July 12, 2024
Of all the qualities that a business needs in this day and age, perhaps the most understated would be resiliency. Entrepreneurship emphasises things like innovation and a non-specific “X Factor”, and not without reason - these things are important. But in a world where about one in five businesses fail in their first year, the ability to simply stay in the game is something you need to have an eye on. To achieve this, there are some considerations that can be invaluable.
It goes without saying that technology is important in business, but the really important thing is focusing on how you use it. Take, for example, the latest hobby-horse of technology in business: AI. It’s certainly a tool worth having, but don’t get swept away in the hype and use it everywhere. AI is excellent for repetitive tasks that take up time: it can analyse code and troubleshoot it much faster than a person can. Using AI for content, though, is fraught with difficulty. It just doesn’t write like a person does, and readers will notice.
Other areas where technology is important include communication and analytics. Gain an appreciation for programs like Slack, which enhances communication, and Qlik, which is a boon for business insights.
Any business can fall victim to unforeseen events; we’ve seen that recently. The truth of the matter is that the obituaries of many promising businesses tend to tread the same old ground. Entirely foreseeable issues are the end for many startups. Neglecting customer concerns, poor communication and a lack of engagement can be the main reasons why you’re losing customers, and they’re all preventable. Getting out in front of these issues won’t just allow you to sail smoothly when the waters are calm; they’re also a trusty defence when those unforeseen events do strike.
It’s incredible that we still occasionally hear people say something along the lines of “Barring exceptional circumstances, we should be fine” in a world where the exceptional has long been routine. We’ve seen years of global economic upheaval, geopolitical uncertainty and a pandemic just since the beginning of this decade. Let’s assume there’s more to come, and that means being proactive in drawing up crisis plans. Think of every different kind of crisis that could negatively affect your business and ensure there’s a contingency fund to prepare for them; also, consider what your communications strategy will be and how you will manage staffing concerns while they’re ongoing.
If you want to be successful in good times and bad, it helps if your employees are as devoted to ensuring results as you are. Few things can sink a business faster than employees who are only there because the salary allows them to pay the bills. Remuneration will always be the main priority of employees, so make sure you’re paying a competitive wage; but it’s also important to ensure that they feel intellectually engaged by inviting questions and input on company policy, and regularly asking if there are issues that they need clarified.
Strategising for the long term is important if you want there to be a long term for your business. Facing the important questions now gives you the advantage of being able to do something about the answers you get, so make sure you take the long view from the start.
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