The other day I spoke at a Small Business Breakfast Event on the future of technology, and in preparation I learned a scary statistic. According to a recent survey by CPA Australia some 5% of small businesses in Australia plan to innovate a new product or service in 2015.

5%??!?! Say What!!

That compares to some 45% for Indonesian small businesses, 32% for Chinese, and 15% of Singaporean.

“So what?” You might ask, surely a plumber is a plumber is a plumber. And a doctor has been providing the same services for, well, over a century.

The what is compounded by two other statistics:

1. ~66% of people in Australia work for small businesses.

If you’re not considering shifting to innovation to drive success in your business in an increasingly complex and technology driven world, you are doing your staff a disservice.

Not to mention the country. In a world where globalisation is driving the economy, for us to become a world leader in innovation, we all have to shift from cost reduction to value creation.

2. Moore’s Law.

There’s a reason the Asian countries, even the mature, developed markets are innovating. They understand that the compounding interest of Moore’s Law means technology will eat their business for breakfast.

Look at what Social Media has done to even large businesses like newspapers, what Uber & Lyft have done to the taxi industry everywhere.

What? How? Where do I start?

Get along to one of the numerous meetups to learn about new technology. Look at the various State Small Business networks for ideas and training.

From a technology perspective you could:

  • If you’re in accounting, look at Cloud services, block chain, mobile apps, analytics and even business process robotic automation.
  • If you’re in the building industry, look at robotic bricklaying, 3D printing, cloud scheduling, VR visualisation…
  • If you’re in logistics, look at machine learning, autonomous vehicles, drones, mobile apps
  • If you’re in medicine, please, please, please join HealthEngine

Whatever business you’re in you could benefit from a mobile application, tapping into Social Media to understand your customers, providing help, support, even “how to’s” on video, and so much more.

How about introducing just one new service in 2016?

Posted with Blogsy from my iPad Pro

Originally published on Wordpress

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