How are you affected by shifts in traditional business?
With constant changes in the ways we do business, how do you stay on top of the ever advancing landscape?
The earth did move recently during the Melbourne earthquake, but that was nothing compared to the tectonic shifts that are taking place in industry at the moment. The information revolution is taking its toll on traditional industries, and businesses that have been around for decades in the developed world are disappearing. Who remembers Kodak and waiting for two weeks to get your films developed? How about writing letters in order to keep in touch with friends, and taking them to the post office to buy a stamp? Or actually physically visiting your bank to lodge a cheque? And now newspapers will soon be a thing of the past. Baby boomers and their parents may still like the feel of the newspaper on a Saturday morning when having a cup of coffee, but Generation Y have probably never bought a newspaper in their lives.
Effective transition is all about remaining flexible and adapting quickly while the world around you changes. Prior to the advent of the internet, change took its time and humans usually had time to adapt. Around WWII, it took two days for information to reach Australia from Europe. Now it takes just a few seconds.
Our shrinking world has given us the opportunity to exploit what once seemed like insurmountable barriers. If the shifting foundations of your industry are putting your business at peril, consider doing business in a growth market. Sometimes what is no longer attractive in one market is hot property in another. Consider diversifying into developing countries where the tectonic shifts may be beneficial rather than destructive.
In July-August, the 2012 Women in Global Business Speaker Series is featuring businesswomen who have created successful pathways into growth markets, from South America to Asia and the Middle East. So if you want to broaden and strengthen the foundations of your business, join us in July-August. Meet other businesswomen who are thinking of embarking on the same journey. Learn about what works and what doesn’t. Build your network and connections. We look forward to seeing you there.