Change is a double edged sword in business.
It can render what we are doing now, less relevant but simultaneously provide us with new opportunities.
One thing that we do know is that change is constant and always happening.
It is not something to be feared but to be welcomed, planned and catered for.
We welcome change when we consider that it presents us with new needs that can be met. We can develop new businesses around these unmet needs.
Astute observation and anticipation are the skill we need to develop in order to turn change and new trends into an opportunity.
Changes come in various forms.
- Demographic changes - shifts in the population related to age, race, gender, ethnicity, religion, income language, education etc.
- Regulatory changes - national, federal, state or local government and other relevant regulating bodies etc.
- Technology changes - new inventions and other innovations, improved inefficiencies etc.
- Cultural changes - shifts in norms, fads, fashions and other group behaviour.
We need to find the areas that apply or could affect our business the most and keep ourselves abreast and up to date in all of these areas.