We’re living through a perfect storm of constantly shifting conditions. From one world-shifting event to the next, it’s insanely difficult to predict how these unfolding events will affect the economic landscape as every industry weathers the impact.
While some believe that it’s time to bunker down and conserve resources, for many other motivated entrepreneurs, business owners and creators, these newly emerging scenarios provide fresh opportunities for adaptation, innovation and growth.
Whether you’re looking to break new ground, or you’re trying to stay in it for the long haul, there are evergreen tactics you can apply to ensure your business is ready to tackle any challenges thrown its way, and here to present some to you is award-winning business growth strategist Eric Tjoeng. Eric is the founder Business Growth and Exit Specialists, one of Sydney’s top SME consultancy firms and was recognized as one of the ’10 Australian Business Strategists & Experts to Watch in 2021′
Through BGES, Eric helps his clients daily with sustainable scaling and exit strategies, and has joined us today to share his advice on how to futureproof your own business in 2022.
Agile Implementation is essential
To survive and thrive in these wild times, your business just like your mindset, needs to be flexible, adaptable and proactive. An agile business is one that can pivot readily to suit changing conditions. This could mean altering particular tactics about your product, service or method of delivery, or changing your business’ goal altogether by reviewing the products and services you offer and moving into different niches.
Act strategically and holistically, constantly researching and testing innovative ways to operate your business, keeping an eye out for opportunities to improve, or weak links to address. Agile implementation can come in the form of utilising the resources your team has to offer for you while working to expand their skill sets for the benefit of your business, or from leveraging the correct tech solutions for your situation; cloud-based solutions or specialised services that can automate parts of the business to free up manpower.
All these aspects involve constantly moving and being quick to adapt and evolve to suit your environment, rather than waiting around for the environmental conditions to change to meet you.
These two ideas are not mutually exclusive. There are infinite ways in which you can explore new options, test new models and implement fresh, creative ideas while still being smart and careful with your resources. You could look at acquiring or hiring local storage spaces to house buffer stock and minimising supply chain stock shortages, seek shared or co-working spaces with other businesses which will help reduce operating costs, and engaging global talent to satisfy you human resources requirements.
Try negotiating with suppliers for preferential treatment, Cash on Delivery, firm orders etc. You’d be surprised at how flexible other companies are willing to be with their business partners and simply asking can be all the difference.
Time and project management can always be honed sharper, while prioritising the most critical aspects of your business that get cash flowing. Agile practises that can tighten your timelines are worth the investment and could potentially free up resources for more workload. Just make sure you’re constantly reviewing your costs, looking for substitutes that fit your margins and altering your financial roadmap if you need to.
Your mindset is your foundation
Your business is only as strong as your mental well-being and your willpower is what drives your business forward towards success. It’s not only important to hold onto a positive and optimistic mindset, but it’s absolutely essential that you do whatever you need to to ensure that you’re in the right headspace to run your business and navigate both the potential challenges and opportunities that will present themselves to you.
There’s always a silver lining and a different perspective that you can utilise to help you make the best decisions for the future of your business, even under intense stress. Decisive action rather than uncertainty will see you through difficult times. So own your moves and continue pushing forward with resilience and empathy instead of wasting time and resources being paralyzed in fear.
Don’t be afraid to seek help if you need it either, whether it’s for your business or your mental health.
Business Growth and Exit Specialists is the one-stop-shop for business growth, future proofing and exit strategy. Connect with Eric Tjoeng and his team at BGES through their website, and check out their Facebook, LinkedIn, Instagram, Twitter and Youtube social media pages to learn more about how you can ensure sustainable growth and returns for your business.