In 2015, some of Britain’s top business people and journalists were invited to join a panel of experts in discussing the challenges that small businesses faced on a daily basis. Interestingly, the conversation did not commence by highlighting large-scale industry challenges; rather, the discussion persisted on the daily frustrations corporations were experiencing, especially in terms of administration, project management and productivity.
Business, today, is progressively dynamic and consumers’ tastes and spending behaviour change daily. Larger corporations seem particularly slower in making necessary adjustments to their business models in response to rapid industry changes and technological progress. Instead of moving with the pace set by customers, they waste time and resources trying to prove the efficacy of their existing, static model for success. Experience, however, shows that reviewing one’s business model every 18 months can be highly beneficial for corporate growth and keep your company in touch with developments in the market place. Many businesses will find this especially challenging. Nonetheless, developing a flexible and integrated business model is crucial for anticipating change from the outset, and providing you with leverage when confronting challenges.
Large organisations do not have the time to stay informed. Between incessant meetings, project management and people management, very little time and fervour is left to keep one’s finger on the industry pulse. Small businesses, however, have a massive advantage over big incumbent firms, because they are able and willing to delegate tasks. Small businesses are open to virtual assistance for instance, as their only interest is to keep profitable and their sources of income open and flowing. In doing so, they are freed from internal duties and micro-management, and can focus their efforts on how customer needs are evolving and what changes are coming into place as a result of industry movements.
The future looks especially bright for Virtual Assistants. This is due to:
- Continuous technological advances – With every new bit of technology introduced into the marketplace, the way we do business changes. Smaller firms can adapt easily as their changeover does not require massive upgrades. Larger corporations only benefit from technological upgrades in the long run, whereas small business experience an instant advantage.
- Better internet – As broadband gets better and more accessible to end users, more and more people are able to communicate their business intentions effectively, consequently adding daily to the number of start-ups world-wide. Furthermore, business is becoming more digital, and virtual assistance is fast becoming a standard customary service for business entities everywhere.
We are entering a world in which everything is and happens online, and where every item for sale or service is listed online. Small businesses and entrepreneurs are typically the first to recognise and capitalise on the internet’s immense opportunities and longevity.