If only it was another blip, a rough spell, a dip in the economic cycle but this time its not. Things have shifted and they have shifted radically. The financial sector will go back to ‘business as usual’ there is not doubt, despite new rules and regulations. But for most of us, the sand has moved and people’s mood has changed. The tide has more than just turned.

The eclectic mix of urgency, technology, culture and transparency will continue to drive truly interesting times over the next few years. This shift was happened already, an economic crisis just gave it a good old nudge. Much is going to change but some of the most fundamental are:

Innovation – Progress is a sure thing but it won’t just come from the big corporates, most innovation in the future will come from small groups of people or individuals. Innovation will be rampant in information technology, biotechnology, nanotechnology, science and clean energy. For the business owner now is the time to ring fence your R & D budget and protect it as if your life depended on it. Research suggests that those who invest in R & D during a downturn will out perform those when things get better.

Fast and slow – The unabated swing to doing things fast ever increases. It’s hard to see where it will stop? There will be a point when we out run ourselves. Things move so fast now that many regard market research and preparing for a product launch with precision, completely outdated and that most products/services just need to be launched and then learn from that. Basically, stuff the research beforehand. Whether it’s reckless or responsive depends on your market place. There are times to slow down, take stock, understand the purpose and consider growth to ensure you don’t get mowed down in the process but also maintain an air of unabridged control. Perhaps we need to fail fast and grow slow?

Talent – Your employees will be the hub of your business not you or the business entity. Prepare for some huge changes in the way you will need to attract, lead and retain exceptional people with huge heaps of knowledge. There will be a war for talent and retention will be a large part of the small business owner’s role and output. No point in attracting bright people only to lose them because you can’t lead for toffee. Business owners will buy peoples ideas and creativity not how many hours they work. How much collective talent you have will dictate how competitive you are in the future.

Customer Experience – The relationships with customers will need to be more significant and intense. Getting customers attention is an expensive process, so keeping them makes more sense. They will expect more of an experience as your products/services become less important or different. They will seek out a meaningful relationship with you as the world around us seemingly becomes more superficial, untrustworthy and potentially faceless. Watch as we go back to deep, caring conversations with customers as we reject being told how good companies/brands are.

Technology – It’s not going away and so we can’t ignore how positive it can be. It has changed our processes, systems, marketing, efficiency, production, health and much more. Expect the pace of change to increase in excessive amounts and be prepared for it. No longer can you scoff at such inventions as Google and Twitter. Many small businesses still don’t have an electronic database and then wonder why they are struggling to keep their head above water! Social media will form the most substantial part of your marketing budget as we go more viral and word of mouth makes a huge comeback.

We will get through this immediate crisis even though the pain will be felt for years to come. Perhaps a shake out, rationalisation was overdue? Unfortunately, for some, it’s been a terrifying shock. What is more important though is how business will respond to the permanent, deal breaking changes in human behaviour, expectations and technological advances that will literally mean the difference between survival and growth. There is still going to be fall out, not because of a financial crisis across the world but because business simply failed to change.