Given the immense disruption most businesses are going through at the moment with Covid-19, self isolation and social distancing it is fair to say we are all experiencing some form of disruption.
Businesses are no different and whilst this period of history may be challenging and make us uncomfortable, there are some fantastic ways to stay ahead of the curve. The key is to be prepared and be ready to give your business a good shake.
Market forces have existed since the dawn of time and if we look back over the last decade, there are certain names which did not play as important a role as they do now. Some names which immediately come to mind include Netflix, Tesla and Airbnb. Regardless of your business size, we all need to be aware of threats and opportunities. Whilst Covid-19 presents us with a very serious global threat, there are going to be some very serious opportunities for those businesses willing to take risks and present themselves as a market disruptor and innovator. We simply can’t afford to be complacent in these challenging times.
One obvious way in which most businesses have adapted is to get used to working from home practices. This has presented certain industry sectors with great opportunities such as providing awareness around cyber security, data protection and best practices from working from home. How many businesses are now paying attention to video conferencing facilities? They’ve existed for years but have they ever been in so much demand? This may indirectly present a strain on broadband infrastructure but this too will present opportunities for businesses willing to take on the challenge.
Another key area which businesses are going to exploit and use as a disruption factor will be to take advantage of market changing technology. As working practices evolve and adapt, there will be more product and service offerings coming to the market. Whether this involves introducing robotics in production and manufacturing facilities or adopting and introducing software which reads and analyses legal documents; there are going to be disruption factors which influence the everyday decisions we all make.
Whilst disruption can sometimes be overwhelming, businesses should be aware, be ready to adapt and potentially become a disruptor in their market place. Small businesses are very well placed to act quickly and implement new cost-effective technology because they may not have the legacy systems which more traditional businesses may have.
Let’s embrace the disruption because it is here to stay.