Someone once said to me, “If you don’t study every ten years, you’ll get left behind”. I believe this gap is a lot closer in this fast paced world we live in, perhaps 2-3 years. The key message I learnt from that statement is: gain knowledge, learn and always be interested in change and what’s happening around you, embrace it or risk being left behind. To be successful in 2015 and venturing in to 2016 it will be important to have an enthusiasm to adapt to a rapidly changing world. Business leaders have to be as adept at the process of change as they are in adopting new technologies, data and customer insight. We have to recognise that the disruption that we see driven by technology, the volatility in change is our friend if we are agile and smart enough to take advantage of it.
Perhaps you have heard the term ‘disruptive innovation’ but just what is it?
The theory of disruptive innovation was invented by Clayton Christensen, of Harvard Business School, in his book “The Innovator’s Dilemma”. Mr Christensen used the term to describe innovations that create new markets by discovering new categories of customers. They do this partly by harnessing new technologies but also by developing new business models and exploiting old technologies in new ways.
There is good reason to think that the pace of change will increase, as computer power increases and more things are attached to the internet, expanding its disruptive influence into new realms. Google promises to reinvent cars as autonomous vehicles; Amazon promises to reinvent shopping (again) using drones; 3D printing could disrupt manufacturing. But perhaps the most surprising disruptive innovations will come from bottom-of-the-pyramid entrepreneurs who are inventing new ways of delivering education and health-care for a fraction of the cost of current market leaders.
We live in an age of disruption where the needs and expectations of customers are changing rapidly as they embrace innovation and quickly adopt new technologies. New and different competitors are entering the market and even the way we work is transforming, with a greater focus on inclusiveness and agility. The Federal Government will spend almost $1.1 billion in the next four years to promote business-based research, development and innovation. Early stage investors in start-up businesses will get a 20 per cent non-refundable tax offset and a capital gains tax exemption.
It is refreshing to know that our States Commissioner of Small Business is also so focused on adopting change, disruption innovation and embracing technology. This is the way to move forward and also to encourage our children to progress their careers and future in this direction.
And to think, just as John Chapman said about using Xero: “Xero has really cut my accounting time by 80%. It give me goose bumps thinking about all that extra time I have”. What could you and your business accomplish through learning and adapting to new technologies and embracing the change that is clearly inevitable?
It’s almost impossible for a Business Owner to stay on top of the varying changes in their Business. It makes complete sense to outsource to people who are on top of their Industry.