3 Big Moves You Can Make to Future-Proof Your Business

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For many businesses, simply keeping afloat during the pandemic proved to be a monstrous challenge.
But as time marched forth and people adjusted to a new way of working and living, we had to wrap our heads around a new reality: one that required more grit and adaptability than ever. The years to come will be far more challenging than most companies have prepared for but if leaders act swiftly, they can relish a post-pandemic future.

McKinsey & Co. examined the organisational practises of 30 top companies to uncover the strategies they use to maximise their chances of future success. Here are our key takeaways:

You create value through your networks

In 2014, Tesla open-sourced its patents and encouraged other companies to use its intellectual property. It was a shocking decision at the time, but today, proved to be a brilliant example of the systems thinking that all future companies must adopt: embracing fluidity over fixture.

Tesla recognised that it couldn’t grow without partners that would offer the infrastructure required to support electric cars. So it placed itself at the centre of an expanding ecosystem of partners. Ultimately, this laid the groundwork for its phenomenal growth.

Traditional understandings of what an organisation is, where its boundaries lie, and how it controls the supply chain are being challenged daily. Value is now created through partner networks, where communities of businesses share data and skills to create value together. Future-ready companies view partners as extensions of themselves, with mutual dependence, but enough trust to let each partner focus on what it does best.

Your talent is your competitive advantage

After reeling under the pandemic stress and the blurred lines between work and home life, many workers around the globe left their jobs in search of better pay and work conditions. In July 2021, the U.S. Bureau of Labor Statistics reported that 4 million Americans quit their jobs. Over the next few months, a global phenomenon called The Great Resignation was born. Globalisation and artificial intelligence, paired with a generation of workers who demand more room for personal success, are forcing companies to rethink their talent strategy.

“Top companies will anchor the effort to a bedrock principle: our talent is our scarcest resource,” said McKinsey. “Then they’ll zero in on three core questions: What talent do we need? How can we attract it? And how can we manage talent most effectively to deliver on our value agenda?”

Gone are the days where you suffered through a 40-year job for the sake of security. Future-ready companies know that a proactive approach must be taken to nurture and retain talent. Empathy is fundamental for managers to understand what employees need.

Creating an attractive destination for your top talent means offering them ideal learning opportunities and work experiences that cater to their personal needs, not just their professional ones.

Good businesses plan for bad times

All businesses face risk. You manage the ones you expect with a solid continuation strategy. But what about the unexpected? As much as you can plan and prepare for the future, natural disasters, theft and freak accidents can place you in a difficult situation in a matter of minutes.

When insuring against potential risks, never assume a best-case scenario. Even if the same employees have worked for years without a problem, or you operate in a seemingly low-risk environment, coverage is crucial.

While potentially destructive business risks are all around us, there are ways and means to protect your organisation against them and to minimise their damage, if and when they occur. Tailored to address the specific risks a business faces, commercial insurance helps protect the business you worked so hard to build.

At Fulcrum Premium Finance, we understand businesses need to keep enough cash on hand for reinvestment even when times are tough. That’s why we help you preserve cash by breaking your annual insurance premium up into fixed monthly repayments, leaving you with more flexibility.
Our brokers offer a reliable source of informed advice backed by years of experience.
Get in touch with us – let’s find a premium financing solution that works for you.

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