Small business and technology are often at odds with one another. Technological revolution and change do not stop- it has been constant since the creation of the modern computer in 1946. How, then, does small business keep up with technology?
Few things change faster than technology, and technological advancement presents plenty of opportunities for better business performance. With its benefits, however, comes the great challenge of keeping up. Let’s talk about the complicated relationship between small business and technology.
What Do The Big Names Say?
Today’s students must be equipped with the required skill-set to face the modern global marketplace. Despite their knowledge and technologically-centered education, 68% of recent graduates cited ‘modern innovations’ and rapid technological change as the biggest threat to global business.
“With the current rate of digital advancement and introduction and implementation of newer technologies such as automation, big data, and cybersecurity, it’s clear that keeping up with it will pose a number of certain challenges for future leaders adding a whole new layer of complexity.”
- Roland Siegers, CEMS Executive Director
Can your Small Business be Competitive with Technology?
When it comes to change, some groups are more affected than others: the same applies to the relationship between small business and technology. The survival of small businesses depends on how well they can adapt to the change. Several industries are threatened by technological innovation, while others are created from and excel because of it.
The death of the traditional taxi
Ever heard of Uber? We’ve always been told by our physics professor that the shortest path from point A to point B is a straight line. We also know that it’s impossible in real life.
However, Uber has transformed the way we get from point A to point B by providing travel dependent on technology. You request a ride online and the nearest available driver makes it to your destination within the span of a few minutes. You can also track the car as it approaches your location.
Sounds great, doesn’t it? The days of whistling to a taxi on road has passed. The convenience of technology, in this case, is progressively making traditional taxi services obsolete.
Customary taxi services have been in play far longer than mobile devices and applications. And though both types of services have their pros and cons, it’s not hard to see that modern technology is easily taking the lead.
Unable (or unwilling) to adopt technology into their services, traditional taxis fade out. The companies created with convenience and smartphones in mind, on the other hand, take over.
What does this mean for your business?
The fact of the matter is that to keep up, your small business must adapt to modern technology. And, frankly, it is unwise to assume otherwise. As a business person, you want your business to stand out and give your customers a product or service they want to use.
Customers live in a fast-paced technology-based world. It is your job to stand-out, not their job to find you. Consider what it would take to adapt your small business to technology.
Use Technology to Improve Yourself and Your Business
According to the quote by Ronald Siegers above, this is the best time to create leaders and innovators to effectively adapt business to current and future technology. These future leaders and innovators are capable enough to exploit modern technological advances and evolve along with the constant change, and you can too. The ancient philosopher Socrates expresses this quite beautifully:
“The secret of change is to focus all of your energy, not on fighting the old, but only building the new.”
– Socrates (Greek Philosopher)
Technology expands our ability to contribute to the whole of humanity. Trillions of megabytes of useful information are at our fingertips. It brings the world together and makes widespread reach in business more possible than ever.
Technology has become an undeniable part of our social and professional lives whether we like it or not. Fearing innovation will cost your business greatly, but embracing it and preparing yourself to handle the change properly is the way to success.