Seven ways brand strategy can help future-proof your startup

Everyone on the planet has been affected by COVID-19. For many businesses, either closing down or dramatically altering operations has become a common reality.

But, on the flip-side, particularly in tech, we've seen new and exciting businesses come online— digitising everyday essentials, which continues to accelerate humankind towards a new, hopefully, more responsible and inclusive future.

With many pundits predicting further disruption and the word "Pandemic" now featuring in company policy the world over, an important question for any business to ask is: How can we increase the likelihood of survival in a world where almost everything is unpredictable? 

Predicting the future and preparing teams to face inevitable obstacles is a challenge unto itself. However, while business education might suggest the answer to this riddle lies in continuous improvement and performance monitoring, given the impact that many continue to feel, is good planning and careful management enough? 

To delve in deeper, we recently ran a cross-sector panel discussion, where, together with a few smart cookies, we discussed at length the issues at hand and identified several priorities to consider when thinking about future-proof your business.

1. Partnership Diversity

No matter what type of business you’re in, understanding and acknowledging broader stakeholder needs is vital. A great place to start is by developing value-based partnerships with diverse suppliers. Partnership diversity is a great way to evolve and advance your business by working with complementary, like-minded others to unlock your ability to serve emerging and untapped markets and improve service levels.

2. Embrace Change

Today's economic climate has far-reaching implications for businesses of all sizes. Rapid changes in the supply of energy, water, raw materials, labour, and technology have had far-reaching effects on almost every economic sector. However, future-focused organisations adapt to the changing climate by seeing it as an opportunity, not a threat. For this to happen, business leaders have to alter their mindset and viewpoint on operations. Even if restraints are challenging, think about the potential of every change, good or bad, that’s put before you.

3. Prepare for the Worst

For business, the most obvious impact of climate change is on operations. While we can be sure further catastrophe is coming (sorry), it's tough to predict when, where, or how it will act. However, trying not to sound all doom and gloom, you can be prepared for its impact on your organisation. So, assessing risks, vulnerabilities, and your ability to adjust to that risk under existing circumstances is not only well-advised but good business sense.

4. Brand Value Chain

Today, business and brand are intertwined with technology, and it's challenging to keep track of everything. But, separating activities from the competition, emphasising a commitment to purpose, and reducing future scrutiny, will help ensure all resources are committed to making future operations as efficient and sustainable as possible. But, of course, this requires commitment and change to reduce the negative impact on the company and your stakeholders' future.

5. Risk Management

There is an inherent risk for all businesses to lose money. However, there are many potential opportunities to activate new sources of revenue as well. To capitalise, business leaders need to know what is likely to happen and plan accordingly. For example, there may be a greater return to launching an innovation than the higher cost of maintaining and promoting a low-performing product through conventional channels.

6. Return on Investment

One of the reasons businesses fail is because they spend too much time on the front end. However, if you invest the necessary time into your business, you will generate a higher return on investment than you could from traditional marketing efforts. For example, if you offer customers special discounts for calling in, you will save money by reducing labour costs and creating a higher margin on sales. In addition, by evaluating future-proofing, you will be able to identify areas in which your business could use some cost improvement.

7. Don’t Underestimate Your Spiritual Compass

Finally, as we journey through life, we inevitably face many different obstacles along the way. However, remember there is always a solution to every problem. So, when you face a challenge, evaluate whether the answer lies in looking at your situation objectively, subjectively or both. To determine the future of your business, consider looking at it holistically -- from a rational, spiritual, physical, and emotional standpoint.