Many small businesses feel that their biggest threat is competition.
While competition can be a huge factor in the success or failure of many businesses, as the mega-corporations can always beat you on price, it’s not actually the biggest threat most businesses will face.
The true greatest threat to a business is time. Many businesses fail to innovate, change with the times, and keep up with advancements in technology and consumer preferences. They end up having to call it quits even without a Walmart moving into town.
A lack of foresight into the developments that can make a small business obsolete is a greater threat than any competitor could ever be.
In this episode, Chris Searles and Rob Seifert share their thoughts on why many businesses are either in the wrong business to begin with, or fail to change with the times and end up with a failing long-term strategy.
The duo shares some of the experiences that they’ve seen in their own business as well as in the businesses that their clients run. They also look at some local businesses who were looking at the wrong factors as threats and ultimately ended up having the close down, even without that threat actually manifesting itself.
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