As each year goes past faster and faster, trends, technology and markets are constantly changing and there are no signs of any of them slowing down. This year will undoubtedly be the most progressive year yet. But surprisingly 70% of executives at top companies admit their ability to innovate at an appropriate pace is “average”. Even worse, 13% say their capabilities are “weak”. If your company fails to keep up with the trends, technologies and market it can get left behind.
Trends, technologies and markets are constantly changing and business owners have a responsibility to stay current with industry trends and be prepared for unexpected changes. Businesses that are unable or unwilling to adapt will potentially become obsolete. An example of this would be Blockbuster, who successfully transitioned from VHS to DVD but failed to survive when disc by mail, vending machines and video streaming made its way into the market. Other well-known examples include Kodak, floppy disks, vinyl records and the Yellow Pages. A lot of these products were affected by the fast changes of the technology world and the demand for smaller and more convenient products e.g. Film camera vs digital camera vs smartphones. The way we capture, store and retrieve data has completely changed. Each new smartphone released features a more powerful camera making the camera industry marginalised. Only those who enjoy the experience of using a top of the range camera carry a separate one.
Grange Business Partners has helped many clients transition their accounting records to the cloud to embrace evolving technology and create efficiencies in their business. Allowing us as a business to keep up with the current trend of the cloud while assisting our clients to do the same. This has led us to create the WIGfile (When I’m Gone) which we are planning on making a cloud based file in the not too distant future. The WIGfile has important information stored e.g. bank details, social media logins, accountant details and documents etc. and this file is accessible by your loved ones, once you’re gone. By implementing these two products we are adapting and keeping up with technology as well as the market, everything these days is done on computers, tablets, phones and should be accessible anywhere, any time.
It is important to monitor what is going on in your specific market, keep up to date with any big changes that could potentially affect your business, put plans in place to mitigate any adverse effect and take advantage of potential opportunities. Are you currently making a conscience effort to follow changes in your industry?
Being innovative is crucial for businesses in 2015 but getting there isn’t always easy. You need to be flexible and vigilant; always be ready to accept change and challenges and implement processes to get around them. Look for creative ways to apply old concepts to new industries. This has been the key to innovation in nearly every industry. When developing new concepts something to think about in the process and implementation is “Can I use this concept again in 10 years and will it be adaptable?”
Businesses often rely on their employees to inspire innovation as one of their greatest resources. They hold intimate knowledge of your business. Be sure to make them feel comfortable sharing their ideas and innovations.
Taking small steps can be the key to keeping up with changes and keeping your business innovative. It also prepares you slightly for any larger changes that can happen at any time. At Grange Business Partners we definitely keep an eye on changes in our market and will look to develop more products to keep up with any changes that are to become our future.
If you would like any more information on cloud accounting or our WIGfile please contact Grange Business Partners, we are more than happy to answer any questions you may have.