What’s stopping you from future-proofing your business?
- Fear of the Unknown
Due to largely being an agriculture business, the wine industry is known for being traditional and slow to adapt especially when it comes to emerging technologies. New innovations are often considered too complicated, unstable and intrusive. But if there’s anything we learned in the past year, it’s that going digital is no longer an option– it’s the only way forward.
- Becoming Too Comfortable
Why fix it when it’s not broken? This old adage, unfortunately, is a hindrance to most wine businesses’ growth. For instance, when China decided to hit a hefty tariff on Australian goods, several wineries that relied heavily on international trade found themselves scrambling to find new avenues to move their stock. The reality is, what works now may not eventually work in the future and that’s what businesses need to prepare for.
- Lack of Resources
The biggest roadblock is the misconception that planning for the future is expensive and time-consuming. A certain level of investment is indeed necessary but being vulnerable and irrelevant can even be more costly for a business. Revisiting and optimising business strategies often free up time, allowing you to redirect resources where it’s needed.