Don’t Let Your Business Become A Fossil! Strategies For Organizational Resilience
Chad C. Harvey
CEO Coach ☆ Strategist ? Vistage Chair ?? Speaker ?? AI for the C Suite ?? Future-Proofer ? Leader
THE CAUTIONARY TALE OF BLOCKBUSTER
Once a bustling hub for movie rentals, Blockbuster was the go-to destination for Friday night entertainment. However, as the digital age dawned, the company clung to its traditional model. Despite the evident shift in consumer preferences towards digital and on-demand services, Blockbuster failed to innovate and adapt its business strategy. Today, the abandoned Blockbuster buildings we see on the side of the road have become literal fossils, representing the company’s failure to evolve and survive. These relics, frozen in time, serve as stark reminders of what happens when organizations fail to embrace change.
AVOIDING ORGANIZATIONAL FOSSILIZATION BY BUILDING A RESILIENCE MINDSET
Just as fossils symbolize creatures that couldn’t adapt, companies can also become relics if they remain stagnant. I recently discussed why it’s absolutely critical for businesses to stay agile and responsive to change in my top video last month.