Are You Ready to Change Your Gift Basket Business?
This is a quote from “The Week”, July 2 – 9, 2010.
“The more successful companies become, the more difficult it is for them to recognize when they must change. We all know that many industries, such as entertainment, education, publishing and financial services, are going to look very different tomorrow, yet today’s market leaders will probably be the last ones to transform themselves, even if they realize they must in order to survive. Why do companies find it so tough to tackle the obvious? One reason could be that over time, successful enterprises create distinct business ideologies–specific ideas about how to compete, performance measures, organizational structures, and whom to reward. The beliefs and practices constitute a company’s dominant logic. Every employee know: That’s the way we do things here. But these success factors often turn into orthodoxies, and no one challenges them”.
C.K. Prahalad in Harvard Business Review
Does this describe your business? Even if you’ve been very successful, things change. The economy takes a nose dive. New office equipment becomes available that works faster and more efficiently. Your customers buying habits and preferences are shifting. We need to keep our eye on market trends and consumers behaviors. We need to watch what’s happening in other business sectors, see how they’re adapting to new market forces and think about that applies to our gift basket businesses.
But most importantly, we need to be willing to change. We need to be willing to consider new ideas and take some risks. We need to be open to the possibilities.
1 comment July 28th, 2010
