We're please to be able to offer this reprint from Frank Price's Creating Experience Destinations and Birthday University enewsletter. As you will see, if you aren't signed up to receive his enewsletter, you're missing out on some very valuable information and advice. You can signup to receive his future enewsletters here.
Too many owners just keep on going!
Don't wait until it's too late
We see and hear it all to often. Businesses paralyzed by fear of change and mesmerized by internet business analysis that leads them to follow the herd, right over the cliff. The family market has changed and continues to change at such a rapid pace, that it's tough for those of us lucky enough to travel in the circles of the experts, to keep up. What worked just a short time ago, may now be doomed to fail before it even gets built. New businesses experiencing the "honeymoon feelings" of the first their year are mistaken and hit in the face like a ton of bricks when their revenue peaks and begins to fade by year two. Those that continue to stay status quo, wait and see or copy others find out too late the businesses they were copying do not know what to do either. The really crazy thing, they are copying the same businesses that are copying them.
Since the early 90's I've read Randy White's (White Hutchinson) articles and always saw a similar future. The out of the box, contrarian and less popular approaches to business are usually the most long term successful. What I have enjoyed lately, he's got the research and proof to back it. My advice read, learn, adjust and finally ... take action.
Frank, thank you so much for your kind comments. Readers might also want to check out our more recent white paper, Disruption Gives Rise to a New Business Model - Future Proofing Community-Based Entertainment Venues.