• 3 Disruptive Technologies that Will Change Business

    Disruptive technologies are those that develop new markets by killing the existing ones. These technologies often force companies to change their business approach; else they go out of the market. Here are three such technologies that will change business.

    The internet of things

    It is a proposed development where everyday objects will have a connection to the network. So, they will be able to send and receive data. These objects have sensors, software and network connectivity. For example, building surveillance systems will be connected to locks and camera systems. So, if someone tries to enter office premises, the manager will be informed immediately using sensors.

    The cloud

    The cloud technology is very popular now. This technology will become more sophisticated. Updates will become easier as the cloud service providers will take care of the maintenance works regarding cloud computing. Cloud computing will be available everywhere. There will be cloud-based phone systems. The security of cloud will be high; so it will become one of the safest ways to store data.

    3D Printing

    It is the process of making three dimensional solid objects from a digital file. The 3D printing will become more advanced. It will change the way businesses make things. The customers will be able to make their products.

    Businesses must be prepared to adapt to these new technologies. These technologies will change the way business operates. So, unless you take the initiative to adapt to these new technologies, you may be left out of the competition.

  • Top 5 Reasons Why Businesses Fail

    According to the Small Business Association (SBA), 30% of new businesses fail within the first two years of operation, 50% fail in the first 5 years, and 60% fail within the first 10 years. Only 25% businesses continue running for 15 years or longer. With the right planning, more businesses can be successful. Here are the major reasons why most businesses fail.

    Problem in planning

    planning

    You need a solid business plan to be successful. The business plan should contain an outline of your goals and how you expect to meet them. You have to conduct research and surveys to find out what your business needs. You need to calculate the costs and form strategies and timelines to implement your plan.

    Not enough financing

    financing

    If you have little capital, there is high chance that your business will fail. You should be realistic before you start a business. You should decide how you are going finance your business once it’s up and running. If you make a sketch about your financial planning at the beginning, then your business will never go down.

    Inappropriate location and internet presence

    presence

    If the location of your business is not right, then your business will fail. You should set up your business where you will find customers. The online presence of your business is equally important. You should have a smart digital marketing strategy to increase your online customers.

    Reluctant to change

    change

    Business trends are frequently changing. You need to adapt your business to the latest trend to compete and move forward. You should adopt new technologies and make your business more efficient.

    Thinking of expanding fast

    expanding

    The expansion should be treated like you are starting a new business again. You should carefully plan and develop strategies for it. You need to do a thorough research on the market before deciding to expand.

    It takes a lot of effort and time to start a new business. You should take careful preparation before you hit the road. When a business fails, it is very demotivating for the person, and it creates a barrier to moving forward. So, research and plan well before starting a new business.

  • 4 Reasons Why You Should Hire Millennials for your Company

    Millennials are those who were born between 1980 and 2000. They have some distinctive skills that will make them a successful workforce. The millennials currently make 25% of the U.S. population. These people understand their generation’s interests and desires. They are comfortable working with technology, and they are expert in online marketing efforts. These are the reasons why you should consider taking the millennials to join your workforce.

    They love to work with technology

    They know about the various digital marketing approaches. They like the Internet and all things related to it like computers, tablets, smartphones, etc. They are heavy users of these gadgets.

    They are collaborative

    The Millennials are good at forming a collaborative work environment. If you have them as part of your team, then they can add fresh perspectives to your business. They will work hard and give their best efforts to achieve business goals.

    They can adapt to changes quickly

    The Millennials are familiar with the changing technological and marketing trends. They can easily adapt to changes. They are always connected to the internet and know about the latest business trends.

    They love human touch too

    These people have seen the technology to evolve. So, they understand the importance of staying in touch with the customers personally as well. So, they will give equal effort to connect with your customers in person as well as using digital marketing efforts.

    The qualities present in the millennials are not available with people of other generations. Millennials can bring valuable input to your business. So, consider hiring them.