Economy vs Technology … Who will you be backing for the win?

- August 24, 2012 2 MIN READ

Two big things are taking place right now and each is having a significant impact on your business.

1. The economy is either stalled or it’s shrinking: Depending who you listen to, the UK economy is either stagnant or it’s shrinking by a few percentage points. Even so, we live in the worlds 7th largest economy and the UK still has a AAA rating.

2. Technology is revolutionising almost every industry: Never in history has there been so much innovation in the technology space (my personal belief is that tech is actually the main thing shaking up the economy). We can now communicate with 2 billion people for free, take an idea to the world in under an hour, connect with new strategic partners in a few minutes, find information at light speed… and the list goes on.

So here’s the BIG question. Which of these two disruptive forces do you want to focus on?

You can either focus on the economy, of which you have very little influence. Or you can get totally clear on how new technology can take your great ideas to the world.

I know that most of my very wealthy friends are NOT spending much time reading the news on how bad the economy is. Every minute they spend looking at the latest GDP figures is one minute less they could have spent understanding technology.

11 quick questions:

– Have you built a personal brand online?
– Have you built a network of international contacts who know what you do?
– Do you have products that can ship anywhere in the world?
– Is your value proposition clear to those who find you online?
– Have you got strategic partners and affiliates online?
– Have you published content on several relevant sites?
– Do you connect with and support your clients online?
– Are you using webinars, videos, slides and podcasts to expand your brand?
– Do you use cloud based services to run your business?
– Can you run your business from your smart phone?
– Are you constantly learning about how to make the most of the times we are in?

If you’re not answering yes to most of these questions, you’re living in the past and you’re going to get caught up in “how bad the economy is”.

Technology is about to play a very cruel trick on the western world. It’s going to polarise people into two groups; those that embrace it, use it, love it and profit from it and those who end up living in a world that no longer rewards their effort.

This year we are on a cusp. It’s vitally important that you stay ahead of the wave of technology and you learn how to surf it. If you don’t, you will be playing catch-ups for the next 10 years (at least). Make this the year that you lead your business to take advantage of technology rather than get stuck in a “shrinking economy”.