Ability to Change Direction and Speed.
Do you remember when video stores became all the rage in the early 1980s? People were purchasing VCRs and the new thing to do was to browse around these goliath stores filled with videos. As a business, this was a no-brainer. A decade or so later, videos started disappearing and being replaced by DVDs. The video stores like Blockbuster were still operating and in business because of the huge demand of people to watch movies. A decade or so later, the desire to watch movies may be intensified, but video stores are extinct due to on-demand and Internet giants like Amazon and Netflix. I was reminded about this as I drove by three former mega video stores that remain vacant.
In the beginning, the video stores were locally owned by small business owners. These small business owners got gobbled up by the mega stores who found a way to offer more choice at a cheaper price. Nobody thought these guys would ever perish, but they did. The same ease and cost of Netflix, Amazon, Hulu, and cable have made watching what you want, when you want, as often as you want, and at virtually no cost made the old brick and mortar behemoths as viable as a Tyrannosaurus Rex.
Think about business in general. 20 years ago, iPhones, iPads, and Google were unthinkable. The twenty years before that, Walkmans, desktop computers, and fax machines couldn’t be fathomed. What will be the hottest careers, most valuable technology, and way of life haven’t even been thought up yet. In your business, you need to be prepared to adjust, re-tool, re-purpose, and re-invent. Or die. And, let’s be honest. Twenty years is now too long. Five years will all about “new and improved.” Frankly, if you’re not able to readjust, make adjustments, and make quick decisions yearly, you may get lapped by your competition. The morale of the story is this – be ready and plan to change; be innovative and cutting edge; and survive.
This week’s quote – “When life gives you a hundred reasons to cry, show life that you have a thousand reasons to smile.” Unknown – text to my by my wife last week. She sends me a new motivational quote every day. I’m lucky!