How Has Conventional Business Wisdom Changed Up To 2022?

Conventional business wisdom has been upended many times over the decades, and for good reason. If you were to explain what today’s marketing industry is like to a Manhattan executive from the 1960s, you would probably be laughed out of their office.

As such, change is the constant, and if you’re not focusing on the market of today, the near future, and the visionary far-future, you’re catering to a time that no longer exists. So – to what degree does conventional business wisdom apply in 2022, and what insights can we claim from the changes that have occurred?

This is a heavy topic to address, to the point where several volumes could be written by competent researchers in this field. So, in the interest of brevity, we’ll restrict ourselves to three essential lessons that one might learn today, or three separate changes that can help you look at modern business life with clarity.

Without further ado, let’s consider: 

Flexibility Is Greater Than Ever Before

It’s important to note that the baseline structure of how you run a business has changed more than anything else. Thanks to technology, video conferencing and communications, two business partners don’t even have to meet in person in order to structure a worthwhile enterprise, while logistics and quick deliveries mean that a retail store location or the need to situate yourself in a major city is not necessarily as important as it once was. Even if you’re focused on a more conventional business like setting up a law firm, these principles can apply.

Your Market Is A Click Away

Never before has it been this easy to expose your business to the world, but never before has it been so easy to ignore the marketing spiel among all the competition. This is why a value-added approach like a business blog can make such a tremendous difference in generating automatic traffic, and it’s also why subscription models and even free trials have exploded in popularity, with many major firms focusing on these as a matter of course. If you can remember your market is a click away, you’ll cultivate methods to organically develop your online sales funnel.

Consumers Are More Willing To Accept Novel Concepts

You’d be surprised how often consumers are willing to ‘go with you’ provided you clearly demonstrate what you have to offer, your goals, and why this is important. So, running an all-online bakery where quick orders can allow for easy pickups and deliveries in an area can help a possible restaurant without a major premises (but still validated by the health inspectors), will be seen as verified and necessary. Consumers are more willing to accept novel concepts provided the value they offer and the novelty they curate are working in tandem. It makes consumers and clients happy to know they’re supporting a company trying something new, especially if that novelty comes in the form of the sustainability or standards they’re chasing.

With this advice, you’re sure to see how even conventional business wisdom can change over time.