In business, you must keep up. Your industry changes, and you are on top of it. Your market changes, and you are continually looking for new markets. But technology? Now, that is a different can of worms.
Technology moves at remarkable speed. And it invades every business sector. Yours included.
New methods: Jack owns a machine shop. He's been machining parts and tools for his customers for a generation. His biggest customers are in various industries--auto parts, aerospace, health care. Suddenly, 3D printing began making inroads in his industry. With 3D printing, parts and tools can be produced more quickly and at a cheaper cost. Jack installed a 3D printing capability, including a computer programming expert. He is now gradually phasing out the cutting and grinding machines that served him so well for decades. The future is in 3D printing. It is manufacturing of the future--human hearts have been made and auto parts are a walk in the park.
Quick payments: Donna operates an upscale women's clothing and accessories shop. She is on top of the latest styles and designs, and she promotes on social media--Facebook, Twitter, Instagram and others. She targets high-end customers, and they have rewarded Donna with active sales. Not only do they visit her shop when they see her posts on social media, but they refer others as well. When Square.com offered a mechanism to pay with a card swipe, Donna quickly added the capability. Then she added ApplePay. Customers appreciate her keen eye in the fashion world, and they now like the ease with which they can pay for their purchases.
Updated access: Linda runs a restaurant that is popular with the lunchtime crowd--corporate types in her area. Her full menu is posted on her website, and she posts her daily specials on Facebook. In the past, Linda maintained a fax list and sent out faxes listing specials every day. But the fax went by the wayside. Today, Linda's restaurant has its own app. Customers now hit the app and place orders as they leave their corporate cubicles. By the time they arrive at Linda's place, their meal is ready for them to sit down and enjoy.
Technology is changing everything. If you don't keep up, your business will suffer. Customers tend to drift toward those businesses that are on top of today's technology.