Business changes. Things evolve. Are you building your business to change with the speed of business?
So many business owners struggle with the idea of getting ready for change — evolving their business. Often with complacency, comes loss. One of the most famous examples is Kodak. Kodak was a very successful company, earned great market share, was member of the Fortune 500 and yet they refused to evolve into digital film. They kept sticking to what they knew, that they had made such great profits in — making traditional medians of film and then the market place evolved. In fact, Kodak was one of the first companies to have a digital camera, yet they did not capitalize on it. They refused to evolve to the market and because they refused to evolve they eventually lost out. They ended up destroying their company because they refused to evolve with the market.
Are you doing this on a smaller scale? Are you planting seeds for the future or are you constantly reaping what you have? A business that constantly just takes, takes, takes and does not plant new seeds, does not develop new directions, and does not change with the evolving market place, is eventually going to die. They are not going to be what they can be.
You need to balance the past and the future. You need to make sure that you understand the difference between taking for now and building for the future and you need to do a little bit of both at all times. Never should your business constantly just be building for the future except in the start-up phase, and never should a business just be reaping and not investing in the future, regardless of where the business is in the cycle. Even if you are getting ready to sell or transition your business, it is still a good time to be thinking about the future and what the business is going to look like with the new owner and how to maximize your value at sale.
What has been your experience with your company? Have you had trouble balancing the past versus the future? Are you building a company for the future? Join us in the comments below and let us know about your experiences.
Things evolve in business.
Don’t be complacent, plan for the future.
Make sure you download our free checklist to assess your business: www.mcbrideforbusiness.com/BlogGift
This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer Hans-Gunther Dreyer.
About the Author
Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment (www.rshawnmcbridelive.com), gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can reach R. Shawn McBride at firstname.lastname@example.org or (214) 418-0258.
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