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It would be great if businesses never had to change. If owning a business meant that you did not have to think about re-inventing it to meet the changing wants and needs of customers, or face internal or external challenges, your business would not be able to grow into the future.
It is unwise to assume that good customer service leads directly to customer satisfaction, said Ravi Govender, Head of Small Enterprise, Business Banking at Standard Bank.
“Reality dictates that business today is a rapidly changing, competitive place where the only constant is change,” said Govender. “It is therefore essential that entrepreneurs make the time to function both ‘on’ and ‘in’ their businesses.”
“Taking your business to the next level depends on carrying out strength and weakness exercises, and examining your business critically,” he said. “Concentrate on what change could mean and address potential weaknesses so that they too become strengths.”
Key Factors
There are various key factors that can shape the future of your business. These include technology, aspects within the business itself, within society around us, and/or in the environment.
Things that should be top-of-mind include learning to leverage agility and nimbleness in delivering the product or service that lies at the heart of the business-customer relationship, small businesses are at both an advantage and disadvantage.
Also, understanding the trends that could have the largest negative impact on your business in the next five to seven years is crucial. Then, you should be asking yourself about your business and its future.
Looking outside the business to identify where your new opportunities will come from is important, and remembering that opportunities always occur when change takes place.
Staying up-to-date with sources that should be consulted and taking concrete action by using information effectively could also create a positive result.
Trends impacting on business
One of the major trends impacting on businesses is technology. “New processes and products are constantly being introduced,” said Govender. “Prices are dropping, and it is becoming easier to access information from a range of devices - with smart phones leading the pack.”
“Instead of buying equipment that could be obsolete within a year, you could be better off saving the capital and leasing equipment instead,” said Govender. “If your business relies on marketing, the technological revolution could mean swopping from printed material to electronically-delivered catalogues.”
What if
Think about new processes that could be introduced, which competitors could enter the market and how your products or services would measure up, says Govender. The key to success is being able to look at your business with a critical eye, evaluate how it operates, and how things could be improved to maintain your competitive edge.
Evaluate your customer base. Always be aware of who your customers are, what they want and where they live. By keeping an eye on the area in which your business is situated or areas you serve, you can identify changes in the neighbourhood and develop your offerings to increase your sales.
“It may seem irrelevant to think about the environment when considering your small business. The truth, however, is that people are becoming increasingly conscious about the impact they have on the environment,” said Govender.
“Making sure that you understand future trends will ensure that you can adapt and therefore grow your business steadily, rather than run the risk of becoming irrelevant.”
It is unwise to assume that good customer service leads directly to customer satisfaction, said Ravi Govender, Head of Small Enterprise, Business Banking at Standard Bank.
“Reality dictates that business today is a rapidly changing, competitive place where the only constant is change,” said Govender. “It is therefore essential that entrepreneurs make the time to function both ‘on’ and ‘in’ their businesses.”
“Taking your business to the next level depends on carrying out strength and weakness exercises, and examining your business critically,” he said. “Concentrate on what change could mean and address potential weaknesses so that they too become strengths.”
Key Factors
There are various key factors that can shape the future of your business. These include technology, aspects within the business itself, within society around us, and/or in the environment.
Things that should be top-of-mind include learning to leverage agility and nimbleness in delivering the product or service that lies at the heart of the business-customer relationship, small businesses are at both an advantage and disadvantage.
Also, understanding the trends that could have the largest negative impact on your business in the next five to seven years is crucial. Then, you should be asking yourself about your business and its future.
Looking outside the business to identify where your new opportunities will come from is important, and remembering that opportunities always occur when change takes place.
Staying up-to-date with sources that should be consulted and taking concrete action by using information effectively could also create a positive result.
Trends impacting on business
One of the major trends impacting on businesses is technology. “New processes and products are constantly being introduced,” said Govender. “Prices are dropping, and it is becoming easier to access information from a range of devices - with smart phones leading the pack.”
“Instead of buying equipment that could be obsolete within a year, you could be better off saving the capital and leasing equipment instead,” said Govender. “If your business relies on marketing, the technological revolution could mean swopping from printed material to electronically-delivered catalogues.”
What if
Think about new processes that could be introduced, which competitors could enter the market and how your products or services would measure up, says Govender. The key to success is being able to look at your business with a critical eye, evaluate how it operates, and how things could be improved to maintain your competitive edge.
Evaluate your customer base. Always be aware of who your customers are, what they want and where they live. By keeping an eye on the area in which your business is situated or areas you serve, you can identify changes in the neighbourhood and develop your offerings to increase your sales.
“It may seem irrelevant to think about the environment when considering your small business. The truth, however, is that people are becoming increasingly conscious about the impact they have on the environment,” said Govender.
“Making sure that you understand future trends will ensure that you can adapt and therefore grow your business steadily, rather than run the risk of becoming irrelevant.”
