The benefit of predicting where your industry will be in 5 years

If the pandemic taught us anything as business leaders, it’s this: industries can change in an instant. Think about how companies found ways to be flexible during the most unprecedented times. Fast food restaurants shifted to digital models. Uber stepped up its game to allow for success with food delivery. Companies like Zoom came out of nowhere and now homes are being designed with entire “Zoom rooms” because that space is in high demand.

Fast forward a couple of long years and it’s even more evident today that entire industries can be born, completely overhauled, or obsolete in as little as five years’ time. With that said, is it possible to predict where your industry may be in five years from now?

The answer is yes. At least to some extent. And the following can help you understand where you need to go in the future with the tools you have today.

I’ve written a bit on how to keep up with your industry trends. Following competitors, attending conferences, listening to social media, and following your industry’s associations can be a great indication for how you can use trends to better serve your customers.

Often, understanding what your customers want can help you sink or swim in your businesses. With that information, you may want to develop new products, improve the customer journey, or connect with your customers. These kinds of insights can help ensure your success well into the future, especially if you take the time to fully understand how customers’ needs influence the market.

Digital trends are already starting to influence our businesses across the board, so expect that to be the wave of the future. The more you understand those technologies, the better you can be prepared for what they mean for your business. Whether you’re utilizing an artificial intelligence component within your customer relationship management system or using Internet of Things devices to enhance productivity, you need to know where the world is headed so you can keep up in business.

Be sure to follow major technology reports and thought leaders, listen to podcasts, and read reports that will give you insights into what to expect and offer you knowledge on how you may be able to adapt them for your business. Because technology is the future, the more you know about how it relates to your business, the better off you’ll be down the road.

Sustainability isn’t going anywhere in business. In fact, as more countries and states enact efforts to reduce waste factors, sustainability is going to grow, not just in popularity, but in necessity. In fact, Forbes reports a massive 90 percent of business leaders believe sustainability is important; yet only 60 percent of these companies have implemented it as a strategy.

In other words, as you think ahead about what your business may look like in another 5 years, you need to make a sustainability strategy a top priority. You can do this by defining the goals you have in mind, implementing the strategy slowly, focusing on your supply chain, and encouraging your employees to participate in its execution. Once it’s in place, your customers will be grateful for it.

While right now, it may seem grim when trying to hire thanks to that phrase, “The Great Resignation,” that reality won’t last forever. As you look toward the next 5 years, it may be time to get back to the basics to attract talent to your door.

What do employees want? They want transparency and a place where they know their careers will grow. They also want to know what it is their company stands for, so they feel like they’re doing work they really care about. Giving your employees a place to move up means those who are already there may be your leaders in the next few years. Be sure to give them an opportunity to flourish and be sure to provide them every chance to prove themselves early in their career.

While the future can be unpredictable, when you put a few specific measures in place and focus on getting ahead in your business, it’s possible to prepare for anything that’s thrown your way. Be sure to focus on your people and the tools at your disposal to embrace the disruption that could challenge your business’ future.

Jim Allen is a business leader and entrepreneur who has built one of the top-producing real estate groups in the Triangle. He is President of The Jim Allen Group, which is consistently named one of the top real estate teams in North Carolina and even North America.