Your Business is Under Threat

Your Business may be under Threat 

We have moved from the era of Rotary phones to Smart phones in just about thirty years.

Computers have changed from a room size to a 10" screen with few million times more capacity and storage in less than 4 decades.

Automobiles have changed from geared to automatic to battery operated.

There are changes in consumer behavior, either due to changed life styles or due to influence of technology.

The question is how many businesses are able to see the changes happening in their respective industries and adopt to that.

Our lives in future are going to be driven by technologies like:

1. AI
2. Big Data
3. IOT
4. AR/VR
5. Robotics
6. 3D Printing
7. ML/ DL
8. GEOINT
9. Gesture based computing/interface
10. Block Chain
11. OTT/ ODC
12. Hydroponics/Aeroponics
13. High rise farms/ CE Agriculture
14. Lab grown Meats
15. Self driving vehicles/Flying cars
and not to miss
16. Robotics.
The list can continue..........

It is possible that those who are not in technology business might not have heard about most of the above.

Just because we are not aware, does not protect us from the future impact of these.

These technologies can bulldoze many businesses (which took long years to build) in a very short span.

There is no element of surprise here. Just that people are not ready to accept the fact that change is happening faster than they could imagine.

There are two challenges the businesses are facing today. 
1. The changing demands of the consumers
2. Fast evolving Technologies

No wonder many businesses have  a steady dip in sales, service and other revenue, due to either of the factors.

There are a few who have seen the change happening.
They have prepared themselves to meet the newer demands by bringing changes.
They have done this already or are preparing to do, even when their business is doing well, with their existing products or services.

They also know that they can afford it now, since they can take some time till the changes are going to grossly affect their existing business.

Those business owner who do not have this awareness, push themselves and their team harder at what they are doing right now.

That is because they neither discuss with those who did change nor take advice of experts.

There are a few others who see the change, but postpone, because
1. There is resistance from partners, employees, stake holders
2. They think it will take a long time and they can do it later.

For those who want to or preparing  to change, the following preparations and actions will be very crucial during the transition time.

1. Hold on to the existing products/services till they are profitable
2. Understand the risks involved, and work to mitigate the same.
3. Keep a watch on the fund diversion. The same should not negatively impact  the current operations.
4. Meet customers, prospects, peers and experts to get as much information as possible.
5. Cut corners where ever needed, and ensure that wasteful expenditures are not done. Carry the money a mile.
6. Ensure that you are working with the right people and right technology.
7. Invest in new technology in phases if the same is not possible in one shot.

It is also time to plan ahead.
It is important to spend a minimum 30% of the business time
1. to scout around for new opportunities,
2. generation of funds for the proposed change,
3. Creating awareness to existing customers and talking to prospects, etc.

Good luck and Cheers !!!

Muralidharan Margabandhu 

Whatsapp : 9841049588