Thursday, January 11, 2007

Procrastination in business

Sometimes over the course of doing your business. We tend to procrastinate specially when your business is doing well and your competitors are eating your dust. But remember that at anytime market conditions can and will change. Innovations in technology and globalization will leave your business unable to compete with their price and risk your product from becoming obsolete.

Businessmen must be alert to the changes and must adapt quickly. Think ahead into the future but not so far as becoming blind to the present situation. If you are able to branch out new product of service from your existing line of business is better that starting one from scratch that is totally unrelated from your field. Take for example the Telecommunications company AT and T, they have branched out from plain simple telephones to AT T wireless, AT and T call conference, AT and T cell phones. All of which offers different products and services but is still related to telecommunications.

Family business are harder to change since most are handed down from father to son or daughter and are reluctant to change anything for the simple reason that if it ain't broke don't fix it. But the business environment from before is very different now. Mom and pop shops are finding it hard to compete with stores that are in malls who are doing very well in business due to the huge number of human traffic who prefer going to malls because they find it more convenient since you can buy almost anything in malls these days under one roof rather than driving or commuting to each location for things that they need to buy. And I believe the malls is the future of the retail business and those who procrastinate will be left behind the times.


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