It goes without saying that the competition today is cut-throat and the odds of taking your business head and shoulders above your rivals requires some serious hard (as well as smart) work.
In essence, technology has improved dramatically in the last two decades and more importantly, it has become easily accessible. So, the users today are extremely tech-savvy and are well aware of the large number of options they have.
And whether or not AI and automation will render your business worthless in the next ten years is up for debate. But for now, it is time for you to review your business model canvas (assuming you created one!) and your overall business outlook to make sure they fit the 2019 market requirements.
Below are three arguments that you should take into consideration when strategizing your business operations in 2019.
Perfectionism Translates to Procrastination
Nothing is perfect. That holds true even more so in business. So if you are trying to create the perfect product or service that your clients just can’t refuse, stop immediately.
Each customer is different and perfection is subjective. It is simply not possible to please each and every prospective client or investor. Moreover, perfection comes at a big price – Time to market. (Not to mention the increased production cost and the higher selling price to the customers themselves)
With new businesses and startups popping up each year at a ludicrous rate, it won’t be long before someone else creates a better product (or service) than you and takes away the slice of pie. So aim to reduce the time to market and create a minimum viable product instead. Simply put, getting there first is almost equally as important as creating the “best” or “perfect” product.
User Experience Has Become Pivotal
No matter what product or service your business offers, does it result in end-user satisfaction? Or does it leave them annoyed, frustrated, and even desperate for a better alternative?
Ask any Silicon Valley software startup, and they’ll swear by the terms “user interface”, “user experience”, and “intuitive design”. That’s because providing the best possible user experience is not a nice-to-have anymore. It is the deciding factor in determining your customer retention and lifetime value.
And user experience is not limited to SaaS businesses. When was the last time you went back to a restaurant that served bad food or had poor service? You simply switched to a different restaurant if you wanted to eat the same cuisine again.
Long story short, with so much competition today, you just can’t ignore the importance of improving your product’s user experience. Granted, it would take a substantial investment. But when done right, it is well worth it.
Remote Work? Works Well
That’s right. The internet has bestowed us with the ability to work from the comfort of our homes or a beach in the Bahamas. You might be aware that there is a growing trend among Millennials to simultaneously work and travel the world: the so-called rise of digital nomads. As it turns out, it works out nicely for the companies as well.
“Our company is on track to do close to $20M in revenue this year, and the company is 100% virtual. We have 29 team members around the world; every single one of them works from home.”, says Russell Ruffino, the founder & CEO of Clients on Demand.
The company is ranked #186 on Inc. Magazine’s 500 fastest growing companies in America. This is just one of the many examples proving that remote work increases employee productivity and boosts morale among other benefits.
From the business or employer’s point of view, there are a couple of notable benefits too:
- Reduces overhead: If the majority of your workers are working from home, then you to can choose to have a small office with lower rent and maintenance costs. Co-working is a great option too.
- Hire top talent: Being location independent allows you to hire the cream of the crop from around the world.
Admittedly, remote work requires a certain level of trust and as the business owner/employer, you need to ensure that the workforce is in fact, working. That said, now is the time to expand your workforce globally and get the best talent on board.
If you haven’t already, these arguments should be enough to change your “conventional” business mindset. The internet has indeed revolutionalized everything we once knew about running a business. At the same time, it has facilitated learning new skills, allowing us to constantly increase our earning potential.
What’s more, starting a new business today is simpler than ever. Ironically, finding a unique selling point, building a workable solution around it, and realizing long-term success is harder than ever before.
All the aforementioned arguments are well-founded and definitely worth your attention in 2019 and beyond.