Business owner protection – Adapt or die

The only certainty about the future is that things will change!  For business owner protection, businesses need to be sufficiently adaptable to cope with a changing environment.  A business whose owner is too rigid in his or her thinking faces potential danger if its market changes or disappears.

Consider a few industries where an inability to adapt to evolving technology and changing demand was / is / will be fatal to participant businesses.

  • Film based photography has all but disappeared giving way to digital and other non-film formats
  • Video hire stores who not so long ago wrestled with Beta & VHS formats will continue to lose business totally to telcos who offer electronic download services on demand
  • Computer PCs and related products have become faster, smaller and cheaper, with a use-by date of 12 months and shrinking.  It was 2-3 years a decade ago
  • Dial up internet connections are now a thing of the past
  • Telecommunication technology and handset capability continues to evolve at an astonishing pace.  Home landlines will soon be museum pieces
  • Music companies still have trouble (and still resist) adapting their business model to the age of the internet and the advent of digital downloaded music
  • Newspaper, magazine and other hard copy publishers will continue to suffer if they don’t adapt to a successful internet marketing model
  • Fashion garments and accessories undergo obsolescence and reinvention every season of every year

These examples show why, in the long term, innovation and creativity are essential for successful business. Encouraging a creative business environment means taking some risks.  However the conservative thinking owner who reinforces an inflexible environment which stifles innovation is taking an even greater risk.

Modern business must have an innate ability to adapt to change.  Business owner protection means building in the values of innovation, flexibility and change into the business plan.  It is critical though that these values originate from the mind of the owner as part of that person’s truth.

For more information about insurance based business owner protection visit:

http://garyweigh.com/get-life-insurance

Until next time!

Gary