiently scale and grow your operations.

Ask yourself:

Can your company still operate efficiently even if you cannot gain access to your premises?

Can your team work virtually effortlessly and without interruption?

If you answered no to either of these questions, then researching the latest in cloud technology and remote security and file sharing solutions will help you to set up the right systems to get your operations working with you and your teams and not against you. How else can you use technology to positively impact your operations? Think outside the box and consider all of the options available to you that will help to create an easy, secure flow of information and data to all team members while boosting productivity and maximising efficiency.

2. Revenue Generation

How you generate revenue is one of the biggest opportunities to work with the boom of digital technologies to encourage successful, scalable growth in your business. One of the simplest ways to do this is through better use of technology such as CRM or marketing automation platforms which allow you track and measure every customer interaction online. You can then produce a more accurate estimate on how much profit you’ll make from each customer, helping with strategic pricing decisions in the process.

Ask yourself:

Can you still generate enough sales to cover monthly expenses, even if one source of income is significantly reduced?

If you answered no to this question, what are some ways that you can build multiple revenue streams via a mix of product and services? Perhaps, you can set up a passive income stream that does not require your daily input, but runs effortlessly on its own thanks to implementation of online payments.

3. Customers

For product and service based businesses and organisations ensuring changing the customer experience is a great place to start the digital transformation. There has been a shift in the way customers want to interact with your business, and it’s up to you to keep pace. They want everything faster, easier, more personalised—and there is little room or patience for glitches or delays on their journey from awareness all the way through to purchasing decisions. How future proof are your customer relationships?

Ask yourself:

Can your customers still browse your product/services without touching?

Can buyers receive your products/services without meeting you physically?

Can you receive money from your customers online?

If you answered no to any of the above questions, think about how embracing technology can help create ease not only for your customers to interact with your products and services, but also for you to be able to receive payments without any hassle. A strong online presence positively influences customer decision making whether it be via social media marketing or your website. Additionally, setting up the right backend systems to encourage online payments and e-commerce uplevels the customer experience by making purchases one click away.

4. Suppliers

Although digital is a priority for most supply chain leaders, less than half have defined or plan to implement digital transformation roadmaps. Supply chains need strong alignment between business strategy and supply chain management if you want to see any success with these transformations within any organisation. In fact, it can be proven as an effective way to grow businesses, mitigate risk, and lower costs overall. So where do you begin in this process?

Ask yourself:

Can you pay your suppliers online?

Can you still operate even if supplies were delayed or disrupted?

If you answered no to any of these questions, then there are still steps you can take to future proof your business. The digital transformation of your supply chain is crucial for you to thrive in the 21st century. Digitally transform your supply chain by automating the process through payment integration systems that utilise online transactions and bank transfers. Consider also consolidating all supplier information into an accessible hub that can be accessed at any time from anywhere on any device for better inventory management across your organisation.

5. Cash Management

“The more a business owner knows about their cash flow, the more empowered they become.”
— Nick Chandi

Another important aspect of ensuring your business is 21st century ready, is being able to forecast, track and predict how much money you have at any given time so that you can make the best decisions possible about your financial outlook. Digital cash management services allow you to track your finances with incredible accuracy and clarity. This results in better planning, forecasting, investment decisions, growth opportunities for development and expansion of the business which can ultimately result in a healthier financial future for both customers and employees alike.

Ask yourself:

Can you keep your business surviving without generating income for 3 months?

If not, how can implementing technology make this possible for you? One simple but effective way for businesses to stay financially sustainable is through the use of invoicing solutions that automate billing and payments without having cash on hand. A further strategy for a small business owner who wants their company’s finances in order would be through the use of invoice templates which help them with automation throughout the process. It also allows them not to have cash on hand since they’re automated services will charge credit cards or other payment methods like PayPal when necessary.

In the 21st century, it’s not enough to be aware of what is happening in your field. You need to be ready for what is coming next and how you will respond. To thrive in this competitive environment start by assessing how well your business incorporates the new technologies of the digital age in alignment with your overall vision. Think about the best areas of your company that should be addressed to ensure that it’s up-to-date in this new era. Remember, to think of the five areas of focus which include your customers, suppliers, revenue generation, operations, and cash management in terms of creating ease not just for you as a business owner, but for everyone who frequently interacts with your products and services. BPD Associates Ltd. can support you in getting started by identifying those areas where digital transformation could have a big impact.

Live YOUR Passion!

Georgina Terry FCCA PMP, Passions to Profitability Expert

My mission is to help you live YOUR Passion by providing you with the tools you need to live your life by desire and design, and NOT by default, so you can achieve your version of freedom!

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