After the industrial revolution, the business world stayed consistent for just over a century. However, with the dawn of the internet it is safe to say that will never happen again! The accelerating rate of technological development in the last 40 years has changed society – and it has also had a rippling effect in the business world, creating new business challenges for owners.
We’ve outlined what we see as the 4 biggest challenges for the modern business owner and provided insights on how to overcome them.
1. Change the way you think
Business school has taught us to think in logical and methodical terms. But what happens when there simply isn’t enough time for that? The same logic no longer applies when there are 50 possible technological solutions to your problem; it is necessary to fall back on rules of thumb and personal experience.
Pro Tip: Consult your IT provider for the options and look for technological solutions to solve your business challenge. For example, if a manager spends 20 hours per month consolidating timesheets, look for a better option: an IT expert might suggest using Microsoft Flow for automation which will save that time ‘just like that’.
2. Advantage is shifting
There is no longer security in size and scale, which doesn’t protect from market forces. Technology access is democratized, with startups able to access the same functionality as their billion-dollar competitors: cloud computing, outsourced manufacturing and even access to capital through crowd funding has changed the game.
Pro Tip: Keep an eye on the startups and smaller companies in your industry. By keeping tabs on their activity, you’re able to combine proactivity with reactivity for an agile approach to market changes.
3. Business models are fluid
Gone are the days where the same business model lasts for decades. Nowadays, expect change and upheaval as ‘digital’ takes hold and creates new opportunities to add value and delight customers. Just as society adapts to shifting technologies, so too must businesses.
Technological development cycles are compressing and old strategies struggle to keep up with the mounting changes. This makes strategy more important than ever – and in a constantly evolving world, strategy must shift just as quickly.
Pro Tip: Business owners are shifting strategies to account for the changing conditions by experimenting more and spending less time on long term planning.
To recap on the topic head to our blog post “Ceremony may be killing your business” .
4. Focus your efforts
With business and technology merging, the pressure to be an expert in multiple areas is mounting. However, there are only so many hours in a day, and the time it takes to keep up with everything is not in your favour. Focus on what you know and what you are good at; outsource the rest to specialists.
Pro Tip: Invest in finding a trusted Managed Service Provider which fits with your business. With a specialist providing IT support and keeping your businesses up to date with the latest technologies, it is often easier, cheaper, more reliable and secure than relying on in-house resources.
Technology is changing the way business works. Maintaining the competitive advantage depends on the ability to react and innovate. Don’t let technology eat you – find the right partner to equip your company for better digital performance today and into the future.