Why Your Business Has To Embrace Change to Survive
You’ve probably heard the saying that there are two certainties in life, death and taxes. In fact there’s also a third certainty that you can’t afford to overlook if you want your business to survive. That certainty is change and no matter how much you might try to pretend it’s not happening, there’s no avoiding the fact that business and technology are now evolving at a faster rate than ever before.
Although we’ve seen a lot of changes in the last five years, technology experts are constantly telling us we can expect more. The rate of change is increasing which means the number of changes we’ve seen up until now is more than likely to accelerate in the future.
What’s the reason for all this change?
The rapid rate of change we’re seeing now has a lot to do with the generation born after 1980, usually known as Generation Y. Generation Y makes up around 20% of the population and their average age is 25. More importantly, they are the first generation to have grown up with computers in their homes, which means their brains are wired differently to the rest of us.
Most people from this generation have an innate understanding of technology, social media and software. New technology doesn’t intimidate them, they are comfortable and can use it with ease, and many of them are now at the age where they are focusing on their careers. Generation Y are known for their love of individuality and control which is why a large number of them are choosing to work in their own businesses right from the start.
If you thought you had a lot of competition now you’re about to get a lot more and these competitors are going to be very different to your existing ones, and much more tech savvy.
As a business owner, no matter what age you are, you need to embrace the future and technology or you will get left behind and find yourself unable to compete. Now is the time to take your head out of the sand, there are plenty of examples I can think of where companies who are not changing or growing are slowly going broke. If you don’t want your business to become a statistic, staying current is essential.
A mentor of mine once told me. “You can make money or you can make excuses, but you can’t make both,” and every day I come across people who make excuses for avoiding technology and I can see them start to lose money because of it.
One of the biggest challenges I see facing business owners today, especially those who aren’t from Generation Y, is the need to step up and to embrace technology instead of being resentful or fearful of it. It’s easy to think that it’s too hard or you’re out of your depth, but you can do it, whatever age you are. You may need to work at it like any other skill in your life but it’s important that you don’t let a fear of technology or change stifle your business.
Staying ahead of change doesn’t just mean jumping on board with technology, it’s also about making sure your business is adaptable as a whole. One of my favourite quotes about change comes from former CEO of General Electric Jack Welch, “If the rate of change on the outside exceeds the rate of change on the inside, the end is near.” His advice was to get savvy, to learn and to keep learning constantly.
Luckily, technology provides easy access a whole bunch of tools to help you learn, from online courses to great websites and seminars offered by different business coaches and mentors. Spending at least 30 minutes a week keeping yourself updated and learning new skills can help you stay relevant and current so you don’t get left behind.
As well as online resources, there are a number of events and conferences available including the free New Rules of Business event run by Dale Beaumont where you can learn in person how to use these tools to run a smarter, streamlined and more successful business.
Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs.