TC: DISRUPTIVE TECHNOLOGIES

Digitization, automation, artificial intelligence, virtual reality and a host of other innovations continue to transform the nature of work, how it gets done and by whom. Large companies (60% of global executives) expect that up to half of their organization’s workforce will need retraining or replacing within five years.

Large firms are very concerned about the ongoing digital transformation; they are concerned about finding the talent needed to grow and compete. This issue is being addressed and everything from re-skilling to layoffs is under consideration.

That brings us to the small business community. Most of the small businesses are operating as a one person enterprise. The option to send employees to get additional training or to hire experts does not exist.

Your challenge today is to realize that you, as the business owner, are going to have to learn and understand how all these “disruptive technologies” will affect your business. Yes, there will have to be some learning involved, at least how to apply these new technologies to your current services and products.

To offset the ongoing changes, the internet does provide up to date information as well as predictions of what is to come. The following are a few thoughts that may help you stay ahead of the curve.

✦ Schedule a 30 minute time slot every day during which you will research the new technologies that are either existing or in the process of being developed. Create a notebook of what you learn and how to possibly apply it to your business.

✦ Form a peer group of 6 to 8 small business owners who are committed to learning more about this topic and are willing to meet twice a month to discuss new developments and possible application.

✦ Find a small business that is on the cutting edge of this type of research and development and invite them to help you. (There may be some expense, as well as a possible trade out of your services/products).

Just another hat which you, as a small business owner, must wear in order to survive and prosper.

TAKE THE CHALLENGE

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Tips & Advice by Nick Petra, CFP – Founder of BizQuack and StrategicDuck