How Future Predictions Can Shape Your Business Planning

How Future Predictions Can Shape Your Business Planning

When you’re working for a business, such as a fast food chain, all you have to do is follow the process. Like a cog in a machine, your purpose and function is perpetually clear.

But running a business is different. When you’re the one calling the shots, everyone’s counting on you. Facing such pressure, It’s so easy to get pulled into a thousand different directions. Everyone seems to know what you need to do next, and every justification you hear is so convincing.

It takes many things to succeed in business, but one of the most important faculties you’ll come to rely on is your attentiveness. Are you aware of the marketplace you’re in? Are you aware of what your competitors are doing? Are you paying attention to the latest innovations and how they’re set to affect you?

Three predictions from Google Australia’s head of marketing:

In this article, Google Australia’s Head of Marketing, Aisling Finch, makes three big predictions about the future of entertainment.

She predicts that:

  • Machine learning will automate more and more of our entertainment;
  • Augmented and virtual reality will grow larger and more influential; and
  • Education will be mobile, interactive and personal.

This is a perfect example of the kind of thing the attentive business owner should be paying attention to. Google are one of the most well-resourced tech companies on Earth, and it’d be plain irresponsible to ignore their predictions.

Be aware, but don’t overcommit

But while paying attention and being aware is absolutely critical, it’s equally critical to stay logical. Excitement and passion are essential for business success, but they don’t have to be accompanied by overcommitment or impatience.

Even Google gets it wrong sometimes: Google Glass was kind of a failure. Sony will forever bear the scars left behind by Betamax and MiniDisc, and Sega haven’t made another console since the Dreamcast.

The truth is, nobody gets it right 100% of the time.

How to prepare for predictions – whether they come true or not

Like most things in the creative realm, running a business is a balancing act. Ignore predictions completely, and you’ll be caught with your pants down when they come true. Put all your eggs in one basket by overcommitting to a prediction, and your business might fall apart if things don’t unfold as expected.

Here are three basic principles to follow when it comes to adjusting to predictions:

1. Clearly define your goals

Your goals should be well thought out, attainable and respected. When setting goals, remember this acronym: SMART. It stands for specific, measurable, attainable, realistic and time-bound.

2. Measure, track and analyse

You should know the monetary value of every single move you make. In fact, your tracking should be so robust that even if a course of action has both a negative and a positive effect, you should be able to tell whether it’s a net gain or a net loss.

3. Correct course constantly

Don’t stay on a particular course for too long without asking yourself tough questions. Have all of your assumptions so far been correct? Is everything unfolding as predicted? Is it time for a pivot, great or small?

As long as you’re aware, prepared and focused, you’ll be just fine. Just remember: You can be attentive and passionate without being overcommitted or impatient. Stick to these principles, and nothing will stop you!

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