We learned last month that another national store, Sears Canada is currently closing dozens of its stores and laying off over 2900 staff across Canada. I'm struck by the number of businesses that were once thriving and are now no more or in the process of massive restructuring.. What happened? The answer is quite simple: The market shifted while the business didn't shift with it. It reminds me of the saying, "if we don't keep up, we will be left behind."
Just look at some of the market shifts that have taken place in the past five to seven years:
Businesses of all sizes need to keep their eye on the “shifting winds of change” if they want to survive. They will either have to close, adapt or continually diversify their products and services.
Two Important Questions: What is happening in your marketplace that will affect your business? Are you keeping abreast of emerging trends and technologies that will impact your business? Keeping a close eye on future developments may allow you to survive the next shift in your marketplace..
Richard P. Fontanie, MSW, FCMC Up-dated from the archives Fontanie Learning Solutions
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