4i Newsletter Masthead 475

Megatrends.

Four i 475 Megatrends2

There are four huge factors that will shape the future of every business:

  • Changing demographic
  • Environment
  • Economic geography
  • AI

Broadly, you have two options:

  • Adjust and shape your business to take these four trends into account
  • Allow your business to be shaped out of your control

Like me, I’m sure you’ll choose to take charge – in which case these are some of the questions you need to be asking of yourself and your team.

1. How aware are you of the changing (make that aging in most locations) demographic of your marketplace?
National statistics, and often large regional ones, aren’t that helpful for many businesses – as these charts highlight.
You need to understand how the population is changing in your patch.

Four i 475 Megatrends3

2. What contribution (positive or negative) are you making to your environment?
Most people are aware of the issues global warming/climate change is causing. However, because the challenges are so big, it leads to a mindset of: “What’s the point, I/we can’t do much about it.”
There’s no doubt that residential properties are the source of huge amounts of greenhouse gasses, not to mention waste, and in the absence of self control, legislation to drive change is inevitable – the changes to minimum EPC ratings are likely to be just the start of more to come.
Rather than waiting to be told what to do, how can you take action personally and within your local community?

3. What will the impact of the E7 have on your business?
According to PWC, by 2050 six of the world’s largest economies will be from the E7 (only the US will be included from the current G7).
Again, can you get ahead of your competition to capitalise for the switch from West to East?

4. You’ve probably had a play with ChatGPT and some other AI, but have you properly considered how it will impact your business?
AI will replace many jobs in most sectors. It will also create as many, if not more, opportunities.
To what degree are you understanding and planning how this new technology can be applied directly to your business?
In simple terms, perhaps as much as 80% of current tasks will be automated. Consequently, the profile/skillset of the people you need in your business will fundamentally change.

I’m excited for those businesses that are now embracing these megatrends – and fearful to an even greater measure for those which aren’t.

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