How to future-proof your business
Anticipating what will happen in the future is difficult, however, it is something you may want to consider doing to protect and grow your creative business. By considering what future possibilities lie ahead, you might be able to minimise the effects. It may seem like an overwhelming thing to tackle when you’re in the throes of running a creative business, but a little thought and planning can go a long way toward keeping your business running and possibly helping it grow.
Plan Having a business plan is a great place to start, but it isn’t something to “set and forget.” Your plan may need to change as your business grows, markets move, and audience evolve. In your business plan, set goals and don’t forget to track your progress.
Review Don’t get complacent; always keep an eye on what you are offering. Can it be improved upon? What is the market doing? Where are trends going? What and where are opportunities for improvement? You may be onto a good thing now—and hopefully still will be in the future—but markets, trends, and audiences can change, so make sure what you are offering remains relevant and meets the demands of your customers and the market.
Ask your customers regularly what they think. You may think what you are offering is great, but does your audience still think so? Listen to them and watch their behaviour. Is there anything you can do better? Is there something they’d like that you are not currently offering? Ask them face to face, put a survey on your website, do follow-up calls, and so on, to get this information. You’ll gain great insights and can then apply those learnings to your business.
There may be situations when your customers cannot tell you what they want, especially if you are in the innovation space. Think about the iPhone. We didn’t know we needed a device we could use to make a phone call, take photos, play games, and do our banking, but now we need to do all of these things on our phone. Innovating a product that your customers don’t yet know they need is a great way to grow your business and open new market spaces. As Henry Ford famously said, “If I asked people what they wanted, they’d tell me a faster horse.”
Rethink your acquisition strategy regularly. Ways in which you’ve gained new customers in the past may not work for you in the future. Review this often so you can keep adapting.
Watch Observe competitors and your marketplace, watching what is happening around you. Do this by following competitors’ social media feeds (both locally and internationally), reading blogs and industry publications, setting up Google alerts, and so on. If you already have your eye on your own competitive space, start looking at other industries, too, as learning from one industry can be adapted to another. Having an understanding of what is happening around you will keep you and your business on its toes.
Depending on what business you are in (but especially for creative industries), following trends can also be important—even more so if you are riding on them. Watch trend forecasts, keep in touch, and, if needed, adapt your offerings to keep riding that wave.
Experience What can you do when others are offering something similar? How do you stand out from the crowd? Don’t just sell a product or service, make sure to give your audience an experience to remember. It doesn’t have to be elaborate; perhaps it’s the packaging for your product, or how you call the client after delivery to see if everything was okay. Customers are more likely come back if they had a good experience, and repeat business is always good.
Diversify Don’t depend on one section of your business to account for all of your revenue and growth. Find ways to diversify your product folio. If you manage to diversify your offerings, the additional revenue streams can help support your business.
Consider risks Identify and manage risks, both for now and in the future. You can’t predict all future problems, but consider potential risks and map a way to manage them if they do happen. Not sure how? Start with a simple “SWOT” analysis (Strengths, Weaknesses, Opportunities, and Threats) and go from there.
Your day-to-day creative business may keep you incredibly busy, but take some time to think about the future so you’re equally busy—if not more so—down the track.
Jes Egan is a “practical creative” and very busy lady, doing the business in a digital agency, being an artist and a university lecturer. Follow Jes on Instagram (@paper_chap).