Don't get caught doing things the way you've always done them

Andy Neary explains why Nokia and Blockbuster collapsed: they kept doing things the old way even as the world changed. New ideas cut costs, grow revenue, and keep your company alive.
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We didn't do anything wrong, but somehow we still lost. Those were the famous words of then CEO Stephen Elop the day Nokia was purchased by Microsoft. Do you remember Nokia? If you had a cell phone in the mid to late 90s, it was probably a Nokia. I mean, mine was about this big and it was an ugly lime green. How about Blockbuster? Remember walking into a Blockbuster store for the first time and seeing this mass array of videos, Taking your family there to grab a video, followed by pizza and on home for a night of entertainment. Now what do Blockbuster and Nokia have in common? They're not around anymore. Is it because they had a bad product? No. Is it because they were struck with bad luck? Absolutely not. You see, their problem was when they were presented with new ideas and new strategies, they chose to ignore them because they were too busy doing things the way they've always done them. So when your organization is given new ideas, new strategies to reduce cost, to grow revenue, or just do the right thing for your employees, don't ignore them because you're too busy just doing things the way you've always done them. Because some morning you might wake up and it might be too late. Because opportunity will have passed you by. All right. Until next time, bear down, focus on the target and strike out the status quo.
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