Adapt or die. This holds true for living things on Earth and applies to businesses as well. We see no greater example of this than with Netflix and Blockbuster. For years Blockbuster dominated the video rental market. But as the winds of change blew, what did Blockbuster do? Did they build windmills, build walls or did they build nothing at all? It appears they resisted change until it was far too late.
In our ever changing world businesses need to be ready to adapt to changing circumstances. Every good business needs to be able to change. In business, past success does not guarantee future success. Blockbuster got stuck on the old ways of doing things. They figured that their old ways gave them success so why not keep going? They rested on their laurels.
So what can you do? If you had the right product at the right time and hit the jackpot, keep your head in the game. Keep your staff young, they know what is trending. Ask your customers what they want. If you follow this advice you’ll have a better chance at not becoming the next Blockbuster.
