Lessons From Kodak

Posted under small business strategies

Only in the last few weeks has the extent of the change in consumer habits been inflicted upon yet another company. This is a company that has been at the forefront for decades in the photography world. How could this happen, is being asked by many people connected to the industry? After leading the trade for so many years and growing to be one of the biggest companies involved in photography it has all come tumbling down.

Was it in its in-ability to change course, as new technologies became available? Alternatively, was it that they dropped the ball early in the game? What were their business strategies? There could be so many varying views as to what has gone wrong, particularly when they were accountable for the development of the technologies that have been responsible for their own demise. Nothing different to the Russians going to war only to be defeated by a squadron of MIG fighters designed and built by them. Didn’t the USA train Osama Bin Laden? Look where that went.

The building of a business can be construed as starting out as a dinghy that is expanded upon until it takes on the look of the Queen Mary. This may not happen over night yet this does happen in the world of business. In the end, the business does not resemble the original idea. However, through changes in technology and the buying habits of the end user there are significant changes over the ensuing years.

Thus, the issue becomes one of being able to adapt to change. Change will happen, and it is how we adapt to this change that will determine the success or flop of our businesses. No matter, the size of your business, being in a position to adapt to change is more important now than it has been at any other time. The buying habits of people have changed, and the economic constraints of the world will never be the same again. It is up to us as business owners and managers to see our way clear to embrace these changes and alter the courses of our businesses to capitalise on opportunities. There are opportunities because just like Kodak, there will be other ocean-going liners, which can’t turn fast enough to avoid Read the rest of this entry »

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