The arena of practicing business in today's world has changed. To be successful in undertaking business, business leaders need to be open to contemporary changes. The changes happening in the business world today cut across legal issues, marketing, technology, and financing (Gregory-Mina, 2009). Unless a business leader helps their business adapt to the current spectrum of changes, then their business would lose competitiveness grip. A business plan is one of the several significant contemporary business issues that a business leader would like to watch closely.
Today's business needs to put a greater emphasis on the structure of their business plans. Business plans are strategic because they enable business leaders to secure funding from investors. The reason business leaders need to be keen on the business plan is because investors today are keen on the durations of return on investment stated in the business plans. According to Horth and Palus (2003), investors are more cautious with the length of Return on Investment (ROI) because we are living in a fast-paced world where a little delay could mean investors are losing all their investment.
Legal business frameworks have changed because, in the 21st-century, businesses are experiencing significant political and legal uncertainties. Uncertainties have been heightened by the emphasis of governments on the issues of Consumer protection, Health care considerations, and intellectual property protection. Today's business leaders must keep themselves updated with developments in national and international laws. Also, they should be able to anticipate both legal and political changes.
Moreover, there has been a significant change in the business technological sphere. Technology has been affecting business both positively and negatively. A contemporary business leader needs to understand the changes in technology and how they affect their businesses. If effectively implemented, technology is a tool a business leader can use to gain an edge over their competitors.
The other area of the business world has changed in the field of Marketing. Marketing touches on both sales and promotions of a company's product. Today's customer is more informed about various products in the market and their features. And as a result, today's customers do want to be sold to, and they don't want to be pressurized into purchasing one product or the othenotr, what they want is to be given information about products and be left to make a purchasing decision on their own. Another big driver of change in the marketing aspect of a business is digital technologies. Digital technologies are today's tools through which companies secure customers. They include social media, blogs, and microblogging sites, and smartphones.
Finally, another driver of change in the contemporary business world is globalization. Globalization is the process in which businesses start to have international influence. It is a process in which companies start to have customers from all over the world. Globalization has increased the scale of competition in the market (Storey, 2004). Through globalization, local businesses have begun to have competitors from across the globe. To cope with the effects of globalization, a business leader needs to adapt their business strategies to the international standard.
In conclusion, adapting to change in business is essential to the business leader because it means either the death or survivor of their companies. Every business leader should endeavor to understand the contemporary change in business practices and develop strategies to help their business cope. A business leader can use leadership skills to help their business navigate through the stages of adapting to contemporary changes. And also, a business leader can use computer skills to improve their company adaption to changes in technology.
Gregory-Mina, H. (2009). Four leadership theories addressing contemporary leadership issues as the theories relate to the scholarship, practice, and leadership model. Academic Leadership: The Online Journal, 7(3), 10.
Horth, D. M., & Palus, C. J. (2003). Navigating complex challenges: creative competencies for contemporary leadership. De Montfort Business Mastery Series, 2(1), 12-18.
Storey, J. (Ed.). (2004). Leadership in organizations: Current issues and key trends. Psychology Press.
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