There has never been a time in business where we have so much opportunity yet so much adversity at the same time.
It’s an incredible dichotomy.
We have more tools and more opportunities than ever before to grow our businesses: social media; the internet; smartphones; access to endless amounts of information; a stable business climate; affluent consumers; you name it. The tools and conditions are all there for you to be successful.
But here’s the catch. These tools come at a cost:
- More competition: Low barriers to entry and globalization have dramatically increased the competitive forces.
- Less control: Access to information has transferred power away from companies to consumers. It’s a Seller Beware marketplace.
- Reduced loyalty: Technology allows us to do more with less, and we are expected to do more with less. These expectations have created fickle customers.
What made you successful won’t make you successful
The strategies and tactics that worked a generation ago are shifting and transforming. The way Baby Boomers built their businesses doesn’t translate very well into 2014.
The principles are all shifting. They are accelerating. They are colliding to create a ton of new opportunities, while simultaneously making it harder to compete and grow your business.
This poses a real challenge for family businesses. Their legacy and history can get in the way. What made the first generation successful doesn’t dictate success for the next generation.
See me speak
I will be exploring this topic in more detail on Wednesday, November 19th at the Family Business Forum in Mississauga.
I will share some key insights from my upcoming book, Sticky Branding, on how family businesses transform through the generations.
This is a public event, and has a stellar line up of speakers: Pierre Morrissette, CEO of Pelmorex (The Weather Network); Dana Lloyd, CEO of AnswerPlus; Keith Toppazzini, co-CEO of Topper’s Pizza; and more. We are each delivering 20 minute talks related to family business.
Come join me. Register at http://cafecanada.ca/forum.