The world is changing rapidly, and if you do not change with it, you will be left behind. The future is coming, and it is inevitable.
In the last few years, we have seen a whole new range of technologies changing how we live and work. The world has become more connected than ever – people are always available, businesses operate 24/7/365, and information travels at the speed of light.
In the world of business, the future is always a concern. Regardless of a company’s current level of success, it must plan for the future. Future-proofing is the process of protecting your business and customer base against the unknown.
Future-proofing is not just about preparing for the future but also about adapting to it. A future-proofed company can quickly adapt to marketplace or customer base changes.
What is Future proofing?
Future-proofing is a process that ensures you have a plan for the future that will keep your company alive and thriving. It is also about making sure that your company can handle any changes in the market and any challenges that come your way.
The key to future-proofing your company is being able to understand the ever changing needs of your customers and provide products or services that they want today and tomorrow.
When future proofing, you are looking into the future and seeking to identify the changes coming in the world, then ensuring your products and services are still of value in the future you see. Changes can come from technology, demographics, the environment, and any other significant event that will alter how people live and the things they wish to purchase.
Some think companies should focus on making their products more durable or use renewable resources. Others think that companies should invest in new technologies and innovations. Companies should also look at what their competitors are doing and consider how they can use these strategies for themselves. It is possible that a current competitor could become an alliance in the future. Always look for opportunities to leverage the skills and influence of others.
Three Key Areas for Future Proofing your Company
There are three key areas that you need to focus on to future-proof your company:
- New technology: It is essential to always be on the lookout for new technology that can help you do things better and faster, whether it is automating tasks or providing data analytics.
- Business culture: Your company culture will dictate how you approach change, so make sure it is open and collaborative, and values innovation.
- People: It all comes down to people; they are your most valuable asset and should always come first. If you are going to invest in the future, make sure you invest in your people.
Three Approaches to Future Proofing your Company
In addition, to future proof your company successfully, you need to undertake the following three approaches:
- Planning: Future-proofing starts with planning. Companies need to know what they want to achieve, whom they are trying to serve, and their long-term goals.
- Strategy: The second step is developing a strategy. Companies must decide which parts of their business they want to change and how they will change them.
- Execution: Companies must execute their strategy through concrete actions that will lead them to their goal.
Preparing your people for the future
Work in the future will demand your staff to move with change often. Preparing your staff for the future means thinking about what skills they will need to do their jobs in the next ten years. It is not enough to provide your team with training and education in what is important now. You need to also consider what skills are needed for tomorrow, so you can equip them with those skills ahead of time.
To prepare your staff for the future, you must ensure they are resilient. You must ensure that they are adaptable. You must ensure that they can innovate. You must also ensure that they can learn on the fly.
Resilient staff will be an essential part of a successful company in the future. For companies to thrive, they need people who can adapt quickly and efficiently when things change or when new information becomes available. Also, if there is a disruption or disaster, the company will need people who can continue making progress in the face of difficulty. Innovation will also be important to support companies stay ahead of the game.
Preparing your staff for the future is a challenging task. Using and online learning will be important ways to develop your team for the future, especially as the speed of change makes multi-year study inadequate to meet your company’s immediate needs. The World Economic Forum has done research on this in an initiative called the “reskilling revolution”, you can find more information here.
Final thoughts
Preparing for the future is not a new concept. But it is becoming more and more critical in today’s world. It is not just about planning for what you think will happen in the future but also about being able to adapt to changes that occur in the present. In the face of rapid change, companies must consider what can help them be future-proof.
Investing in your people, having a culture of innovation, keeping across technology, and supporting infrastructure that will help you adapt to change faster are worth focusing on. It is also essential to have resilient staff that are prepared for this change, are flexible and innovative, and can adapt with the times.
Contact us if you want help developing your staff for the future.
Author Bio
Deborah Knight is the founder of Xsead Lead with a background in organisational and individual leadership and executive coaching.
As a coach, Deborah aims to create an inclusive and respectful space where individuals and organisations can do the work necessary for growth and change. She is also passionate about helping women be valued for themselves while also contributing and being successful.
Apart from her company which she is deeply passionate about, Deborah also loves bushwalking, reading, travelling, and learning new things.
For any coaching or organisational support enquiries Deborah can be contacted via email: info@xseedlead.com.au or via her company website which is www.xseedlead.com.au.
