Modern business is changing quickly, compounded by the growth and development of technology, changes in the global market, and the demand for new and improved services. The future of business is dependent on three areas: innovation, strategy, and growth. Businesses that want to maintain competitiveness, and ultimately a sustainable competitive advantage, will need to evolve continuously on current products and services offered to customers, keeping pace with changes in technology. Innovation is essential for growth. A business that is not innovating will quickly fall behind in the competitive landscape. For example, AI (artificial intelligence), big data, or new modern communication technology have opened possibilities so that businesses are able to improve their decision making and their customer service. At the same time, having a clear long-term strategy to govern the organization sets goals for the business, managing the business resources (capital, employee, and time) while accounting for competitiveness in both local and global markets. A strong strategy also addresses the direction in which we develop the workforce, sustainable services, and economically and environmentally responsible initiatives.
For business, growth is much more than increasing revenue; it is about forming a brand, forming good connections in the community, and advancing the development of the economy of a country. Companies need to learn how to be flexible and resilient and, to be smart, demonstrate innovation, and respond to surprises. Ultimately, the future of business belongs to those who are smart, innovative, strategic, and dedicated to growing. Any entrepreneur, regardless of size, should be cognizant and instill these three pillars to develop sustained success.
