Three things to consider to keep your business relevant.

Article written by Anthony Soto

This post discusses some things you need to consider to keep your business relevant.

Let us start by examining this. Who remembers VHS? Sure, most adults do, but ask any teenager what a VHS tape is. They cluelessly shrug their arms or give you an “I don’t know.” But why wouldn’t they know? The answer is simple: VHS is antiquated and irrelevant, no longer technologically advanced. It has been replaced by formats that better align with the user’s future needs.

How about Windows OS? I remember Windows 95 back in the day, do you? Ask any teenager what Windows is. They will tell you it’s computer software. What is the difference? VHS was replaced, and Windows was upgraded and modified to better meet user expectations. In contrast, VHS was physically impossible to upgrade.

You may say Windows and VHS are two different things; I recognize that. One is software, and the other is hardware, but if the expectations on video did not change, we would probably still have VHS. But Windows is still relevant.

Technological growth creates expectations.

Expectations made it physically impossible for VHS to improve, so it had no choice but to be replaced. VHS got replaced by DVDs, then Blu-rays, and now 4K discs. Nevertheless, these are persistently challenged by a digital media revolution backed by multiple streaming giants.

The evolution of technology continues to promote change. The world we live in continuously changes as time goes on, and so do the expectations. The same applies in the business landscape. Business owners are now forced to adapt to changing trends. Microsoft understands this; they keep updating Windows and all their products.

Below are three things that can help a business stay relevant and keep up with trends. They are supporting change, Understanding the transition from middleman suppliers to direct shipping, and a changing variable workforce to stay relevant.

1) Supporting change / leading innovation

Change can be scary for many, but sometimes, it can be great. Business owners often make a big mistake applying their mentality to the saying, “If it isn’t broken, why fix it?”

How many businesses are left behind, or worse, do they go bankrupt because they refuse to change with the times? Does Blockbuster Video ring a bell?

Blockbuster was making its money in late fees; it generated a great deal of income for them. One can argue it was morally wrong for a company to make its profit that way, yet ironically, the idea for Netflix came up because of a forty-dollar late fee charge on its founder, Reed Hastings. That is not all; at one point, the chain had the opportunity to buy Netflix for 20 million dollars in 2000, yet it did not. All because it did not align with the way Blockbuster wanted to operate.

Sometimes, I wonder if Netflix can be beaten.

Fast forward to our present year, Netflix is keeping up with the trends as it has adapted to every proprietary media device available. From DVDs to streaming in almost every possible electronic device on this planet, Netflix is there. I will not be surprised if one day you can watch Netflix in your microwave while you wait as your food heats up.

Blockbuster eventually tried to copy Netflix’s business model, but it was too late. It has gone the way of the Dodo, an extinct bird, because it refused to fly(metaphor). You can still find a Blockbuster Video; one in the world is located in the city of Bend, Oregon. It is an active location and an Airbnb (yes, it’s true), but more importantly, a reminder of a business refusing to change.

For your business to stay relevant, you must learn from the past, open your mindset, and think outside the box. Status Quo isn’t always a good thing: support change and innovation.

2) Do you need an intermediary?

One steadily increasing trend is the elimination of the middleman. Since the advent of online retailers, companies can now sell directly to the consumer and save the money associated with paying an intermediary or “middleman”; a middleman is a third party who provides services between two trading parties.

The internet has made it very convenient for companies to advertise and sell their goods, thus eliminating this person. Using this model, a business can potentially earn more from its product by selling more units for less money spent. Green or eco-friendly companies are an ongoing trend that is becoming more and more prominent.

Going green, as it’s often called in business, means helping create a better future for our home planet by changing how it operates to cause less harm to the environment. Having fewer “sellers” out and about in the streets will benefit the environment by having fewer vehicles (primarily trucks) on the road. Fewer carbon emissions equal good for the atmosphere.

In the end, it’s your business; take care of it.

There is no denying that the world is shifting towards a more direct consumer-seller relationship. Still, the preference is clear: businesses would rather sell directly than go through a third party, but the value a middleman possesses keeps this trend from taking off fully. It would be best if you decided what’s best for your business, and of course, not every business may need an intermediary. Suppose you do have an intermediary. If you have a middleman, ask yourself your return on investment. But what about the middleman? They have value, too. Can a business stay relevant in a world where they are not needed?

3) Variable workforces or contingent workers

There has been a shift during the past couple of years, which has led to an increased need for a variable workforce due to the continued globalization of everything. As a business strives to make its presence global, it must consider outsourcing the work. By outsourcing, a company contracts a person or business to do a job for them. These can be freelancers, contract workers, or field experts.

Outsourcing the job can be a good thing. Freelancers, for example, can be a crucial asset to help a company prosper, but it does not end there. Hiring freelancers can save the business money by creating shorter pay cycles and fewer taxes paid in turn, providing no concerns about long-term compensations; it is also an advantage for a corporation to build long-term relationships with subject matter experts. Some freelancers become successful and end up launching their ventures.

Contractors can also be an essential asset to businesses; they bring knowledge and skills that can be used without investing too much. Instead, companies can pay for their expertise, get a job done correctly, and continue their agenda while the company continues business as usual. The value in having experts available without the long-term commitments and expenses associated with having them on their payroll is an idea that companies entertain more and more, especially in a world where the everyday cost of living gets more expensive.

Contractors and freelancers are a plus for organizations because they think differently and are not necessarily bound to the company’s vision.

Traditional thinking in a business no longer makes sense

Trends must be taken seriously. Owning a business is a living, breathing thing; only companies not afraid to welcome change and pursue innovation will live on. Accepting change will help you keep your business relevant.

If history has proven, one constant is that nothing is permanent. Evolution will extinct the weak, and yet the strong evolve. This is not the end; twenty years from now, there will be different trends, and thus, the cycle restarts. Don’t let your business go the way of the Dodo; keep your business relevant.

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