You need to get future fit
BIG PICTURE: TACKLE GLOBAL PROBLEMS Ask yourself, will today’s decisions ensure your business’ longevity?
Moneyweb
If you are asked about the decisions you are making in your business today that you think would enable it to be around a decade from now, would your answer be yes? Decision-making in a business is a very important element, not just for daily operations, but to ensure that it is future- fit.
Dr Rethabile Melamu, general manager of the Green Economy at the Innovation Hub, even goes as far as describing a business that is future fit as one that acknowledges and embraces the fact that today’s business models may not be suitable for tomorrow.
“A future-fit foundation provides a more succinct definition of what a future business is,” Melamu said. “It’s defined as a business’ ability to create value which delivers social, environmental and financial success, especially as it pertains to issues around sustainable development built into the shared vision by all countries that are signatories to the United Nations.”
She says with the increasing uncertainty globally, there is a high demand for businesses and business owners who present some form of forward thinking.
“One thing that the Covid-19 pandemic has shown us – not just in South Africa, but globally – is that things can indeed change in the blink of an eye, and change necessitates us to innovate,” Melamu said.
She said businesses that were not traditionally innovative have been able to adopt some innovative ways of selling a product online or even meeting.
“One of the important things businesses can do is to fully embrace innovative technologies in their day-to-day operations.
“I don’t think small businesses need as much real estate anymore since we have seen people can work remotely and therefore save on overheads.
“And they can run some of their operational processes, such as accounting, procurement and HR online and therefore cut their overheads.”
To become future-fit businesses, for example, one could embrace technologies around efficiencies (such as) water efficiency. Taps with sensors don’t run, therefore saving the company’s overheads.
“They [should] also play a secondary role in being environmentally restorative … An example would be around saving energy by increasingly using renewable energy in their operations.”
Melamu highlighted that it is important to develop businesses that explore and tackle the pressing global challenges.
“The sustainable development goals I keep referring to – I saw 17 of those development goals. Research says there is $12 trillion [R203 trillion] worth of value, market opportunity, in addressing those global challenges.”
She emphasised that a future-fit business is one that addresses social and environmental challenges.
“There is an opportunity for small enterprises to exploit opportunities within that space.
“So that would be the second advice or recommendation for our small companies,” Melamu said.
It is vital for the leaders of the businesses to be future fit.
“So, it’s not just about a future-fit business or future-fit leaders.
“We need leaders who can ask themselves questions like, ‘How did we get here?’ and ‘How will we get to the next page?’ – and be comfortable about asking themselves uncomfortable questions,” Melamu said.
The National Development Plan outlines some of the opportunities it would be advisable for entrepreneurs to familiarise themselves with, as well as the country’s Strategy Vision 2063.
That talks about the Africa the plan wants to see and also maps out some of the opportunities that require innovation, and would require enterprises that are future fit to exploit these opportunities.