How do I prepare my business for the future?

OBSTACLES come in all shapes and sizes for businesses. But how can organisations be prepared for the future?

Participants in the Barclays Eagle Lab and Digital Greenhouse’s accelerator programme have recently learned how to prepare for any circumstance. They have all learned the ‘what if’ process.

The ‘what if’ challenge gives businesses the time and creativity to imagine realistic scenarios and discover potential solutions. The idea is to spend time brainstorming potential issues the business might face; this could be a new competitor entering the market, a price increase for raw materials or complaints about a product.

Once you have your list the next step is to try and solve these issues with ‘what if’ questions. These can be as realistic or as far-fetched as possible. For example; when trying to plan for a new competitor entering the market, a solution could be to consider ‘what if we offered a loyalty bonus to existing customers?’

Answer your questions, ‘what if’ you implemented your solution? What would happen? What resources would you need? By following the ‘what if’ process businesses can uncover innovative and creative solutions, plus the practical means to implement them, so they are prepared for any eventuality.

You might think you are too busy with day-to-day activity to look to the future. But spending an hour a month dreaming up possible solutions can prevent future problems.

• Find more information about Barclays’ accelerator programme here: https://digitalgreenhouse.gg/programs-impact/entrepreneurship/?pg=0