If you know that I’m quoting Jack Weinberg, when he stated ‘Don’t trust anyone over 30’ back in the turbulent, colorful 1960’s, you could be an individual that has been in a business or an industry for a significant time at this point of your life’s adventure.
The point being, I know without a doubt you have seen dramatic shifts and changes in your chosen field over the years, probably more change than ever in the last few years.
The problem being, the slow and unresponsive reaction from many decision makers to destroy and recreate the business models they have become so accustom to.
This article could have been called ‘Don’t Trust any Business Model over 3’, if we really wanted to be current with how quickly trends and consumer behavior is changing.
We don’t have to look far to see the carnage that’s occurring as certain industries outdated business models have them dropping like flies off the radar becoming extinct, or running for cover wondering what’s hit them.
Ever changing consumer habits have dramatically affected outdated business models in everything from major retailers to family run businesses. Local television, radio, and print have become obsolete in many markets as consumers choose to source information and entertainment in a more customized way.
Current consumer behavior is driven by the very culture we all reside in now. This is not the same consumer base of last year or 30 years ago.
The success of any industry operating today will rely on its adaptability to change in an instant. Being able to cut through the red tape in the boardroom in quick form and rely more on expert outside advice as a trusted guide of reality.
Unfortunately for many key decision makers, extensive years in a particular industry can be a huge detriment to the industry itself. If new ideas are not allowed to be tabled or instituted due to the blinders being on, zero growth and shrinking revenue is common.
So who do you trust? What can you do?
Good questions, many answers.
- Admit you have to change your business model to be current and survive.
- Accept and allow change to occur no matter how foreign it may be to you and your team.
- Bring in a strategist from outside your company. Fresh eyes and ears are paramount.
- Don’t take things personally.
- Understand the past does not equate the future.
- Realize you must evolve so you have a future.
- You are doing this for yourself, your staff and all the clients that rely on your service or product, never forget that.
These points are just the start. If you decide to take a deeper dive into the possibilities, I salute you.
The world is a better place because your products and services are available to so many, please don’t disappoint them by not being around for them.
Destroy and recreate, it’s really great!