Can you feel it?
I would be surprised if you didn’t. All individuals in the marketplace can sense it to some degree, from the youngest consumers to the business owners of Fortune 500 companies.
What are we talking about?
According to Harvard Business School, firms move through business life cycles twice as quickly, on average, as they did 30 years ago. Businesses are disappearing faster than ever before, dying at a rate 6 times what they were 40 years ago.
Why are businesses dying?
There is more uncertainty and change in our world than ever before happening at an absolutely breakneck speed. The constant evolution and increasing complexity of our economic environments is keeping us all off balance.
Do you feel this unbalance?
The ability to adapt is essential. However, with all the moving parts, how can we know the best course of action?
Do you feel overwhelmed with the changes?
Have you tried a million social media strategies? Paid for a marketing and branding expert to help guide you? Watched or read the news religiously to stay on top? What about the stock market? Do you constantly attend networking events to keep you in the know in your community?
Are you tired even just reading that list?
Staying up with the latest news and developments is important. I am not discounting any of the activities I just mentioned because they all play an important role. However, this is not the end of the story. If you were honest with yourself, have you truly allowed your business itself to adapt to the climate? Or have you resisted the changes?
What we see very often is that many business owners see the change around them, but get so overwhelmed that they begin to resist any change to their business that is any deeper than cosmetic.
This lack of deep adaptation and resistance to revolution is what is causing businesses to fail today.
The best, most successful businesses are the ones that are willing to shake things up and create new cultures, strategies, and environments within their companies. This is because these businesses will have the ability to thrive, even in the current uncertainty of the marketplace.
We have looked at many different successful businesses and compiled a list of 5 revolutionary business ideas that allow these companies to survive and thrive.
This article is the first in a series of 5 revolutionary business ideas.
Today we’re going to address the first business practice that most successful businesses are adopting today.
Businesses that Thrive
Embrace Technology Advancements & Trends
Let’s talk first about the technological advancements…
Technology can be absolutely daunting. Its seems as though a new technology is introduced everyday. However, there is a way to simplify all the technological advancements we encounter. First, we need to breakdown what we define as technological advancements.
Technological advancements on the horizon…
- Increased computer processing power, data storage, and chip design.
- Better scope of bandwidth.
- Higher enterprise mobility through new platforms and applications.
- Big data analytics.
- Cloud computing.
- Additive manufacturing.
- Cognitive Computing.
As we take a look at these different advancements, they seem much less daunting. In fact, these are all important tools that can make businesses function easier and more efficiently.
So why do we feel so overwhelmed?
It’s not the ADVANCEMENT of technology, but rather the DIVERSIFICATION of technology that gives us trouble.
The diversification of technology is what overwhelms us and keeps us distracted and unfocused. This is because it takes one of these advancements (what it is) and turns it into a million different platforms (how we use it).
Let’s take cloud computing. At the present time, this “what” a a great tool that allows us to share and store documents securely. However, there are many different WAYS of cloud computing. The “how” is through iCloud, Google Drive, DropBox, Carbonite, and so on.
Now I have a choice to make and a lot of questions to answer. Which one do I choose? Will one be better for my business than another? Could one possibly hurt my business? Who do I trust with my data? Who has the best reputation? What are my competitors using? Will my employees be able to use this?
This is what makes us break into a cold sweat when we hear the word “Social Media”. We know it’s a powerful tool, but which one? How much time do I have to spend? How do I get buy in? Does anyone see me? Where is my target market hanging out? Is this even actually helping me at all?
Unfortunately, this stress is what makes afraid to embrace technology at all. We throw the advancement baby out with the diversification bathwater.
Businesses MUST embrace technological advances. If they do not they risk becoming, at best, sluggish and outdated and at worst, completely obsolete.
How do we keep our heads above water?
Don’t get bogged down by diversification. Decide which advancement tool will help advance your business. Then, spend 30 minutes a day doing some research on which product may work best for you. Keep it simple! For social media, find out what your target market uses and has a level of comfort with. For business systems, find a secure, user friendly platform. Once you’ve decided, stick with it, but remember to keep up with updates. Host a day of training to pull in employees if you are implementing new software or updating existing platforms. Realize that while change is necessary, it is also resisted by most people. Choose a platform of technology that stays up-to-date with technological advancements.
In addition to the advances, technology has also created certain trends we need to be aware of.
Based on these video trends, your business would be wise to start adopting video formats into your marketing, promotions, and content creation. Remember the old adage, a picture is worth a thousand words? Well just one minute of video is worth more than 1.8 million words! In a world that is so fast paced, we need to be presenting our information in the most concise way possible. Video is the ideal way to do this.
As concerning as this statistic may be, not many of us are going to be able to change this fact. Instead of attempting to fight the current, it would be most beneficial to recognize this trend and develop products and services that will play in this environment.
The current problem is in captivating and retaining attention. One of the most innovative and revolutionary ways to do this today is through mobile apps and gaming.
Gaming is done in many different ways, from using games to train employees to using games to attract customers.
Mobile apps are also becoming vital to businesses. This is because individuals carry mobile devices to work, leaving traditional laptops and desktops at home.
In order to survive, businesses need to begin to embrace technology trends and advancements. Yes, we know technology can be daunting and time consuming. If tech is not in your wheelhouse, maybe you need to outsource your technology needs and get fresh ideas. Be open to the possibilities of new and innovative ways to use technology in all aspects of your business.
Was this article valuable? Check out the other articles in this series!