COVID-19 and AI (Artificial Intelligence) have changed how we will do business now and forever. I remember when people snugged their noses at those who operated home-based businesses. Today, doing your business and corporation’s business at home is fashionable, respected, and profitable.
Corporations have discovered that having employees work from home saves them money on rental space, can reduce the number of staff, increase productivity, and, therefore, more profit. The win for the employees who conduct corporate business from home is that they can position themselves to become independent contractors in the future versus an employee. This is a win-win for employers because they will reduce their employer tax liability.
Today, more people will enter the business world by default versus starting a business on purpose. Business on purpose (owning your own business was your goal, your dream) Business by default (you were laid off, the company you worked for relocated or closed), leaving you no choice but to strike out on your own. You are now forced to enter the business world unready, with no formal business education or former business experience. You pulled money from every available source, including credit cards, etc., and started a new venture. You had no mentor or business coach---an accident waiting to happen.
It's important to failproof your business. Failing in business is not an option today. Here is why failing in business is not an option. Back in the day, people would say, “I am going to close my business and go back to a job and work.” Well, there are fewer jobs to go back to. And AI (Artificial Intelligence) and robots will fill many positions in the workplace. It's time to face the reality of the “world of works” and start carving out your journey to make economic provision for you and your family.
Startup businesses must begin their business by having a business coach, and for established businesses lacking in financial stability to have a business coach. During my fifty-plus years of business experience, I discovered that most businesses still need business readiness documents. Hundreds of businesses missed great financial opportunities for PPP loans due to a need for business readiness documents.
I am the founder of My Tech Academy. Our mission is to empower businesses with the technology skills needed to succeed in a down economy and how they can embrace and enhance their business with the knowledge and usage of AI.