Monday, 23 July 2018

Information and commentary for the small business banking industry

The slow death of the traditional business model

Trends come and go in the world of business – many as momentary successes that fade away over time. But some hang around and affect the way you do business. Those are the trends that you’ll want to keep an eye on and integrate into your own business if you see fit.

The rise of the cloud

It started with storage – backing up your important documents and files on the cloud. Now though, the cloud has almost redefined the way we do business. You can use online cloud-based services to:

  • Phone and message colleagues or customers – with apps like Skype or Viber.
  • Maintain your accounting records – for example, Intuit is moving all their users to the cloud.
  • Manage your projects and administer tasks – using project management tools like Trello.

Cost, reliability and security are just a handful of advantages the cloud can offer. Now’s the time to ensure your business is using the cloud to its full potential.

Mobile begins to dominate

Last year was an interesting year – for the first time, mobile web browsing became more common than traditional Internet surfing on desktop computers and laptops. Mobile devices such as smartphone, tablets and phablets are beginning to dominate the market.

A responsive website is key

This realization has huge ramifications for any small or medium business that uses the Internet to sell their merchandise. To avoid falling behind your competition you really need a responsive website – one that needs to adapt as users embrace new technology, and smaller devices.

The traditional business model is dying a slow death

Your business’ productivity and efficiency will likely be improving as the direct result of the way the traditional business model has changed.

Online communication, cloud storage and project management, and the emergence of the virtual office are all part of the breaking down of the ‘old school’ way of doing business.

Just like the way the telephone was replaced by the cordless phone (and then the mobile phone), communicating in business has moved on from the traditional office phone system. If you don’t make the switch to online communications services, you’re at an immediate disadvantage due to costs, flexibility and ease of use.

The sharing economy

It’s really the beginning of the ‘sharing economy’ where companies like Airbnb and Uber have taken advantage of economic inefficiencies to plug gaps in their markets. For example, Uber had zero drivers in 2012 and now it’s valued at more than $40 billion.

See how Washington Post’s take on the future of new business.

Adopt early to create advantages

These transformations in SMEs are happening simply because changes in technology are offering better alternatives. If there are enhanced ways of going about things, there are opportunities to get a competitive advantage over your rivals.

Keep an eye on what’s trending in the small business environment and be ready to adopt early and perhaps grab your business an advantage over the chasing pack.

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