Adopt and Adapt for Your Business to Thrive
Right now the world and therefore the global economy is awash with new technologies that seem to appear every day. I recently read that Google acquires one new company every week. When I spent 5 years working at Hewlett Packard, each day the reception area had the creators of new software arriving to spin and sell their technology. If this is correct, it begs the question; what do they do with these companies?
The answer is obvious in that the Google and HP business model requires them to be at the face of any and all changes to their market. Additionally, Google is known for search but they are not happy to sit back and make this their sole place in the market. A competitor in some of the same markets to Google is Apple and they too have made their mark with one range of products, the Mac computer. However, rather than rest on their laurels, they have seen the need to expand what they do with iconic products such as the iPod, iPhone and iPad with plans to release many more new products.
Adapt to remain competitive
The constant theme in the above is change and the need to stay competitive. My challenge to you is – how are you incorporating all this change in your business so you remain ahead of your competition? Don’t think it really matters? Think again.
Technology is changing all around us and impacts the way we do business and talk to our customers. Technology is constantly evolving with all the different social media applications and ways of communicating. Social media is very much in its infancy but many businesses have found how to make it work. If you are not sure if social media is important to your business, your answer may be in looking at your competitors to see what they are doing. I agree, social media is not yet relevant to all businesses but you need to understand it and where it fits in. Cell phones, computers, Personal Digital Assistants and other mobile devices are constantly changing and introducing new ways to stay in touch with your customers. If you’re not changing, your competitors may be.
The other important piece in all this is that the cost of these products is always going down. What may seem expensive when it first rolls out can quickly reduce in price when the second and third generations of that model appear on the market. You may therefore initially dismiss a new product as too expensive or not being relevant to your business. However, you cannot make that your final decision as a new model with a lower price that one of your competitors starts to use could be the latest thing and you may miss out.
Outsource your technology
If technology is not something you are comfortable with, consider appointing one of your employees your Chief Innovation Officer or whatever title you would like to use. Obviously choose someone with a knowledge and flair for technology but your instruction to them should be to stay on top of new technology and to meet with them regularly to get an update on their perspective. Don’t initially expect them to know what you want to know. Consider making it a casual position so it becomes clearer to you what role you want that person to play.
The bottom line is that technology is not going away soon and if you want your business to survive and thrive you need to embrace and understand it.
If you would like more information about selling a business, buying a business, buying a franchise or a related service such as valuing a business, please visit my webpage Services and choose from the drop down menu the information you would like. For more immediate help, you are welcome to send an email to Andrew Rogerson or give me a call on 916 570-2674.