Five Ways You Can Start Future-Proofing Your Business Today

Is an economic “hurricane” headed our way? It might be a bit too early to tell for certain but it’s never too early to future-proof your business.  

Analysts, economists, and investors around the world are predicting a market downturn in the not-too-distant future that could very much impact consumer behavior, labor markets, supply chains, and more. I’ve spent most of my career supporting businesses of all sizes, but more specifically small and midsize businesses (SMBs). Right now my focus is all about helping these businesses thrive through difficult times and whether the anticipated downturn becomes a recession, an economic hurricane, or financial headwinds, there are actions businesses big, medium, and small can be taking today to not only navigate through a volatile market but thrive through uncertain times. 

 These five actions will help our customers and communities (most specifically SMBs) feel prepared and stay efficient through whatever headwinds may be headed our way. 

1. Stay connected to your customers. Consumers are anxious about the economic forecast as many remember and powered through the significant side effects of 2008’s Great Recession. Transparent and timely communication will help build their trust and position you as a valuable partner through turbulent times. Whether it’s ensuring a customer or patient on hold is being reassured that their call matters or hosting regular webinars to provide updates to the community you serve, develop a regular cadence of communication and touch points with those you work closest with.  
2. Keep employees top-of-mind. Should we be headed into a recession, employees will be more likely to feel financial stress, thus making them more likely to look for other opportunities. Living through the great resignation, we know how difficult it is to retain talent and how expensive it is to hire new talent in this market. Companies that are seeing the most success are putting their employees’ satisfaction high on the list of focus areas. Take GoTo for example, we use our own products to enable and support flexible work, and we offer a wide range of employee-centric benefits like Self-Care Days and home-office reimbursements to position ourselves as a true destination employer. 
3. Consider making your next event virtual. We all love a good in-person event or connection but let’s face it, it’s not always the safest or cheapest. In today’s flexible world, people are used to meeting virtually but what they’re not used to, is making meeting virtually better than meeting in person. Communication through uncertain times is also one of the most important aspects of navigating your organization through change. If you aren’t doing it already, start hosting regular (monthly, quarterly) webinars that are exciting and engaging for your current and future customers. Leverage features like polling and webcasting to make them more engaging. 
4. Simplify your tech stack. Go after the low-hanging, cost-saving fruit. Businesses (especially small businesses) can save a ton of money with just a little vendor management of their current tech stack. Start asking your current IT vendors, “am I getting the most value from this product or this service?”. In many cases, there are immediate and long-term savings that can be identified. For example, at GoTo, we provide a solution for business communications, but we also offer best in class IT support platform for all your remote management needs. With our combined offerings we not only save businesses money by bringing the best of two tools all in one and at a discounted price, but we also save you time by only needing to manage one digital experience platform and not a bunch of different tools. 
5.  Always be adapting. In uncertain times, flexibility is crucial. Businesses and professionals must react with urgency to the ever-changing market and customer demands. Stay close to market trends and your business performance so that you can adapt quickly. It’s never too early to future-proof your business but it can be too late. 

How is your business future-proofing for the anticipated economic “hurricane”? Are there other ways small businesses or businesses of any size can cut costs or prepare for a market downturn?