In the business world, it’s very rare for a company to be so concrete that they don’t have the need to innovate and adapt. It may take a while, but eventually the day for innovation comes, and if you’re not already thinking ahead before that, it will probably be the first day of the downward spiral that becomes the death of your company.
Blockbuster Video is the classic example. In the early 2000s, the movie and video game rental business was at its peak, and Blockbuster was at the top. Times were good, and money was flowing, as they took in billions in revenue each year. But at the same time, companies like Netflix and Redbox were entering the market.
As you probably already know, Blockbuster had the opportunity to buy Netflix for $50 million in 2000, but chose not to. Blockbuster went on to file bankruptcy in 2010, while Netflix is now worth well over $100 billion.
But not buying out Netflix isn’t the only way that Blockbuster royally screwed up. While Netflix started out as a through-the-mail rental service, the company was ahead of its time working on a streaming platform for people to watch movies over the internet. And Blockbuster actually launched its own streaming service, named Blockbuster Online, in 2004, but it was already far too late.
That brings in the necessity of speed.
It’s important to be as “early to the game” in the business world, especially when it comes to innovative ideas; the companies that show up first will ultimately have the biggest competitive advantage. But there’s a fine line there, because rushing to market before a product or service is ready can actually cause more problems.
Sometimes, though, you don’t really have a choice when it comes to speed, or innovation for that matter. And that’s what we’re seeing right now with the Coronavirus Pandemic.
Understandably, many business owners are terrified of what the future will bring. Each passing day adds on more questions, and ultimately, more doubt about the health of their company. But here’s where we have to circle back to innovation and speed, the two ingredients that could very well save your business in the long run.
The entire world got flipped upside down when COVID-19 started spreading, with restaurants being one of the first to be absolutely rocked by new restrictions put in place by the government. So what did many do? They adapted…quickly. Within days, local restaurants were offering take-out and taking orders via methods (such as text and online) that they never had before. Survival instincts took over, but not just for food joints.
Funeral homes suddenly faced uncertainty on how to serve grieving families, so what did some do? They adapted and started streaming services on Facebook Live. The same happened with many churches.
Some hair stylists are suddenly making house calls with their salons shut down.
Distilleries are producing hand sanitizer now to help with shortages.
Car producers like General Motors are now being called on to make ventilators.
Our entire world is changing every day, not only in our personal lives but also in the entire business ecosystem. Companies are adapting to survive, and it’s the ones that are doing so the quickest that will have the best chance of weathering this storm.
So what are you doing with your business?
If you’re at a standstill and need a group of innovative people to brainstorm ideas, please, reach out to The Jellison Group. If you have a new idea but aren’t sure how to implement it, reach out to The Jellison Group.
We recently transformed a dance studio from strictly face-to-face teaching to a full array of online courses in less than a week—a new service that could easily remain a staple for them even after this pandemic is over (click here to check it out). We are a group of passionate and creative people that are here to help you and your business remain afloat through these trying times, so if you’re worried about what to do next, contact The Jellison Group to see if we can help you navigate this storm.