5 Female Founders Share Their Tips For Future-Proofing Your Business
From the pandemic to economic ups and downs, the past few years have taught us that nothing is certain. Companies big and small have learned that unforeseen circumstances are around every corner – so to survive for the long haul, they have to be prepared for anything.
Of course, setting your business up for an uncertain future isn’t always intuitive or easy. Especially when running an early-stage company, most founders tend to be focused on short-term results. Still, it’s worth assuming that hardships and changes are coming down the line so it’s important to keep one eye on the future.
So, what steps can you take today to prepare and protect your business tomorrow? Let’s take a look at a few strategies from female entrepreneurs who’ve taken the necessary steps to prime their companies for the long haul.
Diversify Your Revenue Streams
Thinking through a variety of ways to generate revenue can be game-changing when it comes to preparing your business for healthy longevity.
“Multiple revenue streams are great for generating extra income. They can also save you in case something goes south and you cannot offer one or two of your services or products,” says Ashley K. Stoyanov Ojeda, a business development strategist who has worked with companies such as Bonita Fierce Candles to become the first Latina-owned candle brand to be on the shelves at Nordstrom.
She recommends asking yourself: “What else could my customer be interested in that is not far from what I already offer?”
Sheela Gonsalves, Owner of Prism Brand Advisory, agrees that to scale a business it's almost a necessity to manage different types of revenue streams. “Once you have diversified your offerings, you’ll also need the right systems, processes, and data in place to manage them. Hand in hand with diversified revenue, is a business's ability to be organized and deliberate.”
If you’re ready to start diversifying your revenue streams, Gonsalves recommends mapping out where revenue sits today and asking these important questions:
What's the frequency or consistency of the revenue?
How involved are you in the process and can you hand it off to your team?
What percentage of your business is it?
Does it allow you to stay in touch with your customer's needs?
“This exercise will validate your revenue streams and help adjust strategies going forward and for the long run,” advises Gonsalves.
Adopt A Forward-Thinking Approach
Entrepreneurship often involves rolling with the punches. That said, having a solid eye on what the future may hold is still essential.
“Ask yourself, ‘How can my business fit in a future economy?’ There are always ways to modernize and future-proof our companies,” says Jessie Medina, Founder of FEMX Quarters. “For example, if you have a retail store, can you take it online? If you have a parking garage, can you leverage the user experience with technology?”
While considering the possibilities, try to remain open to the potential of pivoting your company. As Alana Podrx, Founder and CEO of Eve Wealth, puts it, “Instead of thinking about what you need, listen to what your customers need. What does ‘service’ look like for them? It can feel difficult to let go of what you have in hand. But if it isn't what’s needed, then it is a sunk cost. There could be a bigger and brighter path for you and the people you're looking to serve.”
Remain Dedicated To Your Mission
Even in the best of times, entrepreneurship is still difficult work. And in times of hardship, it can be tempting to throw in the towel.
“Starting your business out of passion will allow you to persist in a tough journey. If you are solving a problem and have a unique defensible approach, your business will last,” says Anja Skodda, Founder and CEO of HappyBond. “Research your market and target audience and create a sticky product that is in continuous need. If there is demand, there is competition – you just need to find a better solution that is defendable.”
Future-proofing a business involves an intricate balance of strategic planning while remaining flexible in the moment. With a few intentional strategies in your toolkit, you will have the ability to set yourself and your company up for long-term success, even in the most challenging of times.
