So many small and medium business (SMB) owners keep your heads down, focused on the day-to-day of running the business. We spend our time working in the business instead of on the business. The Resourceful CEO blog is here to help the owners of SMEs (small and medium enterprises) like yourself work on the business, not just in it. We discuss strategy, different sales and marketing techniques, processes and systems, cash flow and much more.
However, what we haven’t focused much on is trends. As an investor in the stock market, I must think about trends because these greatly impact the publicly traded corporations I invest in. These companies must discuss issues and threats to their businesses; that information is included in the 10-K, which I always read (along with the 10-Qs). I remember buying XM Satellite stock some years ago only to have it drop. I had reviewed the company’s financials in the 10-K but had not taken the time to read the section that discusses the risks to the business. If I had, I would’ve been aware that the rise of Pandora, Spotify, internet connections in new vehicles and so on were all risks to the business.
These technological changes are similar to what caused Blockbuster to lose out to Netflix and RedBox and has led to RedBox’s stock price reduction. However, it’s not just technology. There are other trends, such as environmental priority shifts, global expansion, redeveloping cities with walkable areas, and more that impact different businesses differently.
Proactive Instead of Reactive
These overall trends are also important for SME owners like you. Being aware of what technological, demographic and other shifts are coming your way and determining how best to be proactive instead of reactive can be the difference between a 10-year lifespan for your company and 3o years.
That said, here is a video I saw that talks about some of the trends that will impact businesses in 2017. One or more of these may impact you. Conversely, one or more of these may present opportunities for your company.