#2 Tools of Assets & Influence — 4 big trends that could ruin your business
This is the second in a series of 24 rants where I deconstruct the key drivers of growth and profitability for traditional service or advisory businesses. About us »
I’ll share principles and real business case studies for establishing yourself (or your team) as a Key Person of Influence in your industry, while formalising the essential business assets proven across 2000+ businesses to accelerate growth, profit and lifestyle.
To go back to rant 1 in this sequence, click here.
Let me go big picture on you in this one.
We live in crazy weird times.
I believe Trump, Brexit, our own political landscape and many of the other bizarre goings on in the world right now are symptoms of a deeper problem.
“Work hard and you will get ahead” is a lie. Good people who work hard and do right by others don’t seem to be getting ahead anymore. Not like they used to. They struggle to pay off a home, to put kids through good schools or to save money for later in life.
The media loves to focus on three scapegoats for all of life’s troubles — Migrants, Muslims and Millionaires — rather than addressing the real issues. I don’t buy into this and think the real problems stem from two areas:
Demographics + Technology
Here are some of the real issues (opportunities) I see we’re facing right now:
1. Australia, the UK and the USA have ageing populations. The baby boom was from 1946–1964, so in 2016 a great wave of people started turning 70. Every day for the next 10 years will be a new world record for the most people turning 70. When populations age, productivity slows, incomes goes flat and governments don’t collect much in taxes.
2. Millennials aren’t settling down. People aged 20–35 are in a bind thanks to debt, low wages and expensive houses. They don’t get married, buy homes or have kids until much later in life. They’re also not interested in buying the big houses that the baby boomers want to sell at 15–20x the average wage.
3. Technology is replacing jobs, fast. The USA is manufacturing twice as much as it did in the 80’s with less than a third of the people in manufacturing — automation is taking jobs, not China. The teen at the Coles check-out is all but gone, so is the manager who checks the inventory, so is the store accountant who reports the daily takings. To put it in perspective, Vodafone has over 100,000 employees and WhatsApp has less than 250. New technology doesn’t create jobs, it obliterates them.
4. Governments have no clue how to tax global companies or the rich. In 2020 (it sounds like the future but it’s only three years away!) 66% of the world will be online and the labour market will be truly globalised. In a globalised world, a geographically defined government can’t keep up with the movement of cash bouncing around the planet at the speed of light. This leaves it with very few options but to expand its borrowing to pay for the things we demand — like healthcare for our baby boomers.
These four big issues are either your friend or your enemy. You either see the benefits of technology and demographics or you see them as a threat.
Your entrepreneurial mind can turn adversity into opportunity. It can see solutions where others see problems, and you can create a business that surfs the waves others are dumped by.
Ignore the noise — Trump, Clinton, Brexit, Migrants, Muslims and Millionaires — the debate will rage on. Worry about how you’re going to build a great business in a fast-moving (often crazy) world.
Let me know your thoughts,
P.S. One powerful way to separate yourself from the noise is to step back and get some perspective. In February/March I’m hosting our world famous 8hr Business & Brand Accelerator. Full of small business case studies and practical advice from hard hitting entrepreneurs and industry leaders, it’s a great opportunity to expand your thinking, define your strategy and set yourself up for the bold move that will make 2017 your best year ever. I hope to see you there.
Why does INC.com call it “One of the top personal branding conferences in the world”? Find out here
Article written by Glen Carlson.