Society is currently in a time of very rapid change. New technology and ideas are constantly being introduced to the world, and new ways of life are replacing old ones. This rapid evolution is waiting for nobody. It can be a very scary time for those resistant to change, as they are unwilling to keep up with the times. However, to others willing to adapt, this is a great opportunity to prosper from the ever-changing economy.
A perfect example of a sector whose identity will drastically evolve in the future is agriculture. Every second, a soccer field-sized portion of agricultural land is lost due to urban sprawl or other factors. However, in that second, we will add two more people to the already astronomically large population for whom farmers must produce food. The way farmers operate must drastically change for the food production to meet the increased need. Although nobody can predict the exact innovations that will be coming decades from now, it is all but guaranteed that they will be coming to the industry. Farmers will be forced to change their ways to keep up with the new technology and methods. Those who do this will continue to prosper- their adaptability will allow their lifestyle to be sustainable. On the contrary, the future is not as rosy for those who will refuse to change with the times. They will be faced with an increased demand with decreasing farm size; unfortunately they will lose business to those who are adaptable.
The corporate world will also be forced to adapt to constant evolutions. Successful companies have a proven track record of keeping up with new technology and business procedures. Their adaptability has kept them relevant over the last few decades. In this case, the future will be much like the past- companies that are willing to change will continue to be leaders in their field, leaving those unwilling to evolve behind.
Are you ready for change? Do your investments reflect where the world has been, or where it is going? Is your business prepared for the next decade? If you are prepared to adapt in this ever-changing economy- congratulations! The future is bright! However, if you are unwilling to evolve with the world, you are missing out on a big, big opportunity.
Gary VanMoerkerke is a Financial Advisor with Raymond James Ltd. The views of the author do not necessarily reflect those of Raymond James. This article is for information only. Securities offered Raymond James Ltd. Member-Canadian Investor Protection Fund. Insurance products and services offered through Raymond James Financial Planning Ltd., not member Canadian Investor Protection Fund