Dinosaur businesses face extinction
Business planning and management Brisbane
Just as sudden impact and environmental changes killed off the dinosaurs of the past, the GFC has exposed fundamental flaws in outdated business models, and the dinosaur businesses of today continue to reach extinction. Financial institutions, book stores, property companies, electrical and clothing retailers and department stores (to name a few) are all feeling the squeeze of rapidly changing environment because they are stuck in the past and cater to demands of a bygone era. They violate one of the fundamental principles of business.
“If you can’t lead the market, at least meet it. If you don’t adapt, you’ll die!”
This is first principles stuff taught in 1st year university business courses. It’s right up there with revenue being higher than expenses. It is true that only a few people get to change the world but the rest of us should at least make an effort to keep up.