The last few years have been… turbulent.
And business owners waiting for a return to normality are missing the point.
Why? Because there is even more turbulence ahead and most of the current global ‘issues’ are not short term – but emerging trends.
So – position your business to benefit from these big shifts, rather than be a victim.
A few examples
> Diversify your supply chain – the ongoing power struggle between China and the US is impacting global trade and economy. Trade with certain parts of the world is set to become a whole lot trickier. Start building relationships with suppliers in alternative markets to ensure resilience in the face of these geopolitical uncertainties. This might also be a MAJOR opportunity and USP with potential new customers, worried about their own over-dependence on suppliers in riskier parts of the world.
> Be on the right side of the AI revolution – artificial intelligence is already transforming industries at pace and this is now acclerating. Don’t be fooled that it’s just about ChatGPT. Leveraging AI to improve your operations, customer service, and overall efficiency will boost the value of your business in the eyes of potential buyers and open up new revenue streams.
> Leverage opportunities in remote work and digital transformation – many businesses are finally catching on to the new world of work. For instance, if you genuinely have remote roles in your team, there are opportunities to outsource or off-shore. And cost-savings do not have to mean quality reduction. If you need roles to be on-site, take time to explore what Hybrid 2.0 can give you… it’s not just about zoom calls on the sofa.
Keeping up with the ever-changing business environment is not just about the long-term viability of your business, but also about the value and saleability of your business when you come to exit.