5 Ways to Future Proof Your Company

5 Ways to Future Proof Your Company
Image credit: Shutterstock

Entrepreneur's New Year’s Guide

Let the business resources in our guide inspire you and help you achieve your goals in 2021.
3 min read

You don’t need a crystal ball to see some of the biggest shifts in business.  Some of the patterns are already there for us to see. Take a look at what futurists and other business experts think will shape the future of business – and your role in it.

Think partnerships, not transactions
Profiting from transactions could become more and more difficult in the years to come. Consider how outside partnerships could help you company do things it couldn’t do otherwise and get you to scale more quickly.
Read more: How the Next Five Years Will Revolutionize Business

Change how you’re structured
The traditional command-and-control hierarchy won’t work as well as it has in years past. Research shows you’ll have smaller teams, and those staffers will need to feel engaged with their eyes on the same ball. Consider a horizontal structure that keeps more of your team connected to your goals and to each other.
Read more: 10 Qualities of the Future Every Leader Needs to Have

Think bigger
Experts explain that as the world becomes more globalized, it will be powered by micropayments by an ever expanding group of people. The businesses that will see the biggest success are the companies that can most easily solve the biggest problems impacting the largest number of people. As Peter Diamandis, chairman and CEO of the XPrize innovation says, “The best way to become a billionaire is to help a billion people.”
Read more: How the Next Five Years Will Revolutionize Business

Offer experience, not product
As shopping becomes more commoditized, it will be harder and harder to stand apart as shoppers depend even less on physical stores. It will become even more important to prioritize your customer service departments and keep your online presence easy-to-use. But it will be harder and harder for companies who don’t delight their customers to stay in the game.
Read more: How the Next Five Years Will Revolutionize Business

Help Millennials develop
Millennials will dominate future leadership roles and they’ll need to be prepared. Studies show these staffers want formal mentoring and training to show them the ropes and help them feel engaged. Consider pairing younger staffers with mentors and providing onboarding programs that help this group better understand your company and how it can better contribute in the long-term.

Read more: How to Prepare for the Future of Work

More from Entrepreneur

Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Amplify your business knowledge and reach your full entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! Plus, enjoy a FREE 1-year Entrepreneur magazine subscription.
Are you paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.

Latest on Entrepreneur