The New Digital Economy

Summary

The new digital economy is something that was unthinkable, but has now been forced upon us, probably 10 years ahead of its time. We now live in a time, where your Nan has an iPad and she's contacting you on Zoom. We've all found ways to work from home and be profitable, ways to adapt, to change. After the initial shock of lockdown, we've all slowly overcome it and found ways to pivot. That is now the new normal. The time we find ourselves, in this digital economy is not going to go away. It's been forced upon us and it's going to be embraced, and it's going to stay.

I have three things that I believe has or will change because of this digital economy.

The first thing that I think has changed, is the perception of business. I'll give you an example. Six years ago, I carried out a management buyout of an architect's practice. And I transformed that business into a multinational practice in serving different industries. My perception of what I needed to do to build that business, and what I believed the clients wanted, was to have this nice, glossy company with keynote head offices, in buildings of interest, in really expensive locations, and our overheads were through the roof. It was something we really struggled with, managing the overheads, but it meet that public perception of what was expected from us. That simply doesn't need to happen now. What employers have realised, is that it's possible to work from home. The old way of working from home had a stigma around it within big corporates. That's simply not the case now, if you develop the systems, you can implement a work from home policy that works pretty well and can generate, the levels of revenue that you did, when you worked from an office.

The second change is teams can now be global. You are now going to be building your team globally, as opposed to from one central location. As an entrepreneur you will often use virtual assistants, social media staff, that support you from different locations around the world but that is now the new norm. Many, many businesses have realised that it's possible, when it was unthinkable six months ago. And they're now going to make that happen. You no longer need to build a team from one single geolocation. It can be done from anywhere around the world. And that's a big change forced upon us because of this global pandemic.

Point number three is, it's no longer acceptable to have one product or service, or one way of delivering that product or service. One thing that this pandemic has bought out in all of us is the need to have multiple products, multiple strategies, multiple services, and multiple ways of delivering those things.

Please listen to the full podcast episode to hear three things that you can do to get your business back in the game and to embrace this new era of digital technology, the new normal for the way that we conduct business.

HOST BIO
Paul Abercrombie

Entrepreneur, Speaker, and Founder of Multiple Businesses . Paul is on a mission to help business owners and Entrepreneurs achieve success.

"In 2008 I left my full time Job to follow my dream of owning my own business and building a better life for me and my family. Since them I have started 12 businesses, generated millions in sales revenue and employed hundreds of people. I have also had some epic failures, made many mistakes and its my mission to ensure other can learn from my experience, avoid the mistakes I have made and achieve success in both life and business!”

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