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Adapting to the digital era for businesses

Think about your local mall a decade ago and its standard features. Yes, it was filled with a variety of stores, a food court and what are considered "anchor" stores. It also had public phones near every public restroom and in the food court, as well as strategically placed ATMs.

Now, think about how the mall looks today. Where are the public phones? They're now in the hands of most every consumer. Do ATMs have the same destiny? With the digital area shifting as it is, and the use of smartphone apps, many believe this could happen, or it already is happening. The rapid increase of digital banking has some traditional banks worried about their future.

How can other businesses learn from this example?

When we think about how businesses have had to adapt to the digital era in the last decade alone, it's critical for owners to continue with thoughts of how many more trends are on the horizon. Newspapers have shifted to the web, press releases are in digital format, we're communicating through email and texts more often than by traditional phone call, and conferences are happening through the use of webcam technology. Is your business ready, or are you using relics from the past?

How in-tune is your business to the consumer's need for a mobile interface on websites, newsletters, and apps? Does your company allow for transactions to occur with the click of a mouse or swipe on the user's screen? These planning steps are crucial for the growth of your company, as well as continued engagement with future generations. The digital era isn't going away anytime soon, so it's time to embrace its nuances.

The development of strategic relationships

We talked about your local mall and its strategic placement of ATMs. You have to utilize this same tactic with your strategic development of relationships throughout your business planning. By developing a partnership with an experienced attorney, you can get advice with regards to reviewing contracts, lease agreements, and employee agreements.

They can help you with business disputes or litigation, as well as the distribution of stocks. If you have not already done so, they will also help you determine if you company should incorporate an LLC, S-Corporation, C-Corporation and so on. This business planning will help you further strategize as you move forward through the digital era.

Donnelly Ritigstein Law Offices helps businesses as they adapt

The experienced attorneys at Donnelly Ritigstein Law Offices are ready to assist companies with their business planning as they embrace the digital age. Our combined years of unsurpassed experience handling business planning and related issues serves companies well in their on-going efforts.

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