Is your business at risk of doing a Woolworths?
Last year, Woolworths gave a last gasp for air before sinking beneath the waves of change, after a 100 year history. They were comprehensively beaten on just about every front by Tesco, Sainsbury, Morrisons and Asda.
And the writing was on the wall for years before too – they had nothing unique to offer in terms of service or products, apart from Pick & Mix. On the other hand, Tesco offers parking on their doorstep and sells groceries, too.
Picking up the odds and ends you’d normally nip into Woolworths to get was just too convenient during your weekly shop.
Woolworths became obsolete because they failed to create a strategy for the changing times. They ignored it and hoped it would go away.
The same is true in small business. You are the leader of your business – what is happening in your market?
And what will you do about it?