Preparing for Changes in Business

This week one of the big conversations in the business world has been the revelation that Google+ had “a security hole highlighted the challenge of keeping its small number of users safe” which was discovered back in March. As a result of the security issue, and possibly also as well the fact that it wasn’t ever as popular as other social networks, Google plans to close the network. For some it isn’t a big surprise, and some probably don’t really remember anything about Google+, let alone used it.

But today I don’t want to discuss social networks that aren’t used or the fact that many aren’t surprised it’s closing, I want to talk about something else that we’ve talked about already this year and will talk about more over the next few years and that’s dealing with big changes that affect your business. For some Google+ was just another marketing opportunity, but some had invested quite a bit in it and are really upset that it’s closing. Other businesses are seriously being affected by disruptive businesses who are coming in and upending an industry, one of the most discussed examples being the ride-share companies (i.e. Uber, Lyft etc.) totally changing how the industry (taxis) has historically run. What do you do when things end or change?

This is why you have to be consistently updating your own business, aware of and considering ways you can innovate or transform what you offer, and not rely on one product or service or marketing tool. I don’t recommend trying every option or implementing every innovation or trying to market through every resource, but I strongly advise against only being locked into one option. Yes, there are companies who will survive through the end or change, for instance there are still some companies that sell records and record players (1880’s-1980’s were their prime years), but those companies are few and far between because there’s just not enough demand to sustain many companies.

What can you do to prepare your company for the eventual transformation of your industry and how you do business?

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