Written by Ray Moore.
In today’s rapidly changing environment, businesses need to proactively adapt and ‘keep up’ with the pace of change. Any business that resists changing to market and industry developments faces loosing their competitive edge and ending up in an ‘evolutionary cul-de-sac.’ Here are the top two ever-changing areas that SMEs should focus on:
Without change, we would still be using cash as our main method of payment. In the podcast (Episode 090), Andy and I chat about a high-street retailer that resisted the change from cash to using credit cards, which had a detrimental effect on the business. Technology advancements are often the catalyst for change and although it can be seen as a disruptor at first, in the long run it is likely to make for smoother and more convenient processes.
Using the example of payment methods again; we know that card payment is the norm in almost all shops and restaurants. Customers expect to be able make card payments and don’t carry much cash around with them. Any business not accepting card payments is going to inconvenience customers and fail to meet their expectations.
The expectations your customers have are constantly changing. Today, many customers expect to be able to make contactless payment and in the near future your customers may expect something else. Being in touch with trends, your competition and industry developments is essential to meeting your customers’ needs.
As I mentioned in the Podcast, small businesses are not just competing locally, regionally or even nationally anymore, we are all competing in a much more globalised world, therefore we need to embrace the changes and not fall behind the curve.