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The business landscape is ever-evolving, therefore it’s important for business owners to understand potential shifts and look ahead. While many factors are beyond our control, our business purpose and vision remain in our hands. So, how can we anchor our actions towards them while understanding future impacts?
While at XeroCon 2023, Munro Benge gathered some simple, yet valuable insights into what the future of business might look like and how you can smartly navigate these changes:
Adaptability is Key
• Efficiency will be the game-changer for small businesses, especially as adding labour may not be a feasible option due to economic factors. Leaning on technology to drive efficiency will help businesses ‘do more, with less’.
• Stability in business is likened to a three-legged stool. Miss out on one, and the balance is lost - ensure all aspects of the business are catered to.
• Every decision made has ripples. When navigating, be conscious of the choices you make and their potential impact.
Prepare for the Future
• Always be in a position of readiness for when the economic tide turns favourable. This involves both contraction and expansion strategies.
• Embrace change and shift your mindset. The next big opportunity might just be around the corner.
• By 2025, the digital-savvy Alpha Gen will enter the workforce. This digitally-native generation is both tenacious and adaptive, so businesses need to be ready for their arrival.
Technology & Efficiency
• The future is undeniably digital. Stay updated and integrate technology meaningfully into your business processes.
• Artificial intelligence is here to assist and augment, not replace. Leverage it to streamline tasks and increase productivity.
• Consider financial advisors as invaluable partners. Their insights can be transformative, optimising cash flow and business operations.
• Your employees are on the front lines, and their feedback is gold. Value their insights, and create a robust, collaborative business environment.
• Nurture existing staff — it's more cost-effective to retain than to recruit, particularly in a tight labour market. Efforts in managing and maintaining internal relationships pay off. Remember, happy employees lead to great outcomes!
• Be authentic and genuine, there is a difference between “thanks” and “thanks for sorting that, it’s really appreciated”. When recognition is sincere, it provides your team with a sense of value and belonging.
These simple reflections from XeroCon provide insights into the possible trajectory and impacts on business. While trends and challenges will come and go, one constant remains: the need for adaptability, resilience, and forward-thinking.
As we move forward, Munro Benge remains committed to guiding businesses through these ever-changing landscapes. We are here to support you in these changes, reach out today to get started.
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