Why You Should Be Future-Proofing Your Business
I have a challenge for those of you who have a business that's doing well or that's starting to see success.
What are you doing today to future-proof your business?
Whenever we stumble upon something that really works for us and gives us results in our business, it is so tempting to throw everything else away and put all of our time, money, and effort into milking that little moneymaker for all its worth.
I'm not saying you shouldn't do that. But I don't think you should ignore everything else just because you found something that works.
Because here's the thing: your business will shift at some point. You probably won't have much, if any, advance warning when it does. So if you go all in on something and your business suddenly shifts away from the basket where you put all your eggs, you're going to be in for a world of hurt. It'll be like starting over.
I often see this kind of narrow thinking when someone has a good referral business where you get tons of new clients through referrals of your existing customers. That's fabulous. But that doesn't mean you don't need a website or a social media strategy or email list. Far from it. When you're getting tons of referral business, what that means is you now have money to spend in other sectors of your business.
Think about it. If you have a customer and they refer you another customer, how much did you pay to acquire that new customer? You didn't run ads on Facebook to get them. You didn't drop a mailer in their mailbox. You didn't pay anything extra to get this customer so now you have a fantastic Cost Per Acquisition. Sweet!
Just don't rest on your laurels. Always have one ear to the ground and be listening to the changes in and around your industry. Have a mentor or coach. Follow thought leaders in your sector. Keep up with the latest trends on social media. Experiment with your marketing. Make sure you're constantly future-proofing your business so when the inevitable shift happens, you'll be able to easily pivot and follow the money.