Is Your Business Ready For Collapse? Six Signs The End Is Near
Trains, typewriters, record albums, record/CD stores, VHS, network news, video rental stores, newspapers, telephones, taxis… All of these are now skeletons (or soon-to-be) in a graveyard of products, services and industries that “didn’t see it coming.” That’s they’re fault. The indicators were there.
Technology and innovation, embodied in new business models came along and reinvented these dinosaurs right out of business… just like the Beatles silenced doo-wop, Nirvana killed hair bands, and hip-hop uprooted rock ’n roll.
So, what are the indicators that your business has a reinvention price on it’s head? Here are six good indicators…
1. Arrogance. The Blockbuster CEO laughed at Netflix… at first.
2. Poor customer service. The embrace of Uber and Lyft has been passionate because so many people for so long had no choice but to put up with smelly cabs and pissy cab drivers. (Taxis, you brought it on yourselves).
3. Ignorance of technology. A willful lack of knowledge. As concerns Tesla I picture Detroit collectively closing their eyes, covering their ears and chanting “la-la-la-la-la-la-la-la…” It’s a slow-burn but it’s happening.
4. Attitude toward change. Protectionism. When Uber and Lyft came to my home of Las Vegas the taxi unions, instead of recognizing the value Uber/Lyft brought to the marketplace and the flaws in their own services, actually blocked them, via laws and regulation, from the airport and the Strip. That’s protectionism and a good sign that your days are numbered. They ultimately gotten beaten back and laughed at by public outcry. Uber/Lyft are alive and well in Las Vegas.
5. Failure to understand hard and soft trends. As my friend, Dan Burrus explained in his seminal book, “Flash Foresight,” hard trends will happen no matter what. Soft trends can be changed, at least theoretically.
Hard trends: Baby Boomers getting older, technology getting smaller and faster. They’ll happen regardless.
Soft trends: Population leaving high-tax cities and states is a soft trend – though it may not change it could change.
For instance, laptops have their place. But tablets and even smartphones will soon do everything laptops can, in a smaller, lighter, more portable product. That is a hard trend, you can’t stop it. What hard and soft trends will effect your business?
6. Believing the way you do business is the business you’re in. Trains thought they were in the railroad business, record companies in the record business. These are a fatal thoughts. What is the broader business you’re in? Trains are in the freight business and were uprooted by trucking. Record companies were in the business of providing music for personal consumption and have been floundering since iTunes came along.
So, are you and your business guilty of any one of the above? If so, it’s coming. Tune in next week when I’ll discuss the solution.
Right now seriously consider these questions… and share this with someone.
Live Truly, Truly Live…