onlineiq blog

Is your business on a short fuse?

  • by Urszula Richards
  • 26 March 2014
Is your business on a short fuse?  onlineiq blog

This is a very different kind of Big Bang theory.

A recent study conducted by Deloitte, released information about which industries would be most impacted by the changes to the way business is done in the new digital economy.

Just quietly, if words like "digital economy" leave you scratching your head don't worry - it simply means that the internet has changed everything about the way we do business - and that you need to pay attention.

So how will you know if your industry will be hit hard?

Deloitte's research - which you can read in much more detail here, identified four ways in which industries would be affected. They also identified which industries would be significantly impacted.

They call it Digital Disruption, but what it means is that if you don't adapt, you may not stay in business, just as the industrial revolution changed the world as we know it.

The first group of industries fall into a category they call the Short Fuse, Big Bang. If you are in one of these industries, you really need to pay attention - and fast.

Short Fuse, Big Bang are industries which will be affected significantly, and in the very near future.

Specifically, according to Deloitte these industries are -

  • ICT + Media
  • Retail Trade
  • Finance
  • Professional Services
  • Arts & Recreation and
  • Real Estate

The second group of industries fall into the Long Fuse, Big Bang category. This refers to industries which must adapt as they will be significantly impacted - however - they have a bit more time. This is good news, but only if they take action now.

Which industries have they identified for the long fuse?

Specifically, according to Deloitte these industries are -

  • Education
  • Agriculture
  • Health
  • Transport & Post
  • Government Services
  • Utilities
  • Recruitment and
  • Cleaning

Now if you're thinking "I already have a website - you're preaching to the converted", you need to think again.

A website is now the very basic, minimum starting point of what you need to participate in this new way of doing business.

The next step is to start to understand how to use your online presence to actively engage with your existing and potential new clients, distribute information, conduct marketing, integrate online and offline business activities and generally leverage the knowledge and tools now available - literally at your fingertips.

There are lots of different ways of doing this, and it will be very much dependent on the nature of your business, and the client / customers you serve.

What if you are not in any of the listed industries?

Good question.

My guess is, that if you start to engage in the new ways of doing business, while your overall industry may not be impacted by these changes, it will put you ahead of your competition.

So where to start?

When you are really are not sure about what to do next, start with doing some competitor research.

  • see what others are doing well
  • visit their websites
  • subscribe to their emails
  • make notes about what you do and don't like about how they do things
  • make notes about things you don't understand

Also think about what you could do and make a plan to learn something new and start building your competence.

As obvious as it sounds, if you plan to stay in business, ignoring what is coming is no longer an option.

Start your journey, take advantage of the resources and information out there, and get help if you need it.

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