We are becoming a more open, free, and giving society. Because of this, things, products, and services are becoming cheaper to embrace for the customer or consumer…
Many business owners focus on only the short-term view. They only see a little bit in front of them. Later on, their business fails because they’ve been looking at things from a short-term perspective.
Prepare Business for Society’s Expectations
Understand the concept that things over the last 10-20 years are becoming cheaper not only because of manufacturing costs and technology but because of society’s expectations. You need to start preparing your business in advance for this move…
In the past, when we used cell phones in our car it was similar to hold a brick and paying $5 to $10 per minute. Today, you get unlimited data and minutes for less than $100. Books used to be $15 to $20 to print. Now people are purchasing books online and receiving digital copies for a fraction of the cost.
Technology is changing the way we do and conduct business and also changing society’s expectations. Many business owners are not prepared for this move that’s coming into their businesses.
Do You Have What it Takes?
Do your products and services have sustainability power? Do they have what it takes to last another 5-10 years?
Most companies get overtaken as technology becomes more specific. It’s harder for those big companies to change their ways.
For example, previously we had IBM dominating the computer space. Then along came Microsoft. Who did we think would dominate the software space? We thought it would be IBM, but it was Microsoft who dominated.
When it came to searching we thought Microsoft would dominate, but along came Google. Then came social networks. We thought Google would dominate, but Facebook dominated social networking space. These trends continue through time…
Long-Term Impact of Your Business
Think of your business’s long-term impact. If you’re in massage therapy, this is a personal service that could be a long-term business. We do have massage equipment and technology, but these products don’t do the job the same way.
Look at your technology business if you’re in the tech space. Everything is changing over time. Does your business have sustainability power? Do your products and services have sustainability power?
If you’re writing books on Facebook marketing, it may be great for 3 months or 3 years… But after 3 years, what happens when a new wave of social networks or advertising techniques come out?
Think about this in the context of your own business and see how it applies.
