Future-Proofing Your Business

1 Jun 2022

When it comes to growing your business, it is so important that you have a clear view on the heights you would like to reach and have a plan to achieve them. However, Covid-19 has proven that having adaptable and flexible business plans is essential because risks can easily materialise and dramatically change your approach. It is simply not possible to prepare for absolutely everything, and when you are looking to future-proof your business, you need to keep in mind that your plans are not set in stone.

However, there is one thing you should definitely have on your agenda for this year - becoming a Fit for the Future (FFTF) business!

What Is ‘Fit for the Future’ (FFTF)?

FFTF is self-described as ‘an environmental sustainability network with over 100 charities, heritage organisations, cultural venues, public sector bodies and more in its membership.’ Members must decarbonise and enhance to reduce any negative environmental impacts, adapt with the right tools, knowledge and resources that are available, and develop resilience by future-proofing land, buildings, operations, or making time, money and resources stretch further.

The UK Government is cracking down on its promises to improve air and water quality, tackle waste, increase recycling, and halt the decline of species by introducing legislation to do so. That means businesses will have to reconsider their impact on the environment or be subject to possible penalties, reputation damage, or any other potential downsides - which is not welcome!

Why Is It Important For Businesses To Look Ahead?

Quite simply, we are living in a rapidly changing world. In order to stay ahead of the competition and be relevant, businesses need to be flexible and able to adapt to current trends in the market. Take the pandemic, for example; those that survived were the businesses that embraced remote working practices - something that hasn’t historically been very common for businesses.

In fact, according to a recent study, around 94% of FFTF businesses actually believed they were well-prepared for the risks that were facing them, compared to only 58% of respondents overall. Having a flexible mindset, along with the ability to then adapt, will increase your business’s chances of survival in the future and raise confidence when faced with risks or even unexpected changes.

How Can Flexibility Be Critical When Considering Strategies?

Implementing a view for flexibility into a strategy can help your business quickly change its plans when needed, essentially improving its chances of survival and success when moving on. Strategic flexibility is defined as ‘the capability of an organisation to respond to major changes that take place in its external environment by committing resources to respond to the changes.’ Those businesses that are not able to shift approaches when the time comes are the ones putting themselves in more danger as things don’t always work out as expected. The businesses that are open to change, but don’t plan for it, will struggle to strategise with little notice. That’s why flexibility is critical when considering all strategies.

What Are The Different Factors Businesses Should Be Looking Out For?

There are several things that you should always be doing when looking to future-proof the success of your business. This includes the following:

  • Learning continuously
  • Getting the right people involved
  • Having contingency plans
  • Closely monitoring internal and external factors

Being open to continuous learning is very important for businesses. It’s important that you have a growth mindset and are always looking for ways to improve and better prepare your business. Expecting the unexpected with contingency plans can help you control the business’s future, ensuring it doesn’t fall to the wayside when challenged. Finally, monitoring the plan to see if it works can give you an indication of where to improve to make sure it is performing properly!

The information presented in this article is provided as general guidance, it should only be used as the basis for further research or requesting professional advice.