Today, the news is littered with stories about US-based Toys R Us filing for Chapter 11 Bankruptcy Protection. And where our shock may lie with another stalwart of our retail industry facing some serious challenge around the future of their business, and their marketplace, unfortunately what is happening with the likes of ToysRUs is no different to what happened to Blockbuster and Kodak. We simply thought they’d always been around.
If that’s not testament to a changing world – where the pressure is on to adapt and change and become fluid in the way your business strategy is structured, then either one lives with blinkers or have heads buried firmly in the sand.
In an economy where only the fittest, most agile organisations survive – the pathway to business growth is anything but normal, and it’s certainly not the same as what we’ve always known. So why are there organisations out there who still think they can overcome and survive using legacy systems, archaic business strategies and failure-ridden but hopeful paths towards growth?
So, why do companies like Blockbuster and Kodak fail?
Simple! A failure to innovate.
We’re not talking about inventing the next flying machine – we’re talking about internal innovation. A renaissance of your architecture, your business process, your teams, your market positioning and of course, your overall strategy.
With most of these businesses, their downfall was a classic example of how modern technology disrupts a traditional one. And although the ToysRUs example may be down to debt-management from previous acquisition, if you were to dig deep enough – you’d find that they are simply struggling to keep up with the online, the cheaper, the on-demand.
So, if this has been your wake up call, and you’re ready to innovate for growth – and you need serious help – then it’s time you speak to us. Call us. Today. Before your business makes the next news headline for all the wrong reasons.