It’s a tough time to be in business. And especially so if you’re a mature, established business that’s finding it hard to keep pace in the rapidly changing and evolving market.
As a mature owner, you have experience and knowledge on your side. But you’re also faced with the new realities of transformative AI technology, the threat of climate change and a global economy that’s increasingly unstable and unpredictable.
Why are these challenges so problematic? Let’s look at the potential impact.
A new business reality
When you started out, the business world was a more predictable beast to tame.
Technology was here to assist us, not replace us. Markets were more stable and supply chains were reliable. Weather wasn’t a major factor in your business plan, or your insurance policy.
But that cosy existence has changed – and it’s making it much harder to do business.
That’s bad news if you’re aiming to:
- Grow the business and increase sales revenue.
- Sell the business and get a good return on your investment.
- Hand the business to the next generation in good shape.
The challenges for mature businesses
Trading, when the world around you is changing, is difficult. It throws up some specific challenges that could have a major impact on the future of your business.
A) Staying competitive and efficient:
Cloud tech, automation and now artificial intelligence (AI) have changed the technological landscape. If you aren’t abreast of this technology, you can quickly lose your competitive edge.
B) Protecting your business:
Dangerous weather events, widespread flooding and the ongoing threat of the climate emergency are making it difficult to trade and protect your business.
C) Planning your strategy:
The business landscape is no longer stable. Global events can change the economic outlook and the validity of your strategy in a heartbeat, making it hard to plan ahead.
Three ways to optimise your business in 2025
To overcome some of the potentially negative impacts, it’s important to remain agile.
Let’s look at three ways you can help to embrace the new reality.
1. Champion AI, automation and digital technology
Get on board with AI and digital tech. AI can either be your worst enemy or your biggest asset. Fall behind the technology curve and your competitors will overtake you. Embrace the best elements of AI and it could transform your operations and productivity.
When used well, and with a proper strategy behind it, AI has the potential to make your business more efficient and make it cheaper to run.
2. Focus on human skills and talent
Technology is brilliant for speeding up the running of your operations. But it’s also vital to recognise the contributions of key human skills and the talent of your team and workforce.
Your people are the face of the company and a large element in defining your brand. They’re the creative centre, the ideas hub and the humanity that brings your business to life. Never underestimate the impact of real, genuine, human customer service.
3. Balance your use of AI and human skills
AI can help to run the business, but you also need a talented team driving the company.
The sweet spot is to balance these two different factors making sure you have human oversight over your AI. Maximise your use of AI, software automation and digital technologies, but also invest in people, raw talent and the capabilities that a human team brings to the table.
Talk to us about optimising your business
If you’re feeling like the business landscape is speeding past you, leaving you trailing in the wake of technological, environmental, political and economic change, you’re not alone!
Many experienced business owners are feeling the same way – and have the same concerns around how they’ll be able to sell their business, or pass it on to their successor.
Come and talk to the team and we’ll walk you through some simple, straightforward steps to help you change course, optimise your business and embrace the new reality.
