Times are hard out there.
Sure, we’re preaching to the choir, but Solis always adds interesting context to the conversation. In his latest post he worked with a design team to create an infographic explaining the disruptive business minefield that we all operate in today.
As he puts it, the graphic “tells the chilling story of the effects of Digital Darwinism and a changing consumer landscape.”
That puts it mildly.
Solis tells the story of a country where, out of 500,000 startups that emerge in a given year less than a quarter will survive 5 years later. He recounts the time during the worst of the recession when more business closed than opened. And he points out a Fortune 1,000 list where 70% of those businesses included in the last decade aren’t expected to be there next year.
But there might be hope
It’s a mixed bag.
Solis quotes a BDO, LLC Industry Watch Report as claiming the gap between companies that “develop innovative products, distribution channels and a strong customer proposition” and those that are wed to old ways of doing business will only widen in the future. In other words, companies that are willing to adapt and respond to current challenges will benefit and those that refuse to, well …
While that long list may seem foreboding, it emphasizes the importance for a business evolution. Many think that adapting to technology will be enough, but the real adaptation has to do with your consumer.
“The future of business is not about technology, greed, or short-term deals. It’s about people, purpose, and experiences,” Solis says.
So, which side of the growing business gap are you going to be on?
How is your business going to adapt or have you already? Where do you need help or advice? Leave your comment and we’ll think it over with you.