We’re reading daily now about the
improving state of the UK economy - although there’s a studious avoidance of
the term ‘green shoots’! Improving business prospects may lessen the pain that
many businesses have been enduring since the recession hit. But, the trading
environment today is significantly different from that of a few years ago and disturbingly
there’s no guarantee that what worked for your business in the past will work
going forward.
So, the question you now need to
ask yourself is how well positioned is my business to cope with the world as it
is now? And, more specifically, how am I responding to the challenges and
opportunities that are now out there?
Here’s one passage of play that you
may have been tempted to ignore - the impact of Digital Technology. Digital, by the way is just a way of encoding
and transmitting information - it’s faster, cheaper and more immediate - I describe this as playing with live
ammunition!
Given the understandable focus on
keeping you head above water, you may have missed some of these trends. Here
are five key ways in which digital is probably already impacting your business:
1. Your customers are taking control
These days customers are more
likely to have spent time searching online, comparison shopping and talking with
friends before they come to you - if indeed they do! With today’s mobile
devices, this can be done real time and on the move. For example, how did you
go about buying your last television, washing machine, car or holiday or stay
in touch with the football transfer market? In all probability the last person
you spoke to was the business you actually bought the product or service from.
Historically it would have been the first!
Do you really understand how your customers
buy from you today?
2. Conventional businesses are failing
Just look at the way in which
internet shopping is mushrooming and the impact on well-established businesses in
sectors such as music, books and travel. Many businesses that relied on
distributors or middlemen are now able to sell direct to customers. Have you
worked out whether this is an opportunity or a threat for you?
Is this a real risk for your business?
3. Social media is here to stay
You just can’t afford to like it or
hate it - it’s not a Marmite test. Business is now much more social. This
involves customers as we’ve mentioned previously, but you also need to be
tapping into your employees' growing comfort with social networks - there are
potentially significant productivity and knowledge gains for your business
here.
Do you systematically capture what your
staff know about your business?
4. The marketplace is now global
Remember too, that the marketplace
is now pretty much global - for many the costs of entry are much, much lower. Your
competitors - the ones you can see and the ones you can’t see because they’re
over the horizon - will probably already be factoring in the benefits of
technology already. So, being average is not good enough to survive in this
increasingly competitive environment.
How robust is your competitive
advantage? Are you creating the right memorable experiences for customers? Are
your staff sufficiently engaged and motivated to build your business too?
So who are your competitors and what are they
doing?
5. New Game New Rules
This isn’t just about technology -
it’s about moving from the old way of thinking and working which we describe as
‘closed, selective and controlling’ to developing a new mindset - the Digital Mindset which is for us ‘open,
random and supportive. These are not simple extremes of course, for most
businesses some areas such as data protection and risk management remain hugely
important.
Have you got a Digital Mindset?
In summary, new ways of looking at
your business and new ways of thinking are likely to be the recipes for success
as is a well-developed understanding of how technology can help you. The good
news is that it’s not too late to get on-board and embrace digital and build a
business for 2020 - or whatever your time horizon is.
|
So,
if you’re serious about unlocking the full potential of your business - and learning to play with live
ammunition - then let’s have that conversation now
Chris Farrance
e:
chrisfarrance@frontiercoaching.com
t:
07770 465560
www.frontiercoaching.com
|
