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Future-proofing your business

In recent times, technology has changed very rapidly. Platforms that were the current trend can be obsolete within a couple of years, while at the same time equipment that would have been solely owned by professionals is now widely available. For people trying to run a business, it is a time of great opportunities but also massive challenges which is why it is vital to know the best ways of future-proofing your business.

Keep up to date

It is easy to lose track of what is going on in the wider world while focusing on your work. For example, a change in government policy can result in an increase in the cost of raw materials, such as the production of a chocolate bar.

You can either maintain the same size of the bar but increase the cost or reduce the size in order to keep the cost. Alternatively, you may look at other costs away from the product so you don’t pass on a price rise to the customer. This is why monitoring data is so important so you can be more flexible in response to these events.

Don’t cut marketing

One of the instinctive moves that companies make during a difficult time is to reduce their spend on marketing. This is often not advisable as this can also mean a reduced reach to your customers. However, it is always worth reviewing how you spend on marketing and whether you are using the right platforms to get the most out of your marketing budget.

Justify your price point

It is worth researching your rivals, keeping an eye on what they are charging for their products and services. This should then make it easier for you to illustrate why you have a particular price point.

If you charge more than your rivals, then you should be able to explain the additional benefits that you can offer that they can’t. Conversely, if you charge less then you should be able to share why you can offer a good quality service at a lower rate (For example, if you run a hair salon you may charge more because you offer them a cup of tea or coffee or use more experienced stylists while you may charge less if you feel that these additional costs are not necessary.)

Consider outsourcing

Outsourcing IT and technology can make future proofing your business easier. If you do not need a physical server, then this can cut out the need to upgrade it as the business you use does it for you. Also, if you can allow people to work remotely and access their own devices then this could remove the need for you to upgrade equipment.

We can help

At Streamsoft we can aid in future-proofing your business by tailoring software and mobile applications that are specifically attuned to your requirements. As we offer a bespoke service, it is recommended you talk to us so we can go into more specifics. Contact us today to see what we can do to get your business ready to move forward into the future!