On 2020 Vision
Your big opportunity may be right where you are now
Napoleon Hill uttered these words and I was prompted to think of them when listening to Bernard Salt at last week’s Business Day Out hosted by Commerce Ballarat.
Bernard presented some fascinating information on the demographics of the world, Australia and Victoria in particular. The information really “got to the guts” of what is likely to happen to the population over the coming years and any business owner, manager or strategic thinker would be well advised to take heedof the detail provided.
By far the most interesting statistic was the one which showed the greatest increase in population in Victoria in the years to 2023 is going to be in the age groups from 30-39 and 70-79. There is also going to be a significant increase in the number of kids aged 5-14.
Now take this information whichever way you like, but I would be thinking about what these people are going to be wanting and needing from the perspective of goods and services, schooling, clothing, food and the like. What, for instance are the propects for a business that is targeting new-borns? Not as good as one targeting school-age kids. Demand for the 20-something requirements (cheap housing etc) is likely to wane. What are the retirees going to be needing as they do become less mobile and move from their established family homes?
When you are planning your business for the period in to the early 2020’s, have you really considered what your customer base is, where they are coming from and what they need from you?
For example, did you realise that the number of people in the 35-39 age group in Victoria is expected to increase by 120,000 over the 2013-2023 period? What are they going to need, where are they going to be living (probably not in Charlton!) and what is going to be important to them? If you consider these types of issues, you will be very well placed to ride the wave that they create.
By opening up your eyes and accessing informaton such as that provided by Bernard Salt, you will be placing yourself in the position to take advantage of the opportunities that are presenting themselves.
Take off your spectacles and use the 2020 vision that has been provided to you!