A Focus on the Future: How to Run a Forward-Thinking, Profitable Business

Share

May 24, 2018

Many brands claim to be forward-thinking, but few fail to formalize the practice in their business, which can reduce their profitability. If you want to embody the word, you must strive to proactively look to the future to increase your revenue and grow your company. Learn how to run a forward-thinking business.

Hire a Technology Scout

Companies serious about competing with their competitors and satisfying their customers must hire a technology scout. It is their job to identify the best-emerging technologies that can be applied to your business, which can improve the customer experience, streamline internal processes, and increase business profitability. If you do not have a big budget to hire a technology scout, identify if an employee who has a technical background and can make recommendations for the business.

Alter Your Perception of Demographics

If you want to connect with modern consumers, you must change your tactics when targeting audiences. Changing lifestyles have ultimately led to a blurring of demographics. So, rather than targeting people by their age, gender, location, or salary, you must tap into their values, aspirations, and lifestyles. You can find more about how to target new demographics with Sage’s advice in here.

Conduct Annual Scenario Planning

Prevention is always better than cure, which is why you should conduct annual scenario planning. Asking “what if?” for a range of realistic problems in the future can prevent them from becoming a reality, or could help the business to quickly bounce back from a disaster. There are multiple scenarios your business should consider that involve financial issues, PR disasters, data breaches, global economic environment, political problems, product availability, and industry changes.

See:

Review the Past

If you want your business to enjoy a profitable future, you must review your company’s past to identify productivity problems, internal mistakes, or poor marketing campaigns. You could also learn from a successful campaign or can utilize past data to strengthen your company.

Dare to be Different from Your Rivals

If you want to capture your audience’s attention and set your business apart from your rivals, you must be prepared to take risks. This means embarking on a new idea or process, which could improve brand awareness, profitability, and growth. Not every risk will pay off, but you simply need to learn from the mistake and try again.

Read As Much as Possible

If you want to develop a forward-thinking mindset, you must read as much as possible, so there is always substance behind your thoughts and ideas. Read industry books and articles will help you to easily spot emerging trends, and you can learn from others’ mistakes to ensure your company’s success. The more knowledgeable you are about your industry, the easier it will be to pitch a new process, technology, or vision to board members, management, and shareholders.

Share Your Vision with Your Team

It’s imperative that every member of the team is working towards the same goals, so the business can quickly and easily reach its vision. Encourage your staff to offer their ideas and opinions to create a more creative, visionary business, which will make your team feel excited to be apart of the company’s future.

You may also like:

 


The National Crowdfunding & Fintech Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with cryptocurrency, blockchain, crowdfunding, alternative finance, fintech, P2P, ICO, and online investing stakeholders globally. NCFA Canada provides education, research, industry stewardship, services, and networking opportunities to thousands of members and subscribers and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding and fintech industry.  Join Canada's Fintech & Funding Community today FREE!  Or become a contributing member and get perks. For more information, please visit:  ncfacanada.org

Share