What’s changing in your industry?
You can’t change the direction of the wind, but you can adjust your sails.
It’s an important attitude to remember when the pace of change can make any industry or trade feel uncertain. Disruption is everywhere.
Even bricks and mortar is undergoing a revolution, with Perth company Fastbrick Robotics aiming to have a $2 million commercial bricklaying robot, named Hadrian X, in production by 2019.
While your industry may not be in the throes of revolutionary change, the market will move, driven primarily by technological changes.
Keeping a close eye on your metrics and your competitors will alert you if you are falling behind.
Technology can either make things easier for you, or easier for your customers.
Some, such as modern, integrated payment and stock systems, do both.
If you neglect technology that makes things easier for customers — convenient ordering, payment and delivery — you risk losing them, particularly if you lag behind your competitors. (link to financial tech stuff)
The advantage many small businesses have is they have the ability to adopt change quickly.
If there is disruptive change afoot in your industry, look at how you can incorporate any new technology.
For example, in 2015, in response to the growing popularity of Uber, Swan Taxis introduced a smartphone app with six features aimed at making booking a cab a “more pleasant and fuss-free experience”
Swan recognised price was not the only motivating factor for Uber users. The convenience of booking online and track their taxi via GPS was a big draw.
Businesses that boost convenience for customers can often charge a higher premium.
Using new technology also sends a powerful message to customers that your company is dynamic and forward looking.
And, if nothing else, technology saves you valuable time — outdated computer systems are a drain on productivity.