Saturday, January 19, 2013

Businesses Closing Down

Businesses can often worry when they hear about other companies closing down. Places such as blockbusters and Jessops have been put in to administration this week and that can be a worry. However, there are lessons to be learned from this.

Blockbusters has competition from Lovefilm where people do not have to go out and collect their DVD's. With more television channels and on demand this will also have produced competition for them also Jessops has many competitors online that are cheaper.

It is worth noting that they have not done anything to change and compete with these companies. It is therefore worth learning that if you have a business, you should adapt with the times, making sure that you do not get put out of business by more successful competitors. I have changed the nature of my business several times and managed to continue to earn an income from it.

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