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Is your Business moving with the times?

Posted on November 19th 2019

In recent years we have grown accustomed to reading about businesses near collapse and those which have been forced to close their doors for good, leaving many business owners asking themselves how to remain relevant in today’s market.

In September 2019, we saw the unfortunate collapse of Thomas Cook. One cause of the company’s demise was their failure to adapt to the changes in the market. The chairman of Newquay Airport, Tim Jeans said that Thomas Cook had “an analogue business model in a digital world”.

According to ABTA only one in seven consumers now visit a high street travel agency to book their holiday. Thomas Cook failed to adapt and continued to run around 560 high street stores whilst competitors such as Ryanair and EasyJet responded to the needs of the modern consumer by offering low cost package holidays online. Thomas Cook was unfortunately left behind whilst their innovative competitors dominated the market.

It was refreshing to read BBC News’ recent headline ‘Unilever to cut plastic use to appeal to Gen Z’. Unilever uses 700,000 tonnes of new plastic each year but is aiming to halve the amount of plastic it uses by 2025 and to encourage the use of reusable packs and refills. This is a great example of innovation. Unilever has listened to the environmental concerns of its younger consumers and responded to their demands. By attempting to appeal to younger consumers, this forward thinking business will remain relevant in future years.

Innovation is vital if businesses are to survive in the constantly changing digital world we live in. The availability of Research and Development Tax Credits from HM Revenue & Customs also makes invention and improvement at attractive proposition. Too many businesses are stuck in the past and fail to consider how they can remain relevant in the future. There’s no better time than the present to consider the ways in which your business can move with the times.

 

By Jenna Fraser

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