Out of all the things that can go wrong with small businesses, perhaps the biggest lesson many businesses have learned lately is to future-proof their business. The coronavirus (COVID-19) pandemic has resulted in many businesses losing money and therefore being unable to stay afloat due to the impact of the virus on the economy. Therefore, small businesses should make every attempt to future-proof their business to ensure that their company essentially doesn’t go under. The future is wholly unpredictable, so taking the correct measures now will save a lot of disappointment and regret in the future. If this sounds familiar, continue reading for three ways you can future-proof your start-up.
Have a plan
Planning for the future is an excellent thing to do to save future disappointment if your company was to undergo trying times. When you first create your business, it’s a great idea to have a clear vision in place for what you want the company to look like in 5 years and what you want to gain out of it. Once this is done, you can then focus on your mission – or, in other words, how you are going to get to where you want to be. Despite this, your mission is useless if you don’t consider what trying times you may face in the future. Plan your vision and mission with this in mind and future-proof your start-up.
Invest in business insurance
A fantastic way to prepare for the unknown is to invest in insurance. Therefore, it is a great idea to purchase business insurance for your start-up. There are many different types of insurance including contractors insurance, product insurance, health insurance and so on. It is important to keep in mind that different types of businesses require different types of cover, and you should therefore do your research and even speak with a business advisor to help you choose the right type of policy. Your business may also legally require insurance so it’s best to find this out sooner rather than later.
Another great way to future-proof your business is by working online. Since you are a small start-up, taking extra measures at the beginning will save you a lot of hard work in the future. As we have seen with the COVID-19 pandemic, businesses across the world have had to move everything online as their employees have had no other choice but to work from home.
With that being said, working online to future-proof your business makes dealing with different trying times much easier – not only for your business but also for your employees. Use e-commerce to deal with your finances, as well as Microsoft Teams and Zoom to connect with clients and employees. This way if anything was to happen down the line, you don’t need to consider transferring all of your hardware.
Be smart about how you grow your business and consider these steps to future-proof it today!