Change is the law of life
Kodak gave the world its first mass-market camera at the turn of the 20th century and remained the go-to photographic company for the next 100 years. But even one of the finest business pedigrees and a century of success wasn’t enough to save Kodak from bankruptcy in 2012.
They were sufficiently far sighted to introduce the digital camera to the market but critically failed to recognise and adapt to the massive shift from printed photos to digital images that almost brought about its downfall. Only a huge restructuring, sale of assets and a new focus on commercial markets was enough to bring Kodak back from the brink.
The crash of one of the most established companies in the world shows no business is immune from change.
Whether you’re a sole trader, SME or multi-national, you will be affected by factors beyond your control. We’ve already seen the effects of e-commerce and online retail on high street shopping. The rapid developments in delivery drones and driverless vehicles could soon have an impact on home deliveries or even taxi services.
It’s not possible to predict when or how change will affect you. But what is certain is if your business fails to adapt it is highly likely to be overtaken or even destroyed.
With technology and market forces changing at lightning speed, it’s more important than ever to have a robust strategy in place and review your business plan regularly.
That way maybe YOUR company can avoid the Kodak experience.
The Institute of Chartered Accountants in England & Wales (ICAEW) publish a quarterly UK Business Confidence Monitor and Q4 2019...
Find Your Purpose Your Core Purpose should come from a mix of what you love, what you are good at,...
Three resolutions that you can make to improve your business in the New Year by Planning, Formalising, and Reviewing all...