*Sound the alarm!* Failure to keep an eye on the future in business will lead to some mega pitfalls! We live in an ever-evolving society, people. Social media trends ebb and flow, consumer trends come and go, and what works today is most likely not going to work tomorrow.
I see SO many creatives making the mistake of just going with the flow and not keeping an eye on the future. Not devoting time and effort to future thinking will ultimately lead to failure in your business. According to Fundera, 20% of small businesses fail in their first year, 30% of small business fail in their second year, and 50% of small businesses fail after five years in business. Finally, 70% of small business owners fail in their 10th year in business.
Small businesses are closing their doors all the time, and that’s a terrifying statistic! The rise and fall of trends has a direct effect on businesses today and now more than ever, there’s more to stay on top of! The world of online marketing alone can make a small business owner squirm and hide, but it’s also what can keep the doors open if met with future thinking!
Think about it…
Before the age of email and Facebook, business owners relied solely on paper mailers, cold calls and door to door sales! Newspaper ads and leaflet drops may sound pointless to you now, but think about businesses 10, 15, 20 years ago! That’s how they were able to thrive!
It’s so crucial nowadays to have a solid, future-thinking strategy behind marketing. Apps will come and go, and your tiny space on the internet is only becoming more and more crowded. Google Adwords, email marketing, and constantly researching trends within social media is a great way to start future-proofing your strategy! (Psssst. I have a super helpful post on Instagram HERE)
Think about your specific industry. How is it shifting? Who’s the new competition on the scene? What sort of strategies do they seem to implement? Research is SO crucial, so put your nose down and make sure you’re implementing this!
Don’t just stop at what’s a trend and what isn’t, or what you think might be down the road…think about outside technology and how that will affect your business. Remember when Steve Jobs was like, “oh hey, you can now have a computer AND a phone in your POCKET! And it’s ONE device!!” That was detrimental to landline phone companies and any business model that only focused on separating computer software from the technology in cellphones.
How can your business shift when huge changes come to play within technology?
What if social media were just to dissolve one day? How will that affect the way your customer discovers your business? Will this affect how people take in information and make purchases on the internet? Where can you TODAY ensure you will be seen TOMORROW? Your little “.com,” or corner on the internet is something you own…you don’t own your profile or followers on Instagram.
While this may sound a bit *dooms day-ish,* I hope it gets your wheels turning. The reality is, things come and go…businesses, trends, etc. and it’d be totally ignorant and detrimental to not understand the importance of future thinking in business!