Creative Destruction

Last month London’s black cab drivers protested against a new App called Uber which is a competitor to black cabs.

The App enables passengers to call for a mini cab, choose the type of car and then charges them based on the distance they travel. As I understood it, the Cabbie complaint is based on that Uber is operating outside the law.

This is an example of “Creative Destruction” and The Institute of Directors has likened the protest to the machine-breakers of the 19th Century. They tried and failed to stop the spread of the power loom.

New technology brings new competitors and a better deal for customers. The worrying thing for established businesses is that often the new technology is not adopted by them. New businesses destroy old ones.

In the accounting profession I see new Cloud technology having a profound impact on clients and accountants. I have partnered with Xero accounting software and am developing new ways of working with clients.

What are you doing? And, what new technology is on offer to you?

One place to look is the Add-On partners with Xero https://www.xero.com/uk/add-ons/

I once heard that it isn’t the fittest that survive but the most adaptable. Feel free to contact me about booking a session to review your strategy.

One other thing to mention that relates to Uber and that is the power of PR. Uber does little more than does Hailo, the black cab app. Hailo enables you to find local black cabs who will then come and pick you up. Uber does the same thing with unlicenced drivers. But Hailo hasn’t had the benefit of the PR that has been generated by the fuss about uber.

Could you use PR to move your business forward? If you can then perhaps this could be part of your new strategy.