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Future Proof Your Business: How Ready Are You for 2030?

Is your business ready to face this year's challenges? How about 2030? Even a successful business needs a solid future-proofing plan. Future-proofing your organization is about fully understanding where your business stands, how it operates and how it grows.

With all the disruptions that have occurred over the past couple of years, businesses are becoming more conscious about addressing their financial needs and processes for a smoother sail through 2023 and beyond.

Truly understand your business

When it comes to future-proofing a business, many executives focus on the customer experience and overcoming their customers’ pain points. But while this is certainly critical, it’s not enough to track customer behavior. Some of the most important future-proofing happens outside of your CRM system.

Top organizations have a true understanding of their business, including their purpose, values, business objectives, company culture and financial outlook. Agility within an organization is driven by millions of individual decisions. This true north helps align their team and decision-making in a clear, strategic way.

Moreover, future-proof businesses understand that purpose attracts and motivates people to join their organization, stick around and thrive.

It sounds easier than it is. The effort is worth it.

Learn more about aligning your team to your mission

Lay down clear financial goals

Define your goals for the next five years, including short-term goals for different quarters of the upcoming year. While all organizations have a strategy for creating value, few define how they will achieve it.

Future-ready companies, by contrast, drill down on business goals divided among tangible organizational elements such as business departments, services, product lines and regions. Armed with such a road map, leaders can articulate where value is created in the organization, what sets the company apart from the pack and even what might propel its success in the future.

This road map will also help you to understand:

  • Key capabilities for each team or service
  • Which goals are within your power to accomplish, and which ones may need outside support
  • The required changes to accomplish these goals

Outsource core services

No business excels in every area. And it doesn’t make sense to invest critical time and resources in attempting to do so. This is a losing prospect, and an unnecessary one.

Future-ready companies excel at outsourcing services, projects and contracts to specialists so that they can focus on value-add projects in-house. Business processes that may qualify for outsourcing are usually either expertise-specific or highly repetitive.

CFO services, operations, accounting and business advisory are some common financial processes that are better left to experts. Other commonly outsourced services include marketing, human resources, public relations, printing and design work, among others.

Learn more about outsourcing financial services

Before you outsource services, you have to consider the provider’s experience level, whether they've served businesses in your niche, whether they believe in your business, and whether they meet your budget.

Automate error-prone processes

Digital technology exists to make things easier. If you can use it to rid your financial processes of errors and save your staff from being stuck with repetitive tasks, it's an advantage for your business.

Some processes you can automate include:

  • Accounts payable and receivable. This involves billing and payment processing.
  • Managing expenses –including handling reimbursements and reconciling credit card information.
  • Planning and budgeting. This mainly involves analyzing and interpreting business data.
  • Cash flow management. Automating this process is all about maintaining clean and audit-ready finances.

New technologies—including artificial intelligence—are making automation easier and more accessible every day. Make the most of these robust solutions.

Develop methods to mitigate financial risk

According toForbes, today’s businesses have a continuous need for intelligence and risk actions.

With that in mind, financial risk management shouldn’t be an annual or quarterly duty but a regular occurrence.

Whenever you’re budgeting, forecasting, conducting audits, or handling insurance payments, you have an excellent opportunity to assess your risk reduction methods. You can also check on other business operations at the same time.

Big data and automation are fueling noteworthy advances in risk management. They enable organizations to monitor risks at scale efficiently and without spending too much money.

Use data analysis to make better decisions

Finance teams seldom receive timely information from staff when relying on the textbook approach of requesting report submissions. Time is also lost to the back and forth that occurs between finance employees and other staff whenever inconsistencies occur. This takes away time that can be used to analyze data more closely for better decisions.

Data analytics not only provides sound data but provides it in real time, helping the entire organization to make better decisions, anticipate future needs, and stay ahead of the curve.

For SMBs struggling to scale, and who are ready to solve long-standing issues holding them back from transformative growth, Focused Energy is a multi-disciplinary fractional extension of your team that offers trustworthy insights with actionable directives. We have built a framework of unparalleled financial and operational acumen that addresses root cause issues so founders can stop guessing at the numbers and putting out endless fires.

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