If you have following me for a while, you will know that I am passionate about helping Micro/Small businesses grow. So, what’s my love affair with Micro/Small Businesses?
Over the past 20 years I have consulted hundreds of Micro/Small Business owners, which gave me a very good insight into the vulnerable position of those entrepreneurs. Compared to large corporations, Micro/Small Businesses can be quickly affected by family or economy disruptions. Usually, cash flow is a major problem for those smaller businesses as well as the fast changes of consumer needs. The lack of a contingency plan as well as savings in the bank account for a rainy day, can put massive pressure on the business owners.
The world has changed, and business is no longer conducted in the manner as it was in the past. The first words which come to our mind is globalisation, technological changes and Millennials. According to the World Economic Forum, The Fourth Industrial Revolution is underway, and it is changing everything we know about life, business and consumerism. The shift in global economies is already in motion. Globalisation and technological changes are leaving many people and businesses behind, creating social and economic disparity.
Millennials have been on the rise. They are now the largest living group, according to the Census Bureau. Due of the quantity of Millennials are in charge of buying decisions, the world is changing, and business trends will have to cater for a consumer that craves success and technology. Millennials absolutely do not like the hard sale, however what is working with the largest group of consumers is connecting through apps and services that connect people.
What does that mean for the Micro/Small businesses? To grow a business in the 4IR, enterprising skills are going to be critical! Technology will be a necessary staple for every business if it expects to compete in today’s market.
The world is changing faster than we can adapt. In the 4IR it is vital to have a strong online presence. If a company doesn’t have a presence, or show no activity on social media or worse, their website is outdated; customers will not engage with that business. To stay successful in the 4IR, we have to rethink our business procedures and methods, adapt quickly to new ways of doing business.
Not sure where to begin? Don’t worry, nothing is as complicated as it looks like.