Cynthia Ford: Business Changes During This "New Era"

BUSINESS CHANGES DURING THIS "NEW ERA"

The ways recent shifts have been the driving force for business success

Who would think that we would see a world where the dream job of many is to work from the comfort of their homes? Business is not business as usual. Business make-up worldwide has shifted, and we must be prepared to flow with that shift. Technology is one of the driving forces for transformation. Change is happening every day before our eyes, yet it will still catch some by surprise at the culmination of the new era. What does a businessman or businesswoman look like today? You may see the usual suit, tie, skirt, and high heels. However, you may see jeans, flip-flops, t-shirts, or shorts. It is not the outer appearance that will make the difference but the services the business offers. The driving success of a company is solidified by the consumer's needs, the owner's business competence, and the team that helps keep the business flowing. One of the biggest reasons for business failure is the lack of demand for the product or service and the location of the business. One of the reasons for business success is the business owner recognizes their strengths and skills and fulfills the consumer's needs. The business owner does not have to do everything to keep the business running. The business owner taps into the skills of a business partner or others who can assist in fulfilling required duties. What caused our most recent business shift? Much of the world stood still in 2020 due to the impact of the COVID-19 outbreak. Within days businesses were required to strategize regarding a virtual plan in order to keep their businesses open. Most companies had to learn to operate from home for an indefinite period due to the uncertainty of the pandemic. What a challenge that became for many who were not used to working with technology. Consumers quickly sought entertainment, information, and comfort from online platforms. Unsurprisingly, many struggled as offices attempted to transition back to their usual way of handling business. Some struggled with reporting back to their place of business after seeing how successful they managed the business from home. Others struggled, realizing that the way business was handled before 2020 will never fully be the same. The mindset of many shifted to survival mode due to health concerns and the reduction in the availability of products or services needed. This change brought out creativity that was dormant in many people and forced some to seek opportunities that they’d never experienced before. One of the leading voices during this transition was established entrepreneurs. In 2021, the term ‘The Great Resignation’ was coined. There was a record-breaking number of employees resigning from their jobs. Several businesses suffered during this period, leading to a change in hours due to being short-staffed. The high unemployment rates were not due to the lack of available jobs but the low rate of potential employees applying. It was believed that this was due to the changes that occurred during the shutdown in 2020. Some employers had idle time to consider their true feelings about their job. There was also a big push to focus on passions and purpose. Online influencers provided

story by Cynthia Ford

timelines and mastermind courses with tips for pursuing your true calling. The problem with that concept is that many who echoed the sentiment of 'quitting your job' did not sufficiently provide people with a secure alternate. Being an entrepreneur is not an easy task. It can be rewarding but is not easy. Before quitting your job, prepare yourself for your next move. Research to discover all pros and cons. We still need people to operate in nine-tofive jobs. However, if you decide to transition into entrepreneurship, understand that it takes more than what the marketing team shows you on social media. Understand that the face of business has changed and continues to shift with time. To successfully operate a business, there are several things to consider. The first thing to be aware of is the need to conduct thorough research. Opening a business requires more than just having a good idea. Researchers have concluded that many businesses fail within the first three years of opening due to the owner not being fully prepared to operate the business. Research should include all aspects of the potential business idea, such as the current market trends, production, services, companies with similar attributes, and most importantly, the consumer. Another critical factor is funding. Future business owners are often encouraged to have enough money in their savings to cover three to six months of their current expenses before transitioning to entrepreneurship. Determine if you will fund the start-up cost or if you will require a business loan. If you obtain a business loan, you must ensure credit worthiness. You must be able to balance personal and business finances and ensure to separate the two. If your business fails to offer a product or service that proves to be in demand or is a need for consumers, the company may struggle. Most consumers purchase things that are considered to be of value. Understand your target audience and cater your marketing to that audience's interest. Before spending the first dollar on the business, create a business plan. The business plan will include multiple layers of the business you plan to operate. As you build your business, offer support to other companies. This support will provide you with the ability to understand business as an owner and a consumer. Transition if you must yet evolve with the right mindset while being fully prepared for success. We honor all businesses this month and salute black business in honor of Black Business Month.