I imagine you may be aware that the Eastman Kodak Company filed for bankruptcy recently. So what? If you’re from the pre-digital age, you may have never heard of Kodak, and if you’re a post-digital dude or dudette, who cares? Well, every business person should care! What is happening at Kodak can happen to any one of us, unless we are prepared to change with the times. After all, we are talking about a company who invented digital technology, and is dying because they have been unsuccessful at gaining a market share in the industry they created!
Now, transfer this scenario to you and your business. Maybe you have chosen NOT to have a website to showcase your company. Maybe you have chosen NOT to utilize social media to market your goods and services. Maybe you have chosen NOT to hire younger workers because you have a stereotypical mindset about what they can or cannot do. Maybe you have chosen NOT to change your management style because it has worked for you since the dawn of time. Well maybe, just maybe, you won’t need to worry about any of those things for much longer, because you too will be filing for Chapter 11!
Check this out; “Business failure statistics show that about 96 percent of small businesses (1–99 employees) that enter the marketplace survive for one full year, 85 percent survive for three years and 70 percent survive for five years” (Key Small Business Statistics – January 2009, Industry Canada).
So, set aside your ego and put your pride on a shelf somewhere where you can admire it every now and then if you need to. Then, take a long hard look at your business and keep up with the times. Get the picture?
And oh, take a look at what will be an everlasting memory of one of the great visionary companies of our time…