In recent months there has been considerable regulatory interest in some of the largest technology companies in the world. Facebook continues to face scrutiny over its privacy policies and its ability to gather information on its consumers. It’s even creating its own cryptocurrency!
Amazon is constantly acquiring companies – and as a result, is creating fear of survival amongst diverse industries, like health care and supermarkets. Google has become its own verb – when was the last time you asked someone to “search for something on the Internet”? And with companies like Uber dabbling into food delivery, and Netflix creating content that challenges the film and TV industries, the question for small business owners becomes:
Do we even have a CHANCE to survive (forget thrive) in this kind of competitive environment?
Let’s start by looking at what these recent updates among the tech giants mean to a small business owner looking to impact the world. Well, some of us dream of being acquired by one of these kinds of companies and sailing off into the sunset. Not that there’s anything wrong with that, but I think that for the majority of our clients and the owners of small businesses want to maintain their independence and lead their companies in a manner that is different and better than anyone can or will ever do. Here are some suggestions on how to do just that:
Take-away: The size of the company only tells part of the story; don’t let other companies or leaders dictate how to manage your company’s resources or strategic direction. Know your customer better than anyone else and always stay ahead of what your industry is doing in the marketplace.
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Co-founders & Managing Partners