It should come as no surprise to anyone that the market dynamics of the business world are changing at an increasingly rapid pace. Change has always been a constant in the business equation, but the need to adapt is more important than it has ever been. This is now a world of instant downloads, high-speed internet, and drive-thru technology. This article will outline some of the things your company can do to keep up with these changes and provide the needed flexibility when it comes to the need for speed, as outlined by Michael Huzinec, Director, Business Analytics, Baker Tilly and Kevin Coonan, Manager, Business Analytics, Baker Tilly. There are 4 main forces impacting organizations, and changing the speed of how you address these forces can speed up your response and delivery time.
Every aspect of finance in any company is affected by the ebb and flow of big finance. When the stock market dips, so will your revenue. When the market does well, things will improve for your company. It can be frustrating to have so much depend on something that you can’t control, but that is the reality of the industry.
A good way to handle this obstacle and use the relationship to your advantage is to invest in software programs that can track and predict what might happen with the macro-economic forces you have to work around. This can change the way you plan, and it will give you a heads-up as to when you will have to make some quick changes in your financial strategies.
Competition has always been an important factor in the business world, but now the way competition is launched is changing entirely. More and more businesses are failing due to technology advances. Online forces like Amazon and eBay have entirely changed the way people shop. Giants like Borders Books have fallen, and experts in the industry say Best Buy might not be too far behind. When companies with long legacies of success can fall so quickly, it becomes more compelling to really take note of the competitive changes in the business world.
To keep up with the changing competitive landscape, you need to have a strong Internet presence. Your products and services need to be sold and marketed on the web. This is the new forum for business transactions, and it is vital that your efforts and funds are spent on obtaining and utilizing technology that can boost these Internet efforts.
This has become a huge burden for many companies. It seems that many organizations are afraid to invest in any new platforms because they know how quickly these elements can change. This means that those companies unwilling to budge are becoming more and more antiquated.
The best thing to do in this case is to utilize technology that is new and changing, but also has some strong sticking power. Some of the platforms that will upgrade often, but are strong enough to withstand the constant revolving door of rapid technology advances are as follows:
- Social media
- Cloud technology
- Mobile application
- Web hosting platforms
- Analytic software
All of these tech tools will help you stay abreast of the constant changes, and will help you remain far more than one step ahead of those companies that are not willing to immerse themselves in the new tech era.
In order to market and please many different kinds of people, you will need to employ many kinds of people. Having the strong-willed and faithful employees that have been with you for years is great, but in order to make your business faster and stronger, you will need some young blood as well.
Millennials are entering the workforce right now as they graduate from college. Giving these young people the chance to change the way you do business could be one of the best things you do for your company. They will be familiar with the emerging technologies, in-tune with the rapid changes in the market, and have the innate sense to change with these changes. They do not have the aversion to change that is more common in the baby boomer generation. This is a risk that could equate to a new and speed-minded perspective for your company.
These are just four areas that can lead to some positive changes in the speed of reactions and delivery for your company. The changes can be scary, but in the end you have to remember that the rapidly changing climate of business is only going to get worse. Things will continue to change, and your ability to adapt to these changes will be the only key to financial survival. All of these changes need to stem from the financial planning sector of your company to offer the most effective and most permanent changes for good.