In today’s dynamic and rapidly evolving business landscape, the age-old adage of “business as usual” has become obsolete. The winds of change are sweeping through industries worldwide, reshaping the way we operate, compete, and thrive. As the owner of a small business in India, it’s imperative to understand why adhering to traditional norms is no longer a viable strategy for sustained success. Let’s delve into the reasons why business as usual can’t be the status quo any longer:

1> Technological Revolution:

The digital revolution has fundamentally altered the way businesses operate. From e-commerce to digital marketing, cloud computing to AI-driven analytics, technology has become the bedrock of efficiency and innovation. Many old businesses have ceased to exist or are in terminal decline – Think Travel Agents, Newspapers, Magazines and Comics, News Media, Cable TV ecosystem, Insurance Agents, etc.

You, as a business owner, have to embrace and proactively implement the technological advancements in your businesses to streamline operations, enhance customer experiences, and to stay ahead of the curve. Ignoring this transformation can leave businesses stagnant, unable to tap into new growth opportunities.

2> Changing and Ever More Demanding Customer Expectations:

In the era of globalization and instant communication, customer expectations have reached unprecedented heights. Consumers demand personalized experiences, seamless interactions (think integrated payments on your websites), and swift problem resolution (Immediate access to a Customer Service Executive over a call). Even B2B customers these days want more evolved and integrated communication and solutions. Adhering to business as usual might lead to a disconnect with these evolving expectations, resulting in customer attrition and diminished brand loyalty.

3> Competitive Landscape:

The global market has expanded, and businesses are no longer limited by geographical boundaries. Think about Amazon and Flipkart who now compete with the local shopkeeper in every imaginable category you can think of. A shopkeeper sitting in Ludhiana can sell a product to customer sitting in Kanyakumari using one of these portals. This increased accessibility means facing competition from both local and international players.

Going beyond the competition from the apps and portals, another way to look at it is how players like D-mart affect all the grocery stores in the vicinity. With a larger selection and Better (perceived) pricing, it almost always results in lower sales for the Kirana Shops in the vicinity. How the local Kirana / Grocery store Pivots in face of such competition is what will determine if it will survive or not.

A business-as-usual approach might leave you vulnerable to innovative competitors who are quick to adapt and capitalize on emerging trends.

4> Ever-Evolving Regulatory Environment:

Regulatory frameworks are constantly evolving, especially in a country like India. Just think about the constant changes and regulations – Be it regulations for the Crypto Industry, be it 28% GST on gaming and casinos, be it sudden Export duty of 40% on Rice, Be it the evolving emission and safety norms for automobiles. Then there are constant tweaks to the GST system and regulations. There are constant changes and you have to be nimble footed and not trip on them. Staying compliant is not just a legal obligation; it’s crucial for maintaining business reputation and sustainability. Relying on old practices might expose your business to legal risks and financial penalties.

5> Worldwide Economic and Geo-political Uncertainties:

With the world being more integrated economically, The business world is impacted by economic fluctuations and unforeseen disruptions. Recent events like the pandemic have highlighted the importance of resilience and adaptability. The Russia-Ukraine war also impacted oil prices initially and then led to a worldwide food price inflation (as Russia and Ukraine remain one of the largest producers of wheat in the world). You, as a business owner, have to think about such events and ensure that your business is ready with Plans for such events.

Businesses that continue with a business-as-usual mindset might struggle to weather unexpected storms and secure their long-term survival.

In conclusion, the mantra of “business as usual” has lost its relevance in today’s fast-paced business world. As a small business owner in India, your success hinges on your ability to adapt, innovate, manage risks and staying agile in the face of change. Embracing the evolving landscape and proactively seeking growth opportunities will be your roadmap to thriving in this dynamic era.

-Saurabh Maheshwari

(c) 2023

http://www.devmaheshwari.com