This continues our series outlining reasons businesses fail so that you can avoid them
An increasing number of business fail because they do not adapt to change fast enough. New technologies and global markets generate rapid changes in products, markets, and consumer expectations. Businesses must adapt and do it quickly to survive. Owners need to stay aware of new demands and trends.
Examples of Failures
Let me share examples of businesses that failed to adapt appropriately:
- Hostess Bakery announced closure rather than survive its 3rd bankruptcy because it did not offer healthier snacks and lost its market to Little Debbie
- Sears, the innovator of catalogue and credit card sales, failed to adapt to discount and big box retailers like Wal-Mart, Target, and Costco. Sears continues to close stores
- Borders failed to adapt to eBooks and online booksellers: closed all its stores
- Pan American Airlines incurred too much overhead and did not adapt to discount airlines and failed
- Circuit City did not adapt to online sales, big box electronics at Costco, and retailers like Best Buy. Circuit City (one of Jim Collins best companies) failed in 2009
Examples of Successes That Adapted
In addition, you may follow several examples of companies that adapted, survived, and thrived:
- Apple adapted and reinvented itself several times: Mac, IMac, IBook, IPod, IPhone, and IPad. Each time expanding its market share
- Dominos Pizza recently completely adapted it's pizza sauce to reengage consumer’s who claimed their pizza “tasted like cardboard”
- IBM after almost completely failing at the beginning of the century adapted to a service model that did not include manufacturing computers a complete transformation
- Hyundai and Kia adapted the style, type, and class of car they manufactured to begin to rival Honda and Toyota for their market
The Innovator’s Dilemma
Clayton Christensen describes the challenge businesses face in The Innovator’s Dilemma, The Innovator’s DNA, and other books. He shows that the success of a business may initiate its inability to open new products and services. He describes five principles you must consider. I suggest you purchase and read it.
Thursday we wish you a Happy Thanksgiving
Has anything ever bothered you in life? Do you
ReplyDeletehave any problem you need to solve? A pending
court case you want to resolve in your favor?
Health, relationship and finance. Welcome to
the world of miracles and wonders, there are
supernatural treasure and power to liberate
mankind from all afflictions. Why cant you live a
life of your dream? Why must you work so hard
and yet earn so little? Why cant you be happy
with the one you love and desire or why cant the
one you love reciprocate and appreciate that
love? Why would the doctor tell you there is no
solution or cure to your problems? Why would
your lawyer say you stand no chance, that your
case is hopeless? Have you been cheated by
anyone or those owing you money refuse to pay
back? Do you need a rapid job promotion in
your place of work? You want to venture into
politics? Now I understand certain things are
hard to believe and comprehend, but all I ask
from you is only 3 days and if you will follow my
instructions and use the items you will receive, I
promise your life will never be the same
again.If you find no relevance in the help I offer
I solemnly appeals do not be vindictive and go
in peace. And if your intentions are to take
advantage of the powerful nature of our items
for the purpose of evil, I will not have any
business with you please be advised. May
angels guide you. All inquiries should be
directed to the Priest Abija email below Email:
spirituallighthealing101@live.com or
you can sent a text message to this number:(518) 303-6207!