1.  BRICKS & MORTAR. It matters less.

It's the key to the New Economy: Processing information is dramatically more powerful and cost-effective than moving physical products. Increasingly the value of a company is to be found not in its tangible assets, but in intangibles: people, ideas, and the strategic aggregation of key information-driven assets.

Reality check: In cyberspace, communication is one-on-one. It’s “I,” “you,” “me,” “us.” Direct, but polite, & always “How can I help you?” It’s a quick response in hours, not days. Email newsletters are quick, cheap & can be VERY effective.

2.  SPACE. Distance has vanished. The world is your customer--and your competitor.

Geography has always played a key role in determining who competed with whom. Now your business can connect instantly with customers all over the globe. Flipside: You're exposed to worldwide competitors as well. The opportunity, and the threat, has never been greater.

Reality check: Special customer orders, take out, on & off-premise catering, customized happy hour parties are all ways to reach out to a broader demo base.  B-21 Wine & Spirits in Tarpon Springs now offers over 2,500 items form their inventory for sale online through their Web site: http://www.b-21.com.

3. TIME. It’s collapsing. Instant interactivity is critical, and is breeding accelerated change.

In a world of instantaneous connection & gratification, there is a huge premium on instant response and the ability to learn from and adapt to the marketplace in real time. Winning companies accept a culture of constant change and are willing to constantly break down and reconstruct their products and processes-even the most successful ones. Reality check: VIP cards with no waiting in line & menus with built-in pagers that cut down the wait & reduce table turns are exceptional ways to compress time & increase efficiency. 4. PEOPLE. They’re the crown jewels… and they know it. Brain power can't be tallied on a ledger sheet, but it's the prime factor driving the New Economy. More than ever in history, huge value is being leveraged from smart ideas… and the winning technology and business models they create. So the people who can deliver them are becoming invaluable, and methods of employing and managing them are being transformed.

Reality check: Theory “X” “my way or the highway” management style no longer has much relevance with employees. Unemployment is at an all-time low. Today, we must all work at making our staff feel that they involved, that each has personal “worth” & that are a part of a family. No one cares how much you know until they know how much you care. Remember this universal concept: “People Support What They Help To Create.”

5. GROWTH. It's accelerated by the network.

The Internet can dramatically boost the adoption of a product or service by "virtual marketing," network-enhanced word of mouth. Communication is so easy on the Web, product awareness spreads like wildfire. So once a company reaches critical mass, it can experience increasing returns leading to explosive growth. This principle means that in the New Economy, first-mover advantages are greater than ever.

Reality check: Look for ways to create “niche” products. Market more aggressively those special products & services that you currently offer.

6. VALUE. It rises exponentially with market share.

For products that help establish a standard, the network effect is even more pronounced:
The more plentiful they become, the more essential each individual unit is, a striking exception to the economic rule that value comes from scarcity. Network effects were experienced historically in the adoption of telephones and fax machines. The difference today is that because everyone is linked, far more products and services gain their value from widespread network acceptance.

Reality check: When Outback introduced the “Bloomin’ Onion.” It became a trademark selling item for the chain. Now, many offer a similar product. The message though, is that if the presentation or the taste are not as good… or better, you may be doing more harm than good.

7. EFFICIENCY. The middleman lives. Infomediaries" replace intermediaries.

Traditional distributors and agents are seriously threatened by a networked economy in which buyers can deal directly with sellers. But a new brand of middleman is being created. As the amount of info-clutter grows, these infomediaries are needed to turn dumb data into usable information. They offer aggregated services, or intelligent customer assistance, or powerful technology-based buying aids, or an attractive, community-based buying environment.

Reality check: Now, more than ever before, it’s essential to reach out to your customers & guests. Set a goal for the new year to devote more time to recruiting, hiring & training.

8. MARKETS. Buyers are gaining dramatic new power-and sellers new opportunity.

It's no longer necessary for your customer to walk down the street to compare prices and services. Your competitor may just be a mouse-click away. And intelligent software will help buyers find the best deal. So businesses that genuinely offer unique services or lower costs will flourish, benefiting from a flood of new buyers. Those that have relied on physical barriers to competition will fail.

Reality check: Jimmy Buffet’s Margaritaville, the House of Blues, Sloppy Joes & others have increased their market reach to the global community through online product marketing. How can you gain sales using this concept?

9.  TRANSACTIONS. It's a one-on-one game.

Information is easier to customize than hard goods. The information portion of any good or service is becom­ing a larger part of its total value. Thus, suppliers will find it easier and more profitable to customize products, and consumers will begin to demand this sort of tailoring.

Reality check: Consider what products, specs, costs that you can customize with your purveyors. In the year 2000, put more emphasis on systems, controls & procedures.

10.    IMPULSE. Every product is available everywhere. The gap between desire and purchase has closed.

The shelf space of the World Wide Web is unlike any other in that it has no bounds. Artificial constraints on choice are replaced by the ability to purchase the precise product you desire. The impulse to buy and the purchase itself used to be separated by a combination of physical and mental barriers. When you heard a song on the radio, you had to both remember the song or the artist and actually go to a store to purchase. Online, it's different. Discover a product you desire, and just hit the "buy" button. Consequence: The processes for marketing, sales, and fulfillment are merging.

Reality check: More & more restaurants are taking reservations online. Burger Kings has begun selling gift certificates online. On the rack in the Home Depot & Lowes check-out area, you’ll find a phone-card looking gift certificate in a neat plastic wrap. Grab one, the cashier activates it & you’re on your way!

Some information for this article was adapted from of a feature article that appeared in Business 2.0 magazine.