Never before has there been so much pressure on entrepreneurs to innovate if they wish to survive in one of the toughest and fast moving business environments in decades.
Some are rising to the challenge while others are heading straight to bankruptcy. But have you ever thought that it could be your own attitude and behaviour that is contributing to your business demise?
With the decline of physical and rise of experience shopping how have you positioned your business to take advantage of the changes that are happening. The large retailers have been caught resting on their laurels and have been left struggling to be part of the Fourth Business Revolution as they stick to outdated and traditional models.
Too many entrepreneurs complain about having to deal with problems rather than spending time being creative. Bogged down with time wasting behaviour rather than coming up with solutions and agile processes for their business and customers? Isn’t that why they went into business in the first place? To provide a much needed product or service that would satisfy the needs of their customers; or have they somehow been worn down by the ‘grey’ areas of business that bring no benefit?
It’s time to transform the way you think and create value for their customers, stakeholders and more importantly, capture value for yourself.
What does this mean?
It means ensuring that their propositions, products, resources, processes, revenue streams and cost structures are economically viable in order to harness the changes associated with the fourth industrial revolution.
“If you have no critics you’ll likely have no success.” Malcolm X
As a small business owner it’s important to invest in your professional development through coaching and / or participating in mastermind groups to stay ahead of the trends. This will allow you to create better results, increase profits and more importantly enhance your leadership skills to avoid the mundane struggle and stress that stops you aligning your vision and values to create the wealth, lifestyle or success you’re after in the long term.
Whatever the issue, opportunity or requirement, stepping outside of the business and connecting with a dynamic group of business owners, means they understand your unique ‘can do’ mind set and take responsibility for their survival and success in today’s turbulent market.
These meetings are designed to help busy entrepreneurs come together to reflect upon their business and relationships with staff, suppliers and customers to deal with issues that are holding your business back!
“Be content to act, and leave the talking to others.” Baltasar
Don’t be a victim of your own stubbornness. Are your company metrics short-term and backward looking? Change will not come overnight, but as a leader you have to act swiftly and with determined focus.
Ignorance is no excuse nor clinging on to an organisational culture that is unwilling to accept external ideas, nor perceiving how things are developing in the business world.
Apple has become deeply involved in payments. It recently announced a revolution in how payment cards will work in the future with the launch of The Apple Card. More than just a co-branded credit card, it is a well thought out deeply engineered new Apple product built on the success of Apple Pay. The Apple Card lives on the iPhone, in the Wallet app and is rapidly creating “new money” which is cheaper than using traditional financial brands and processes. Think eBay and PayPal.
The Apple Card has many benefits, but more importantly by using the card more often, customers save on interest and late payment charges, thanks to its use of Siri AI technology. Knowing their expertise, this will lead to Apple ultimately being involved in a crypto payment system, if not Bitcoin directly.
Is the Fourth Industrial Revolution worth thinking about now?
The Fourth Industrial Revolution will mark a significant change in the way we deliver services and business owners will have to ensure that they have the skills and knowledge to lead their business through this transition. At its core it will all be down to how business leaders manage big data, analytics and physical technology to transform their processes and systems for ongoing success.