SOCIAL MEDIA QUOTE_NICHOLLS
‘It is not whether you should or should not innovate. You have to. Giants are pushing industries in certain ways; hence the choice is between innovating or quickly becoming obsolete.’ Steve Nicholls, author of Social Media in Business: Succeeding in the New Internet Revolution
Companies need to continue innovating if they want to move forward within a world that is molded by the advent of new technologies.
If you do not innovative, someone else will quickly out-innovate you and it will then be a matter of catching up instead of thinking ahead.
Innovating means you need to be prepared to abandon the ‘familiar’, or the ‘comfort zone’ that you are used to operate in, in order to be able to do something new and climb one step ahead.
Giants like Google, Facebook, Amazon, Apple and Samsung among others are directing the flows of entire industries both locally and globally; thus it is easy for small companies to quickly become ‘outcasts’ and find that their traditional ways of doing business suddenly becomes out-of-date.
These giants often adopt the ‘10X’ philosophy whereby they do not seek to add a mere 10% to their yearly return on investment, but instead, they aspire to grow on a 10 times bigger scale each year.
This massive difference between 10% and 10X growths is what is changing our world so rapidly and so substantially, in virtually all types of industries, often creating brand new ones.
Thus giants have the ability to completely change, mould and re-design the face of many industries as we know them today.
At present, the 10X thinking is at the core of such advancements. But as technology moves forward and more opportunities open up, this could one day morph into a 50X growth philosophy whereby growth happens on a 50X bigger scale each year – and small companies which already showed resistance to change beforehand will have an extremely hard time surviving then.
Should small companies think in the same 10X growth? No. Not everyone has the resources to grow 10 times more each year. But someone in your industry is thinking like that. This is why you need to think innovatively in order to find and claim your own space within your changing industry.
This could be finding a particular niche and capitalizing on it using new technologies. Or, it could mean emphasizing on one specific aspect of your business operations using the latest tech.
Hence, you need to keep an eye on what is going on in the tech world, how this could affect your business operations and what others are doing in your industry in order to innovate in the best possible way for your company and increase your competitive advantage within a fast-changing business world.
One thing is certain – shutting your eyes and pretending that nothing is changing will not help you move forward; change is happening continuously, faster and bigger each time technology grows.