I’ve recently read several articles that have come out regarding oversaturated and dying industries. Sometimes it was due to artificial intelligence while other times it’s because the industry can’t take anymore.
The truth is, there’s always going to be some doom and gloom just around the corner. After all, the only constant in this life is change – and that includes your business. That being said, there are a few keys to success that will keep you going in just about any industry you choose to pursue.
Key #1: The ability to adapt.
Since there is so much talk about how technology is changing everything, it’s only natural that one of the keys to success is to adapt.
Here’s where the problem comes in for a lot of businesses: They are quite comfortable where they are. As a result, they usually don’t see massive disruptions coming.
Just look at Blockbuster. They were sitting pretty thinking they were on top of the world and then here comes Netflix. Blockbuster couldn’t adapt because they didn’t even have a chance to. Had they been on their toes, they might have seen Netflix coming and changed their business model.
Key #2: A personal brand based on your expertise.
Personal branding is one of the keys to success for the simple reason that nothing can replace your brain. This is one of the reasons I have focused on re-building the consulting side of my business – because artificial intelligence can replace a skill, but not knowledge. Not yet anyway.
People seek out experts for their knowledge, but in order for that to happen, you need to make a name for yourself. This is where personal branding comes into play. The good news is you can create a brand from scratch by consistently putting content out there.
Key #3: Using technology to help you run a better business.
This particular tip is related to adapting, but it’s a little different. The truth is we are living in times where technology is rapidly changing the way we work.
On the one hand, it’s bad news because skills can be replaced by machines. That’s why, as I already mentioned, one of the keys to success is to brand yourself as an expert.
On the other hand, business owners can use technology to their advantage. Take the payments industry as an example. With new and innovative ways to accept payments that are also more secure than ever, you can rest assured that your clients’ information is safe. Additionally, this means you get paid faster.
So rather than being afraid of how technology is disrupting industries, embrace it. Heck, become a payment facilitator. Your ability to embrace and implement new technologies will ensure you and your business actually stick around.
Key #4: Be human.
In addition to embracing technology, you also have to be human. Machines can only do so much and automation can only make you so much money.
The reality is people do business with people they know, like and trust. That comes from being human. That looks like providing immense value upfront and creating lasting business relationships.
In fact, if you’re only able to implement one of the keys to success, let it be this one. I’m certain that the reason I’ve gotten as far as I have in my business – without having had any previous knowledge of business or tech – is because I’ve always focused on building authentic relationships.