Blockbuster’s Death – SWOT is forever at our heels

WILL YOUR BUSINESS SURVIVE?

I walked through the second last Blockbuster store at Morley, Western Australia and watched the remains of a store getting picked apart to get a bargain. The store is set to close at the end of March 2019.

I’ve been renting movies from here for years and used the family cat’s name as the password. It was a sad moment of nostalgia and the passing of time.

Death is forever knocking on our door looking to take us into the business graveyard.

Blockbuster at its heights employed over 84,000 people with over 9,000 locations world wide. The Blockbuster model was brilliant but even they couldn’t anticipate the speed of technology and the convenience of the competition. With new emerging services like Netflix, Stan or YouTube and Smart devices, Blockbuster became a dinosaur.

No matter how brilliant our ideas are or the current success of our business is the threat of being consumed is ever present.

I love the SWOT model of self analysis and at the same time I don’t allow it to occupy my thoughts too much. SWOT is a great prodding tool to remind us if we’re not growing in life, we’re going. SWOT helps identify our Strengths, Weaknesses, Opportunities, Threats.

Being honest about the four following areas in our business/ life will help to equip us in order to adapt or we die.

HOW IS THE STATE OF THE FOLLOWING FOUR AREAS IN YOUR BUSINESS/ LIFE?

Qualify your Strengths?

Where are the Weaknesses?

Do you know where you can create new Opportunities?

Is your competitor or your complacency posing Threats?

Once we determine these, we must remain vigilant to maintain our cutting edge. We must also know when our time has come to change yet again.

Like a reptilian, shedding our skin of outdated methods allows us to keep moving forward. Blockbuster may have survived the digital storm by adapting to streaming. Respectfully we all have to die sometime, or do we?

We need to remember that principles are timeless and methods are forever changing and don’t mix the two.

What we can do today to stay alive?

Stay relevant by auditing your business/ life on a regular basis. This will hold you stay on track and be accountable as you ask the right questions and exercise transparency and action.