If you haven’t already placed a focus on future proofing your business, now is the time to do so. Even if your business is absolutely thriving, taking precautions to protect it in the future when you don’t know what will happen in the future is the right thing to do. So, we’re here with three things you should focus on implementing in order to protect your business in 2024, from getting the right credit insurance if you’re a trade based business to retaining great employees!
Get The Right Insurance Cover
One of the most important things you should focus on as a business is getting the right insurance cover, as this could really save your business one day. Insurance is all about preparing for worst case scenarios, many of which couldn’t be expected or pre-empted. Every business is different, and so is the insurance they will need, which is why we absolutely recommend working with an experienced insurance broker within your industry. They will be able to ensure all of the intricate components of your business are adequately covered and also at the right price. Often large insurance providers don’t go into that level of intricacy, so you may not have the right cover for your business specifically. Whereas, an experienced broker will provide more detail and ensure that your business is well protected. Whether you need export credit insurance, life insurance, professional indemnity insurance or anything in between, work with brokers to get the right cover at the right price.
Hire A Forward Thinking Team
Something else you should be doing is hiring a forward thinking team. You want a team that is going to push the business in the right direction, so hiring a few people who will do that is important. Thinking about the long term progression of your business and evolving with the times and economy is absolutely essential, and when you get ahead of the game, this will help to future proof your business. Whilst you will have your core team of reliable employees that know the business through and through, introducing fresh talent as well is often well worth the investment.
Listen To Your Customers
One of the most important things you can do to future proof your business is to listen to your customers. Customers and their habits are constantly changing, so the best thing you can do is open an honest line of communication with them to ensure that they are being heard. The feedback from your customers can be extremely valuable, so invest in encouraging them to leave feedback and learn to change with the consumer and their needs. Things like offering incentives for feedback or regularly including them in decisions with things like packaging, branding and formulas can transform your brand and your product/service for the future. Simple yet so effective, this is one of the best things you can do for the future of your business.