My wife and I were driving around today in the afternoon and decided to check out one of our favorite local bookstores. This is a fantastic spot that had a cafe inside the store where you could enjoy a coffee or tea while browsing their very impressive selection of books…
When we arrived, they had a huge notice up that read;
“Going out of business in one week, everything must go! 60% off the entire store!”
I mean it’s no secret that a local bookstore will have troubles competing in the day and age of the big box stores and Amazon.com and to see this local store close down is sad…
However it shows us that when you don’t adapt and be willing to change before the storm arrives, it might be too late…
There are some great examples of business models that do adapt to the changing times and have thrived in the new economy. You see examples of these successes from leaders that saw the writing on the wall, and adapted their business strategy to fit the current day and age. Some examples that come to mind;
– Apple, instead of staying in the personal computer industry, branched out and adapted to the mobile market.
– McDonalds, saw more health conscious consumers as an opportunity rather than a threat and started to cater to them with healthier food options.
So we have to ask ourselves….How can we grow and make sure we don’t go by the way of Blockbuster Video (when Netflix came to market)…Or how about the local phonebook companies, when Google became the way to find a local contractor in your city…
We see this in every industry…Across all platforms and the ones that really do win in the long run, adapt!
They see the changes, opportunities, threats and are willing to take steps to get out of their comfort zone to grow. How do you make sure you do not become the next Blockbuster Video?
Adapt! It’s good for business 😉
6 thoughts to “Adapt Or Die! The Warnings Signs Are There…”
Yes it is sad to see local independent stores disappear a lot of time to economies of scale. And you do see the success of those small stores that found a way to grow and thrive by standing out, daring something new and offering something that others just haven’t done. Here in Ontario a good example is the expansion of the Farm Boy stores that focus on top quality farm produce from local suppliers when possible and focusing on quality rather than cheapest price. It comes down to creativity, and change.
I don’t think MacDonalds is a particularly good example of adaptation to changing demands.
I think one of the most brilliant examples of adapt and change is Elon Musk. Now there is a WOW.
My example was to show their menu items from two decades ago, to today……in the 80’s it was Burgers and McPizza lol Today it’s low fat yogurts and salads.
I wish Alberta had that kind of store tho….We are getting a Whole Foods, which isn’t the greatest but still better than Loblaws lol
Really good topic Jon, and one that always interests me. In addition to Amazon, book stores compete today with You Tube, blogs and even Instagram. I must confess I don’t read as much as I used to – but I never miss a Facebook update.
Crazy huh…..First things we do now is check our phones rather than read the newspapers….Times they are a changing 😉
Yes it sure is changing out there. We even had some grocery stores close down around here. People must be eating less or people have less money to buy food. I am not sure which it is. And in this industry it’s a must to adapt.
Dont think people are eating less….Look at the western diet and you’ll see bulging waist lines lol 🙂