How to Future-Proof Your Business in China
In a world where technology has taken over almost everything – businesses, manual systems, workforce and other services, nothing is constant. Every field that depends on technology requires timely updates and a regular cycle of software changes. Amidst all this, trying to ensure that your system is future proof is often more than a challenge.
What does it mean to Future Proof Your Business?
Future proof is a term referring to the ability of a product or a technology service to continue to have the same value in distant future as in the present. In other words, it will not need to be considerably updated as technology changes with time. Within just a short span, a number of businesses have shut down because either they didn’t keep up with the fast changing environment, or most likely, an expected technology revolution replaced their present systems. In such events, do you think there is a chance of business survival? Yes, through Future proofing.
Future Proofing Business Operations in China
With the China B2B Marketplace growing at an unpredictably fast pace, business operations have almost doubled as they were five years ago. Despite this, many foreign investors after the ongoing trade war between the US and China have been reluctant to resume operations or let alone start them. The Chinese government, with this potential fundamental threat to its budding economy and businesses, have come up with the Made in China (MiC) policy as part of their new economic plan for 2025.
MiC is expected to be a turn over for local business in the China B2B platform who will not only be able to boost themselves but also receive a significant increase in their demands. As per the policy, these local businesses will now have better chances to survive the economic changes because of the trade war and foreign business threats in China.
With the current situation in hand, as a business entrepreneur, here is a list of strategies that you can follow to future proof your business in China:
1. Don’t depend on any single part of your Business
Most companies, regardless of how successful they become, depend on just one great product for generating their total revenue. Even if is very popular, you must always find ways to diversify your product line in order to increase your chances of being valuable. Especially, in a region like China where technology advancements, political and economic shifts are unpredicted, you must create a product portfolio that offers a handsome variety so you don’t depend on just one part of your business.
2. Predicting Future Demands
Obviously, you can’t tell what your customers will want in the coming years, but you can always predict the advancements in technology that will take over. Using machine learning and predictive systems to see what trends will dominate in the years to come can help you implement and work on them beforehand.
3. Listen to your Customers
If there’s anything that can help you survive the global change in China is your customers. Other than your main stakeholders, they are your key to future proofing your business. Building loyal relationships, strengthening your bond and predicting their behaviour are some of the ways that can help gain an upper hand in case if the economic and technological changes affect your business. Listen to their needs, pay more attention to their demands and track their behaviour to future proof your business.
4. Follow the trends in the West
Although the Chinese market itself is developed, but following the trends in the West and other developed nations related to your industry can help you stay ahead in the game. Follow businesses and influencers to find out what’s new so you can track and start working at your end too. This strategy will also let you manage your business risks and provide ample time to work on them as well.
From what we’re observing at most China B2B trade sites, things are changing very fast in the business world. Even if you are successful, you cannot guarantee a survival unless you are fully prepared for it.