Do you know what the most dangerous phrase in business is?
I say, it’s the phrase “we’ve always done it this way.”
Think about all of the companies who have said “we’ve always done it this way,” and have been so inflexible, that they didn’t see the future coming at them like a freight train.
Blockbuster video was so sure people would never abandon walking into a video store and renting a movie… Enter Netflix, and the whole operation unraveled.
Walmart, Target, Best Buy… All of them are now copying what Amazon’s doing with online stores, free shipping and better prices.
How does this apply to your business? What we learn from Blockbuster is - always be innovating. Always be looking at ways to make your business part of the future, rather than a relic of the past.
Is every change you make going to work? Probably not, but be light on your feet, and try new things.
Figure out what success looks like in 3, 6 or 12 months, and if you’re not hitting those targets, re-think the plan.
Maybe it’s not all bad, maybe parts of it worked, and parts of it didn’t, so adjust on the fly.
And don’t be afraid to admit something isn’t working, both internally, and to your customers.
Blockbuster was a day late and a dollar short… and now, a company that was once worth over 8 billion dollars… has one store left in Oregon.