As you know, we live in an environment where it “blinks” and you missed it. Still, there is always an urgent need to stay on top of what’s going on so you can stay ahead in business. I own multiple businesses, and I honestly don’t think there’s a day that goes by that I’m not thinking about how to make things better and improve our competitive advantage in our industries.
A couple of days ago I read an article about a luxury yacht company that had been in business for generations, and even though they had customer orders available, in the tens of millions of dollars, they fired everyone and shook their doors. They were losing money and not paying attention to the changing winds.
The reality is that I can sit here today and write what you want to look for in business trends and then a year from now write the same type of article with different ideas to watch as business and society evolve. Still, there are some areas that I think will remain constant and that you should pay attention to in your company.
Always pay special attention to millennials
For decades and decades, the “spoiled” of generations were the Baby Boomers due to their sheer size and purchasing power. As Boomers are now seniors, the same can be said for Millennials. They will be, and already are, a force in the coming years and are the first generation of pure digital natives. Your products and services must be marketed to them and how they think. By 2020, Millennials will have an estimated purchasing power of $1.4 trillion.
Get comfortable with AI, IoT and ML
What used to be buzzwords like AI, IoT, and ML are no longer. They are not the future; they are the present. Most of you know about AI (Artificial Intelligence), IoT (Internet of Things), but maybe you haven’t heard of ML (Machine Learning). Machine learning is when computers do things without being programmed to do so because they are learning it themselves. Through machine learning, we are given autonomous vehicles, great web search tools, handy speech recognition programs, and many other platforms. As technology evolves, all of these elements will play a larger role in life and business.
remote workforce
I prefer my team to be on-site, but for some features and aspects of our work, these elements are outsourced. Currently, 40% more American workers do some work remotely, without having to be present at their workplace all the time. This trend creates demand to properly train remote employees via video conferencing platforms, especially for programming and social media positions. All that is required is a computer and the Internet.
pass the mess
The way you brand your business is essential. People are drowning in data and information, and you have to be able to get to the point immediately. Branding, encompassing name, logo, etc., creates instant identification. With a great brand, you are perceived as authoritative, successful, and trustworthy because you pay attention to detail. It also makes prospecting easier. Customers find you. You can hire better talent. Candidates look to you instead of applying to an unknown company. Due to the brand, it is easier to create more companies with the same name.
There is opportunity in the purchase of businesses
There are more businesses for sale due to Baby Boomers retiring and Millennials will buy them and then reinvent the companies they buy. Keep an eye on your competition because there is always an opportunity when looking to buy an existing competitor. For example, you can buy your entire customer base, or maybe they’ve excelled at e-commerce, and you can incorporate that into your portfolio. I successfully bought out some of my competitors, and it only helped my business grow.