There comes a time in the lifecycle of every business when it will inevitably hit a turning point. It may come in the form of a large-scale shift in business practices or perhaps as simple as reallocating funds for the next fiscal year. Change is necessary. Even the companies that produce staple products like toilet paper or band aids go through periods of experimentation or a refresh of the brand. Bottom line is that people (the consumer) get bored easily, and if you do not adapt to changing consumer landscapes, you will be left in the dust – ask Blockbuster. Did you ever think that the concept of ‘Video Rental’ would be a story you would have to tell your grandchildren about?
This is particularly relevant in a technology boom era where new gadgets, Apps, and trends are emerging on a daily basis. The Tablet Wars between Apple and RIM have exposed some weaknesses and questions about the future of RIM. Where does a company go when it reaches the top? It can’t stay there forever – ask General Motors.
The playing field is evening out – every business can become the ‘next big one’. Sure there are still the behemoths like Apple, IBM, Microsoft, Amazon, Google and Facebook to contend with, but now is a perfect time to challenge their supremacy. They are not infallible – ask LulzSec.
If you are a small business, it would seem impossible to contend with such giants. But you can connect to your clients through social media, relationship building and offering a better service. Change your direction, don’t get stuck in a rut, be proactive. That’s how the most successful companies have reached the top. Their ultimate demise occurs when they have stopped pushing innovation and reinventing themselves – ask Atari.