Challenges new technologies Bring to your Business and Employees

Hoping technology will impact your work and Business incrementally is being an Ostrich. The work itself will either change or go obsolete. You need to grow even to remain at the same place. A few years back, as a technology and business leader, I used to think and plan five-ten years to prepare my employers and clients for retaining and building their competitive advantage. These projects led me to read and evaluate impending technological disruptions and their impact on society, markets, small and medium businesses, and corporates in the next ten years.

It makes me worried, looking at various folks happily working on the shop floor, retail shops, bank tellers, drivers, or even the safe medical field, across the world have no clue what’s going to hit them in the next few years. Technology is not only changing the way work is done but also changing the WORK ITSELF.

Similarly, if their employers (Business Owners/Entrepreneurs) close their eyes to the new technological advancements, the entire company’s existence could be at risk.

Technological advancements will impact business owners and job seekers equally.  Many Business owners have settled into their business well after working hard for five to ten years. After a while, it becomes like a job or lifestyle business with no new thought or technology introduced to the company for years.

The new normal is that there will be new jobs and Business Models. Unless we adapt and reimagine the Business Models and processes based on what the future looks like, there are no way small and medium businesses, and their employees can survive the Tsunami of change coming our way.

Many small and mid-market business owners I meet each month for our subsequent acquisition are worried about their employees who have supported the company for the last 1-4 decades. Some employees are with the company from the start. They are an asset to the business. We understand and recognize that this asset is even better than the equipment.  We share with sellers that it is vital to maintain their high business standards, retain the business name and the reputation they have built over the years, and look after their staff and legacy.

I feel for the employees equally. I have been an employee for many years, so I understand their challenges. I read an article; Mckinsey Paris office surveyed to see the impact of the internet on the job market over the last fifteen years. They found that the internet destroyed 500,000 jobs but added 1.2 million jobs in France. Sounds good, right? It is, but only from the statistical point of view. Think of out of 500,000 jobs lost, how many were trained for the new jobs without becoming obsolete or forgotten completely? What happened to their families, how did this overall impact them? Typically, no one cares about this stuff, but you should! It is coming; your family’s future is at stake.

You will get hit hard whether you call yourself an employee, entrepreneur, founder, cEO, company owner, business owner, or employee. Make sure you won’t become a forgotten statistic by politicians or economists.

I am all for technological advancement and believe that the new technologies and way of working bring a lot of good for us worldwide. Advances in technology make our future look better than our past, provided we are ready to adapt. It can be learning new skills, Digital transformation, Business Model Reimagining, or Building an Online Presence.

I encourage you to keep your antennas up and read about these challenges that will inevitably affect you. Be aware of the changes and then take some action.

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