The election takes place and we all make our choices as to which candidate or party we want to represent us, then the next four years complaining that it is not going according to what they said and what we want.
Usually the platform on which they were elected, while sound at the time, has changed due to unforeseen economic influences and I would hope that we have elected representatives who have the flexibility to meet the needs and situations as they arise.
This is the same in business. If we ignore the changes in the economy, demographics, technology, and competition and fail to respond, likely we will not be in business long.
As we well know from past experiences, the economy can tank relatively quickly. We are tied to the world economy and slight changes in another region can affect our balance of trade and create unexpected pressures. These downturns especially affect businesses that deal in discretionary items as these are the first dollars to dry up.
Changing demographics while it occurs more subtly, alters the needs and wants of a region. For example the central island has been found by the rest of Canada as a retirement mecca and created new entrepreneurial opportunities. They are purchasing new homes here or renovating existing ones. The senior population is healthier and staying in their homes longer but many need assistance with the maintenance they used to do themselves.
We are attracting a young professional workforce partly as a result of the relatively low cost of living in the area and the growth of the tech industry. This opens up opportunities in the housing market and in recreation and outdoor activities which appeal to this demographic.
With these changes there is also an attraction for more competition and businesses need to be constantly aware of the offerings that may affect them and respond appropriately.
We have to pay attention to how technology affects us, it can be friend and/or foe. It can give our competition an advantage if we are not onboard but can suck up time and money if we do not use it effectively. Can it be your competitive advantage?
In the end, it is up to us to roll with the punches, embrace the opportunities, and create our future!
“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” Peter Drucker
As always, feel free to share this post giving credit to the author.