Transporting you back to the pre-internet era i.e. the 80s and 90s, there was a saying that if your business is not witnessing any growth, it is practically dying. In today’s digital era, technology has actually leveled the field for everyone. Hulking organisations no longer have an edge above humble businesses, as technology and its benefits are the same for everyone. New players in the market now pick-up the tempo as soon as they go live, customers are more educated and clients more particular about their requisites. Therefore, it is not just enough to grow in sales or profit, it is about keeping pace with the developments and needs of the market.
Businesses are going out of date with the introduction of new technology. Take the case of Thomas cook – a travel firm went bust because it could not offer cheap and convenient travel options because of its association with high street giants. People prefer booking everything online, and this is where Thomas cook had a disadvantage.
One word of advice for entrepreneurs – having the ability to see what’s next in the tech pipeline will surely help them to prepare and reinvent their business in order to stay relevant in the market. If a business is not reinventing continually, it is at great risk of falling – sooner than later!
Many businesses fail to identify that they need a reinvent. Some are consumed in remodifying their target audience altogether, while some turn a blind eye to the development and prefer to play in their comfort zone.
Reinvention does not point towards a significant overhaul of the whole business. You can reinvent the small bits. Acquiring new customers and clients getting difficult? Use a different and much better marketing and conversion strategy. Operations costs are too high? Brainstorm where you can be more efficient. Is employee productivity going down? Search for ways to make them engage more.
Waiting too long to realise the need for improvement might lead to the early demise of your business, as with the case of Thomas cook.
