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Business needs to innovate to grow

Sun Tzu said, ‘Opportunities multiply as they are seized.’ But what occurs when one slips right through our fingers?”

Alright, gather ’round, folks! Let me spin you a yarn about a giant that once was – Kodak 📷

Back in the day, saying “Kodak” was synonymous with saying “photo.” You didn’t take a picture; you took a “Kodak moment.” These guys had the market cornered. Every birthday, every wedding, every “look-at-me-I’m-at-the-Eiffel-Tower” moment was trusted to Kodak film 🎞ī¸

They were big, and not just big, but Titanic big. And similar to the Titanic, they didn’t see the iceberg ahead. That iceberg? Digital photography. Now here’s the twist Kodak actually invented the digital camera back in 1975.  But instead of running with it, they got cold feet, worried it would cannibalize their film sales 👈

Fast forward a bit, and the world was humming to a new tune. People weren’t just capturing moments; they were sharing them, instantly, without the need for a photo development lab (remember those?). While Kodak was reminiscing about the golden days of film, companies like Sony and Canon were doing the digital cha-cha 💃

Our beloved Kodak, not wanting to be left in the dust, did eventually enter the digital arena, but by then, the party was in full swing without them. They were like the guy who shows up at a rave with a disco ball đŸĒŠ

But here’s where we give a nod to resilience. Kodak has since pivoted and ventured into new areas. They’ve dabbled in pharmaceuticals, print systems, and more. The name ‘Kodak’ still echoes with nostalgia, a reminder of simpler times 👈

Moral of the story? Be brave enough to disrupt yourself before someone else does. And always, always trust in your innovations 😉

Kodak’s tale isn’t just some “big corporation” bedtime story; it’s a cautionary fable with some real gold nuggets for small business.

Embrace innovation, even if it seems small or inconsequential. Today’s world changes at the blink of an eye, and the small businessman has an edge – agility. You can pivot, adapt, and innovate faster than the big players. Remember Kodak not as a warning of failure, but as an inspiration to be ever-evolving, to cherish the past but embrace the future 😉

Disclaimer: Paul Stankiewicz is the owner and principal at Paul Marks & Co Chartered Accountants which is the trading name of Paul Marks Ltd a Limited Company registered in England and Wales (registered number 4487645).This article is designed for the information of readers only and is the opinion of the author only. Readers should not act on any of the information contained in this article without seeking professional advice. Nothing in this article constitutes advice, nor does the transmission, downloading or sending of any information or the Material create any contractual relationship. Links to third party websites are provided as a convenience to the reader, Paul Marks Ltd does not control and is not responsible for any of those websites or their content. Paul Stankiewicz and Paul Marks Ltd accepts no liability or responsibility whatsoever for any loss or damage suffered by any user of the information contained on or accessed through this article or the Material downloaded.