What Business Are Your REALLY In?

“Ted Amberg understands how to uncover the truth of what a business is vs what it once was.”          – Jacob Bracovey, NCA All-Tech

 

What business are you in? If you ask this simple question to a hundred people in our industry, you will get lots of different answers. There are many examples of businesses that thought they were in one business and changing times said otherwise. Here are just a few:

The railroads. For well over a century the railroads stood as the single mass transportation provider for both people and products across the United States. Then the airplane was invented and very quickly became a solution that was far quicker and cheaper than days on a train. Even products began being shipped by air for faster, more convenient deliveries. Most of the major railroad companies no longer exist. They thought they were in the railroading business. Had they realized that they were in the transportation business, they may have been able to adapt and evolve to changing times, and perhaps evolved into air transportation. After all, they already had a huge network of customers, suppliers, and they understood transport, logistics and time schedules. All they needed to do was switch the mode of transport.

What happened to video rental companies? Companies such as Blockbuster and other mega retail rental chains were caught completely off guard by startups such as Netflix and Redbox. They thought that they were in the brick-and-mortar video rental business. Had they been able to adapt and realize that times were changing and customers wanted quicker, simpler methods for picking up movies (like no late charges), more of them might have survived.

Phone book companies, magazines, newspapers, and more are currently on notice to a rapidly changing landscape. It will take creative thinking and understanding of what their customers truly want and need to evolve and stay in the game.

So… What business are you really in?

Ted Amberg is a nationally recognized business consultant, entrepreneur, magic trick creator, and author of “The Unfair Advantage,” a book that explores what’s needed for success in today’s tough business environment.