What Does the Future Hold for Your Business?

2020 has been one disruption after another. From the wildfires in Australia to the global pandemic that's drastically changed lives and economies, events just keep unfolding, and it's driving people to seek more clarity and certainty about the future in different ways. Funnily enough, while businesses of all sizes in a city like New York navigate the economic downturn, fortunetellers and psychics have supposedly seen a higher demand for their services!

If there's anything we've learned from the year so far, it's that there's no predicting the future in business. Anything can happen. As an entrepreneur, however, there are certain things you can focus on and implement to make your business more resilient to radical disruptions.

Reverse-Engineer The Future.

You may not be able to predict or guarantee the future, but you can create it. Entrepreneurs can get stuck forward-engineering the past, in hopes of finding ways to make what's worked before, work again in the face of changing times and evolving challenges. Whether you've been in business for five months or five years, we encourage you to be brave and start with the big vision in mind. First consider where would you like your business to be in three years, then identify the key milestones that you need to achieve in order to get there.

Aim for Directionally Correct.

The more disruptive the times are, the more we seek to "guarantee" certainty in different ways, including indulging our risk-averse perfectionist tendencies. But entrepreneurs need to be braver, more creative and more resourceful in their thinking around disruption and uncertainty. What are some new strategies you can try in face of these unprecedented times? Be quick and let go of waiting to get it perfectly first. Implement and improve what you can along the way. Move – even just generally – in the right direction.

Embrace Your Mountain of Value.

You may face temporary uncertainty in how you can deliver the value you have to offer, but what won't change is the mountain of value you're standing on. All your experiences, the lessons you've learned, the problems you've solved, the expertise you've honed over time – they are all valuable and they allow you to do what you do best, in a way that no one else can. Be brave and don't get too attached to one way of delivering your value and solving problems for others. Develop a strategy to reinvent your business so that you can continue doing work you love.

Constantly Seek Out Best Practice.

Your best thinking five years ago is baggage today. Businesses that stayed on top of best practice experienced the same disruption that all other businesses did, but they managed to surf that wave rather than sink in it. Unfortunately, businesses that continued operating to standards of five years ago struggled and many have found themselves needing to start over. Being consistent about learning and implementing best practice in business may not be a guarantee of the future, but it can better equip you to handle the unpredictable.

There's no knowing where the rest of 2020 will take us, but what we all know now is that the world has changed. Focus on these four things and be better prepared for what's ahead – no crystal ball required.

p.s. If you're ready to reverse-engineer the future, be directionally correct, tap into your mountain of value and implement proven strategies in your business, learn from our industry leading mentors next Tuesday. Learn more HERE.