How to Tap Into Future Trends For Your Business

future-trends-crystal-ball

If you want to be in business for a long time, you need to develop a vision of the future and the place of your business in that future. Here's how to tap into future trends for your business:


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You need not only to be aware of the trends in your market area (technology, competition, trade regulations, etc.) but also have a sense of the general direction in which the world is developing. What opportunities do future trends offer your business?

Questions to consider are

What will Ireland look like in 2025 – or even in 2050?

Where will your business fit?

What should you be doing to prepare?

What are the opportunities?

Consider these current trends:

  • Erosion of trust in our public systems
  • The shortening of technology, product and business life cycles
  • Information overload
  • Globalisation
  • Developments in computer games
  • Time as the currency rather than money
  • Longer life spans
  • People's expectation of life
  • Web 3.0
  • Health
  • Energy

Tip: Read science fiction. Much of what was written as science fiction 10 years ago is now part of our everyday lives.

Train yourself to watch trends

Look for:

  • Changes in food, new products, trendy restaurants
  • The introduction of new products (failures and successes)
  • Changes in family structure
  • Changes in demographics
  • Changes in environmental behaviour
  • Whether there is optimism or pessimism in relation to the economy
  • New cultures
  • New words (twitter, blog, wifi)
  • Science fiction becoming real
  • Technologies merging

Watch for the balancing impact of the Action = Reaction principle

Action

  • Rapid change of technology, increasing role of IT
  • Globalisation of markets due to easy access of information and technology
  • Re-engineering, jobs replaced or supported by use of new technology
  • Multi-cultural influences due to globalisation

Reaction

  • Back to nature in response to technology
  • Back to old values/culture as those things are familiar to us
  • Back into our homes to protect us from the outside (hostile) world
  • Filters on information (for example, the Internet Nanny)
  • Simplifying information
  • Escapism in movies, computer games, adventure trips, etc.
  • To balance the stress, “perks” to cheer us (massage, fancy dinner, clothes, etc.).


Some other things to think about are:

  • The use of drugs for specific purposes (memory enhancers, warfare)
  • Developments in genetic engineering
  • The role of computers and telecommunications in our society (now and in future)
  • Nano-technology
  • Artificial intelligence (AI)
  • Robots
  • Immortality
  • Quantum chips
  • Developments in biology
  • Combination of all above

What are your predictions for Ireland in 2025 and 2050? Write them down. Where does your business fit within this?

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Friday, 16 November 2018
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