Archive for November, 2019
UK Insolvency state ‘People often find change uncomfortable and many businesses are not willing to change until it’s too late’
So don’t let this be you…… If you want to disrupt your industry or competition you must disrupt your own business first. Easier said than done!
The difference between change and disruption is the level of impact. First find the right problem to solve, so look at the market in ways that long established companies can’t or won’t. Can you offer a solution that offers customers something they didn’t have before?
In a few years much of what we sell, fix and ship won’t mean much to anyone, as without change you will be out of business. Robots, artificial intelligence and technology built on top of the internet will continue to threaten the very fabric of what most businesses and jobs are set up to do today.
No one was an app developer, a drone operator or a social media manager 7 years ago, yet there are now 70,000 in the UK according to the CBI.
Today anyone working in the equivalent of a back bedroom can produce an innovation that can make your business redundant.
Name your industry, name a job or task in that industry and you can be assured that there are companies working on making that job or task irrelevant.
By anticipating the changing needs of your customers, innovation and disruption will occur naturally.
Change happens at speed. Those who sit back with old and well tested business models are lagging behind. Think AirBnB. Founded in 2008 it is now the world’s largest landlord of rooms without owning a single one. Businesses must stay one step ahead and think differently!
Two thirds of the UK’s SME’s are in the danger zone of being disrupted including: Retail / Finance / IT / Education / Hotels and Restaurants / Food /Health / Oil and Gas / Property / Travel /Business Services.
Charles Darwin – ‘it’s neither the strongest nor intelligent species that survives, but rather the one that is most adaptable to change’.
People are getting older and living longer, can your business look for innovation in this trend. The way people pay for goods and services has changed forever, how can your business meet this expectation? Can you tap into the fact that people want to use their mobile phone more? Companies no longer need offices or employees, can your business take advantage of this trend?
Millennials are fast becoming a significant buying force, can you make your brand more approachable and human, while offering the convenience of technologies?
Disruption is the trendiest term in business today.
Most disrupters aren’t setting out to be disrupters; they just want to innovate their product or service offering. Think Netflix – who has anticipated viewing habits whereas Blockbuster is bust.
In every type of business there are little things that have a connection to your customer that can change their whole experience – listen to what your customer is saying. If you want your business to be a Netflix rather than a Blockbuster it means embracing the disruption.
Businesses with turnover in excess of £4m face high levels of industry disruption already. Therefore businesses must reinvest their legacy rather than focussing on preserving it.
Members of the Business Exposure Group discussed this topic at a recent meeting and agreed that disruption was inevitable and they should embrace the opportunity..