New businesses are started every day, but for various reasons not all of them make it. One of the main reasons why we see businesses fail is the fact that they cannot keep up with the advancement of technology. Technology is moving at the speed of light and is influencing pretty much every industry you can think of. We have new smartphones with greater capabilities being released every few months, televisions that connect to Wi-Fi, cars and trucks that connect to GPS and Wi-Fi on the road and even some that drive on their own. These are all examples of technology taking over. Businesses need to grow with technology to be successful.
Don’t Get Left Behind
As you see new technology arrive, you have to wonder how companies around the world are going to adapt to it. Something that arrives on the market might not impact every single company in the world, but it will impact some. In the year 2000, it was not ideal to have a smartphone. Even at work, having a mobile phone so that you could be reached at any time was something that only those at the top of the pay scale found necessary. Today, everyone has a smartphone and some companies offer them to staff as part of the job in order to keep in touch with employees at all times. Companies that have not moved ahead with technology like this are being left behind by companies that are finding out they can be more productive if their employees have smartphones on them at all times. Even when smartphones are not ideal, the Jitterbug Phone comes in handy for company wide communications.
Businesses Need to Grow
The business world is a fierce one today. If your business is not growing, the odds are very good that it will be dying. Or, at least it will become quite attractive to a larger company to purchase. That does not always have to be a bad thing, but if you start a business, the odds are slim that you want to sell just because a larger competitor is buying. Besides, are you sure that you have something that another company is going to want?
Plan for the Future
If you are thinking about starting a business, are you just planning for the next 12 months or are you going to plan for the future? Planning for the near future is important, but if you cannot foresee how the industry is going to be years down the road, you might find yourself in a world of hurt. As companies start up, competition gets tight and being able to see down the road is important to the growth of your business. Take some time and give yourself a 10 year plan to ensure that you are able to cater to the changes in the industry and anything that could pose a risk.
Business can grow very quickly, sometimes too quickly, but being able to see how growth is going to impact your business will determine if yours makes it or not. Take the time to plan and speak to a professional if you have to, but do not get left in the dust by your competition.
Michael Sanduso lives in Toronto, Canada. He is a freelance writer and editor, tech geek, and stay at home father.