While old and traditional businesses may be thriving, their models are a bit outdated. Many of these ancient businesses may have survived different world wars and pandemics, but they have yet to encounter modern times. There are many hurdles involving businesses that have completely demolished old business ventures, no matter how old and how revered they are. Blockbuster, for example, was once the hallmark of excellence when it comes to home entertainment. Millions lined up daily on different Blockbuster rental stores to rent out their favorite VHS and DVDs. They even decided to expand in 2004.
Sadly, they were too confident and ambitious when it came to their business expansion dreams. In the following years, streaming services were introduced to national television audiences with the help of the internet. Because of too much confidence, they failed to adapt to the changing times and had to scrape their business model altogether. It declared bankruptcy in 2010.
Even businesses in other industries have failed to adapt and thrive to the rapidly changing times. Thanks to the internet and globalization, even people are having a hard time catching up to technology. There are a lot of things that quickly go outdated in just a few years. Technological waste is quickly becoming a crisis in some countries. According to studies, our primitive brain can only handle so much without evolution through countless generations. While we have exceptional brain capacity compared to our animal brothers, we can only do so much about sophisticated technology.
While adaptability may be the common recurring theme of hardship for these businesses, the general thesis of why they are so adamant about changing their processes still evades most. To survive, business owners must apply and adapt modern concepts to their business model. How can the older business thrive and overcome the hurdles of modernity?
Old businesses can apply modern concepts to their traditional ventures.
Integration to the Market
Older businesses cannot simply rely on classic and traditional word of mouth marketing anymore. All businesses, whether big or small, must integrate themselves to the internet to expand their reach. Integration of businesses to the internet empowers and enables both the business and the consumer. By allowing themselves to be part of the internet community, business ventures can get real-time feedback regarding their product and the services they provide.
They are also able to navigate their way out of obscurity and into the light of day. The internet is a great provider if you are careful. When it comes to businesses, the internet can become extremely and brutally honest. Having that avenue to manage damage control is also helpful. Every person on this planet is part of, or will eventually be part of, the internet. It’s better to start early while you still can.
Applying Technology to Processes
For efficiency, old businesses should be open to upgrading to better technological processes to adapt properly. While revered methods are still accepted by specific industries, some are unacceptable to do without certain premiums. In the service and credit collections industry, services of court processes are often outsourced for expediency and effectiveness.
Some businesses do not have the capacity to hire a lawyer to serve collection. In the manufacturing industry, year in and year out, better storage units are invented by creative persons who study food and storage science to maximize the amount of product placed in certain storage units. It is acceptable to let go of certain items and machines, even if they are vintage, revered, and have been part of the business for many years.
Scaling to Profit
Old businesses are arrogant about expanding product lines to accommodate the scaling market. Every year, more and more people are finding the capacity to earn. The purchasing capacity of the market increases alongside the increasing population. Scaling to profit might not feel genuine but is actually the correct thing to do to keep up with the global market. Profit goes hand in hand with a wider reach. Letting go of arrogance and old traditional beliefs will spare the business from certain doom. Scaling to profit is a great way to skip over the hurdles of modern times, similar to how new businesses do it.
At the end of the day, adaptability is key to becoming accessible and flexible to the changing times. One must be able to be courageous enough to accept the fact that things will never be the same anymore for any business.