We live in an environment that is “blink,” so you may have missed it. It’s essential to stay on top of everything that is happening in order to be able to compete in the business world. Since I have several businesses, I am constantly thinking about ways to improve the competitive edge in my industries and make them better.
I was reading an article about a luxury yacht business that had been around for generations. They had clients’ orders in the millions, but they fired everyone and closed their doors. They were losing money and ignored the changing winds.
It is possible to write today what you are looking for in business trends, and then write the same article a year later with different ideas. This is how I see it: business and society change. There are still areas I believe will be constant that you need to pay attention to in the company.
Pay More Attention to Millennials
The Baby Boomers were the “darling” generation for decades and decades because of their size and purchasing power. The same is true for Millennials, as the Boomers have reached retirement age. They will continue to be a force in the future and are the first generation of digital natives. You should market your products and services to them and how they think. Millennials will spend an estimated $1.4 trillion by 2020.
Make Yourself At Home with AI, IoT, and ML
The buzzwords AI, IoT, and ML that were once popular are no longer buzzwords. They are not the future; they are the present. You are probably familiar with AI (Artificial Intelligence) and IoT (Internet of Things); however, you may not have heard of ML (Machine Learning). Machine learning refers to computers learning for themselves how to do certain things. Machine learning allows us to create self-driving cars and web search tools that are efficient, as well as speech recognition programs that can be used for practical purposes. All of these elements will become more important as technology advances.
While I prefer my team to be present at work, some aspects and functions of the work are best done remotely. 40% of American workers do some work remotely. They don’t have to be at their business every day. This trend calls for remote training via video conferencing platforms. All you need is an internet connection and a computer.
Move beyond clutter
It is crucial to brand your business. It is essential that people can quickly identify your business from the sea of data and information. The name, logo, and other branding elements create instant identification. Because you pay attention, your branding makes you trustworthy, authoritative, and successful. It makes prospecting much easier. Customers will find you. Hire better talent. Instead of applying for positions with unknown companies, candidates will seek out your company. It is much easier to establish multiple businesses under the same brand name because branding makes it easy.
Opportunities Exist in Buying Businesses
Due to the retirement of Baby Boomers, there are more businesses available for sale. Millennials will buy them and then remake the companies they purchase. There are always opportunities to acquire a competitor. Keep your eyes open for potential buyers. You can buy their entire client list, or maybe they are an expert in e-commerce, and you can bring that to your portfolio. It has helped me grow my business by purchasing some of my competitors.