by Jerry Mooney
The world around us changes at such an alarming pace, and a lot of that is due to advancements in technology. While this makes for an exciting time to live in, it can be a nightmare for business owners since you can be made completely obsolete in a surprisingly short space of time. Take companies like Blockbuster, or internet cafes for example. What were once thriving business making millions of dollars became completely irrelevant and obsolete when technology moved forward. It’s important to do what you can to prevent this from happening to you. Here’s how you can go about it.
Keep an eye on the market
When you’re running a business, a lot of time will be spent focusing on what you do. But it’s important to regularly take a look out into the wider world too. Listen to the news and read the papers, are there changes in consumer trends or advancements in technology which could eventually affect your business? Being aware of these early could be the difference between failure and success.
Keep an eye on your competitors
Another way to spot changes in the market is to look at what your competitors are doing. Subtle changes and shifts could indicate they spotted something that requires them to adapt. Another reason to keep an eye on your competitors is because they could be making changes that directly renders your company obsolete. This could be better products or services at lower prices, or new technology which renders yours useless. Be aware of what they’re doing.
Keep on learning
Just because you’re running a successful business in the here and now doesn’t mean that you know everything there is to know. Smart entrepreneurs know that they need to keep learning to ensure their continued success. You could browse a list of best SEO books and do some reading to learn more, or start an online course in business management, marketing, blogging or other subject linked to what you do. You could watch online seminars conducted by business professionals, or speak to to other company owners for advice. Either way, continuing learning can help you ensure the future of your venture.
Know how to adapt
Once you’ve spotted some telltale signs that change is ahead and will affect your business, you need to know how to adapt. Let’s go back to the internet cafe example. If you were running a company like this in the late nineties or early 2000’s when they were most popular, you’d need to come up with ways to stay relevant. More and more people were getting internet and computers in their homes and so no longer needed this service, but rebranding as a study spot or a place for those on a low income to search for jobs would have allowed you to continue. You could have transformed into an online gaming cafe, allowing a group of people to play the same online game while being in the same room.
Have you considered what you’d do if your business was at risk of becoming obsolete?
