I am not a prophet of doom but it’s easy to predict that many million-dollar businesses will shut down soon.
We’ve seen bigger businesses close their doors in the past; Nokia and Blackberry are examples of once-dominant brands that ended up being swept away.
How much easier would it be for small businesses to disappear without a trace?
The answer is a lot.
You see, the business world is not merciful to brands that fail to evolve quickly and that’s what I see all around.
Well, In this article I want to expose the hidden threat that could force the closure of several million-dollar businesses.
Business Not As Usual
One great flaw humans have by design is the recency bias; it causes people to predict the future based on recent experiences.
Recency bias is the tendency to overemphasize the importance of recent experiences or the latest information we possess when estimating future events. – Scribbr
This bias misleads people into thinking they know how the future will unfold based on recent events.
Little surprise, the arrogance of many people of status. And this is exactly why several businesses crumble.
We assume things will remain the same for the foreseeable future. But that’s not true.
Especially in this day and age.
The business landscape is changing and doing so rapidly; everyone knows this
Including you, the million-dollar business owner.
No one builds a 7 figure enterprise by mistake. We make up some of the sharpest minds on the planet.
The problem is that many 7-digit businesses are yet to evolve with current trends
Business is no longer as usual. It is now DIGITAL.
The DIGITAL Gap
Digital is changing the way people make purchases.
Two things are responsible for this change. Firstly; older generations are dying off. This changes the average behavioral pattern in the world.
Online shopping is growing rapidly. Many more people will prefer to shop online.
The second reason is the rise in new technology; this has created so many advantages for businesses to thrive
While some embrace this new technology, others are lagging.
For example, Several local stores and offices don’t collect email addresses and phone numbers with permission for remarketing
Businesses that don’t use email marketing automation to connect & build relationships with customers cannot plant their brand top of mind while getting them to spend more money with them, especially when a nearby competitor starts doing it
I’m surprised when I see a small business that, by 2024, still doesn’t take social media seriously, doesn’t have a functioning mobile-optimized website, and doesn’t prioritize replicating online what they’ve achieved offline
It may hurt if you can’t handle the truth, but such businesses will soon be out of business.
And that soon will likely happen in less than 5 years from today
What You Can Do Differently
It is your responsibility as a business owner to stay on top of evolving ways of doing business or at least delegate it to someone capable …by that I mean someone who is really capable, not someone to blame if things don’t go well or just to get it off your chest
The reason is that consumer behavior is changing, and ever so rapidly.
If you don’t step up your digital game now, you will be left too far behind to catch up later
Fortune 500 companies get disrupted and knocked; what do you think happens to small businesses?
They disappear as though they never existed.
Kodak, the once giant of the photography industry, failed to embrace digital photography quickly enough, leading to its bankruptcy in 2012.
Blockbuster failed to embrace and adapt to the digital streaming trend, leading to its downfall.
Who is next?
While I can’t answer that, if you care to listen, may I suggest what you must do to make sure it’s not you?
If your answer is yes then I have just what you need:
An action plan for million-dollar businesses to go fully digital quickly and effectively.
The action plan includes the same techniques used by the Dollar Shave Club, Glossier, HelloFresh, and Gymshark to go from unknown to top online brands.
If you want to remain competitive in the coming years, this is what you need.
Click HERE to get your GO Digital action plan
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