By Michael Marks CBI, Fellow Of The IBBA
Who can believe the pace of the changes in technology in our world today? For business owners, it can mean amazing advances in systems, communications, and capabilities. And many companies will jump on the latest and greatest technology to stay on the cutting edge.
But many small business owners just can’t handle these changes. For some, the cost is way too high; and for others, they lack the energy or aren’t willing to learn the new technologies. Of course there is no question, age can be a big factor. Try discussing Twitter or Facebook with a business owner who is over 50 years old.
For decades, it has been common for a new business to enter the marketplace with the latest technology and literally jump over the existing competition. And those old-school competitors can be driven out if they don’t react.
The business owner who avoids keeping up with technology is playing a dangerous game. Not only will the business lose its position in the marketplace and its previous profitability, but the value of the business can take a big drop — many times to virtually NO VALUE.
It has never been more exciting to operate a business with the latest technological changes, but it can be expensive to take the leap. Business owners must be constantly aware of these changes and find ways to keep up. But for those who aren’t, it might be time to exit their company before it’s too late.