November 7, 2016
In the recent issue of Business Insider, they illustrated the median employee age of 17 Top Tech Companies. Yes, these are the folks we talk about everyday- the darlings of the stock market. Innovators from which we see many of the new products and ideas – often the disrupters of the status quo : functionality and procedures within the vast number of other industrial companies. Of the Fortune 500 largest companies in the world, while only 6 (Apple, HP, Microsoft, Amazon, Google and IBM) are noted in the 1st 100 in annual revenue for 2015 – their impact has been has been devastating and disruptive across every vertical industry. Yes more to come
While, a small number of Boomers, and Gen X were part of this technology explosion, the GEN Y and now Millennium’s are filling the spots. What they are creating will continue to affect all us in the future. Anyone over 40 should be taking stock of their FUTURE. The last 20 years has shown the introduction of technology has created massive change in our lifestyles. How do we prepare for the future? By 2025, forecast show that over 35% of all employees will be on contract. How will you plan your personal survival in this new employment scenario? What role will you play? Will you be engaged in what you are doing today?
What new skills will you have to learn to compete? What steps are you taking now to ensure your future and the future of your family? Yes, many are relying on the massive transfer of wealth from the older boomers and traditionalist (your parents and grandparents) forecasted to peak during the next 15 years. However, this may not be enough and it will take careful and prudent skills and planning. Governments may (probably will) change the rules for such activities.
For the Small Business community the impact of technology will be even more invasive especially in certain industry verticals. We have already seen a host of changes – demise of travel agents: small local retailers: local mail service: video stores: and more to come.
If you are a small business and thinking about the future – how you might survive and prosperous, we might suggest you think about the following.
- What is it about what you do that makes you unique and something others want to have or can use?
- How have you packaged (wrapped, bagged, tagged and bragged) your offering?
- Have you created some barriers to entry by others?
- Have you a passion for what you do?
The most important item you have in any business is local knowledge – the contact with the person who is paying for a product or service. If you find yourself in a position, where what you cannot contribute to the transaction; you will be eliminated and out of business. The time is now for all business entities, especially small business groups to have plans and programs in place. Technology changes coming from Tech Companies will only speed-up disruption. Too many companies watched as mobile communications driven by Apple and now Android platforms from Google changed the landscape. Amazon changed retailing – Yes, some have reacted like Wal-Mart- others like Sears K-Mart and Target who knows the outcome.
If you would like to chat about how you might be ready – give us a call. We have helped many organizations of all sizes domestically and international to make changes, adjust and survive. Call us at 416 910 1804
