Has your business changed in the past few years? Mine has. In fact, since I first started working in my profession as a young lad, the entire nature of what people like me do has changed beyond recognition.
My first proper job involved using a pen all day. On my first day I was given a pile of dividend counterfoils relating to the income of a recently deceased gentleman, shown the format in which I had to list his dividends for the year, and left alone to get on with it. This chap had had maybe a hundred shareholdings. It actually took me more than a day to write them out and to do some of the sheets again because I had not got it quite right. When the dividend schedules were finished, they were copy-typed.
Nowadays, if I had dealt with a client last year, his dividend list this year would be automatically generated by my software, and my only task would be to check for changes in shareholdings. Except of course that in modern times, far fewer investor-taxpayers have large portfolios of shares, loan stock or gilts. How I miss “3½% War Stock 1952 or after”!
The point is that we have to invest in new technology and we have to give our market what it wants – or rather something that they want, as our market consists of people. In my case the value is still there for my clients and the costs are in the software and in my knowledge and training rather than in handwriting schedules to be typed out.
Very few people have milk deliveries these days, no one buys meat for their cats from a street seller as they did before the First World War, and sadly no one buys sheepskin coats, cosy as they were.
If we cannot adapt our businesses we must invest in new ones before the old ones fail. I try to keep my eye on the ball. Do you?