What Changes Would You Go Up Down After Years Of Success?

1382 Words Feb 14th, 2016 6 Pages
As a previous business owner, what changes would you have implemented, knowing that your business would shut down after years of success?
Unfortunately, you go into business knowing there is a risk of unsuccessfully building a long-term organization, but there are a few things that I would have done differently! For example, I would have definitely worked on advertising my company and acquiring new accounts. Due to the fact, that at some point I settled and made a priority of my current customers, without thinking of the next "best thing". Additionally, I should have found stockholders willing to invest money into my organization, in order to franchise and build brand recognition.
In class, we discussed that innovation is change that adds value. Therefore, do you think the lack of innovative development caused your business to shut down?
There are many factors that caused my business to shut down, so I wouldn 't say that the lack of innovation was the only reasoning. However, it definitely played a tremendous role and affected my customer’s overall experience! As I mentioned, at some point I stopped having a creative mindset and just focused on costs, oppose to looking for new services that provided my customers with additional value. Most importantly, the lack of innovation reduced my company’s appeal and potentially stripped my employees of possible opportunities.
As a business owner, was it difficult adapting to industry changes? If so, can you provide an example of…
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