Greater Cheyenne Chamber of Commerce Business Journal and Other Publications Q1 2016 Business Journal - Page 12

Where do we go from here? The Association of Chamber of Commerce Executives has launched a program called the Horizon Initiative. The Initiative was designed to recognize influences that would impact Chambers over the next decade but what it really did was recognize 8 influences which will impact every business in the near feature. The following is a general outline of those influences and what they mean to you as you plan for the future of your business. The Nature of Belonging and GatheringThe way we divide into groups is drastically changing in America. A customer is a customer, is a customer who may have worked in the past, but the future holds a much different set of challenges. As millennials advance into their strong purchasing, years they are the ones to reach out to for sales, but they demand individualized marketing, unlike anything we have ever seen before. Millennials, which will soon make up the strongest purchasing group, are very interested in their friends’ and peers’ opinions. Efforts to create gathering places, like online communities for product reviews, will become very valuable. Integrity of business will also be an important part of where Millennials decide to buy their products and where they decide to work. I am not talking about being honest (although that’s important), but I am speaking of company values, environmental awareness, and social ASSOCIATION OF CHAMBER OF COMMERCE EXECUTIVES impacts of a business. Businesses are and will be faced with the challenge of creating community largely through online activities for these emerging customers, and yet still be challenged with keeping up with preceding generations as the Millennials transition. Certainly technology is already an important part of our world but in the future there will be two options for businesses; businesses that fully embrace technology and those who perish. Speed, individualized communication, and robust feedback loops will all be a part of the change. Marketing to the masses is being challenged. With new marketing capabilities, businesses now are expected to tailor content to their consumers so information is relevant and useful to the individual; no longer are we just a number. Knowing the details and how they impact your bottom line will become imperative. It is exactly what it says. The scarcity of resources in one place while the abundance of people, also referred to as workforce, is in another. The difference now is fluidity. Companies are now agile and so is the workforce. Water, energy, food supplies, and people all will play critical roles in prosperity and stagnation. Where 12 | Quarter 1 M 2016 will all feed in to the future. How does this translate? Take downtown Cheyenne for example. There is an abundance of floor space in Cheyenne, but Communications and Technology- Scarcity and Abundance- these resources are, how they are transported and how they are regulated a shortage of capital and people to utilize the space. How is this scarcity and abundance problem solved? The groups and communities that figure these types of issues out will succeed and the rest will become sleepy little towns with very little hope for the future. Global Impacts- As the world continues to embrace a global economy, the realities of what it means to us are just settling in. When there is a pandemic in China, a terrorist attack in Paris, or a natural disaster in Haiti, the market in America responds like never before. Certainly this means opportunity for large and small companies to take advantage of the trends, but it also means some large companies will fail as other smaller niche companies rise to stardom. It means there is more opportunity to compete internationally and in turn, this means more international companies will be competing with you in your home town. Your Global image is becoming better known and if you are a franchise insurance owner in Chey-