& Virginia

In this video, Jim discusses the importance of being flexible when it comes to hardware and technology because it is always changing.

One example Jim talks about is when the technology of video was developed. The film industry was adamant that film was the only way to go. But, as video improved, the film industry businesses who did not adapt began to fail.  And today, video development has moved to the point that in many cases it offers higher quality than film.

An example of a large business which successfully adapted to new technology is General Electric.  According to an article in the Harvard Business Review, https://hbr.org: “When General Electric set up its state-of-the-art automated dishwasher plant, it originally justified the costs on the basis of savings over time, but the plant has experienced payoffs from the investment in unanticipated ways. The quality of the product improved, lower manufacturing costs led to an expansion of market share, and the plant proved able to serve as a manufacturing site for other products.”

According to an article by Joe Stapes at martechadvisor.com here are the top ten most common reasons companies do not adopt new technology:

  1. They Need to Cover Their Legal Bases
  2. They Don’t Know Enough About It
  3. Fear is Holding Them Back
  4. There’s Not a Big Enough Penalty
  5. They Have a High Acceptance Threshold
  6. They are Plagued by the “L” Word
  7. They Have Learning Curve Fatigue
  8. They Didn’t Know There Was a Better Way
  9. The Pain Isn’t Worth the Gain
  10. They are Old

Jim’s final advice is businesses should be open-minded.  He suggests that employees should be willing to learn about new systems and techniques and use the best of what is available at the time.

In celebration of Communications Concepts, Inc. 40 years of being business, CCI’s President and Founder, Jim Lewis, is sharing 40 tips that he has learned throughout the years about how to survive and prosper in business.

We hope that our 40 years of experience in business helps you improve and grow your own business. Subscribe to our social media accounts so you don’t miss our future business tips and videos on a variety of subjects.

Be looking for our next video topic about how to get the most from  “Advertising and Promotion” in a small businesses.