The business landscape is changing at a rapid pace, and innovation is at the center of every transformation. Businesses must move with speed and adapt quickly lest they become irrelevant. They must meet high consumer expectations and deliver high-quality services conveniently. And as much as this may sound easy to achieve, many companies still fall short.

Statistics show that agile firms grow revenue 37% faster than non-agile companies. And while it’s true that no one can predict the future, there are steps you can take to ensure your business is prepared to face future challenges with confidence. This post discusses five strategies entrepreneurs can use to ensure their startups survive now and in the future. Here’s what to do.

1. Diversify Your Revenue Streams

Business experts advise that startups focus on specific market niches or products when starting. This is the quickest way for any business to take off with less struggle. However, as the business grows, think of more ways to diversify your income streams. Anything can go wrong in business. Do not depend on a single source of income for your sustenance. Have a backup plan so that if one product or service doesn’t sell, others still generate income.  

2. Listen to Your Customers

The customer is the biggest stakeholder in any business. They are also the best source of feedback for any business looking to future-proof itself. Loan Center, a loan for title company, says it has experienced significant growth over the years by acting on customer feedback.

Invest your time and resources in understanding customers’ expectations and future behavior changes. They’re the source of first-hand information on what they feel you’re doing right or should improve to serve them better. 

There are many cost-effective ways to get customer feedback. Social media monitoring software, questionnaires, polls, and surveys are some tools you can use to gather insights about customer expectations.

3. Follow Industry Trends in Developed Countries

Developed countries always know the current happenings of specific industries. If you sell vehicles, read the blogs of leading manufacturers in Japan, U.S.A, and Germany to get the latest news in the industry. 

The trick is to single out developed countries that manufacture the products you sell and study their trends. Create a Google Alert or subscribe to newsletters from popular blogs for the latest news in your industry.  

4. Create an Atmosphere that Promotes Innovation

Coming up with an innovation that can solve a problem in your business is not easy. It's a process that involves a lot of trial and error. However, innovative companies succeed and stay ahead of their competitors now and in the future. Businesses that foster a culture of innovation instead of waiting for industry leaders to set the pace can confidently walk into the future. 

Create an environment that allows workers to test their ideas without the fear of criticism. There are many ways you can do it. Send them to tech events, workshops, and conferences in relevant industries and reward their efforts.   

5. Leverage New Technologies

Technology is at the center of all efforts towards future-proofing any business. There are a plethora of technologies used across industries to improve operations and the customer experience. Invest your time to understand which ones apply to your industry and learn how to use them. Monitor the market and determine the technology trends you may need to apply in preparation for future changes.