{"id":12729,"date":"2020-09-24T11:09:35","date_gmt":"2020-09-24T11:09:35","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=12729"},"modified":"2022-05-04T21:37:53","modified_gmt":"2022-05-04T21:37:53","slug":"how-businesses-can-avoid-becoming-irrelevant-in-a-changing-world","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/how-businesses-can-avoid-becoming-irrelevant-in-a-changing-world\/","title":{"rendered":"How Businesses Can Avoid Becoming Irrelevant In A Changing World"},"content":{"rendered":"<figure id=\"attachment_12730\" aria-describedby=\"caption-attachment-12730\" style=\"width: 800px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" loading=\"lazy\" class=\"wp-image-12730\" src=\"https:\/\/www.openbusinesscouncil.org\/wp-content\/uploads\/2020\/09\/How-Businesses-Can-Avoid-Becoming-Irrelevant-In-A-Changing-World-300x150.jpg\" alt=\"\" width=\"800\" height=\"400\" srcset=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2020\/09\/How-Businesses-Can-Avoid-Becoming-Irrelevant-In-A-Changing-World-300x150.jpg 300w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2020\/09\/How-Businesses-Can-Avoid-Becoming-Irrelevant-In-A-Changing-World-768x384.jpg 768w, https:\/\/www.footballthink.com\/wp-content\/uploads\/2020\/09\/How-Businesses-Can-Avoid-Becoming-Irrelevant-In-A-Changing-World.jpg 928w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/><figcaption id=\"caption-attachment-12730\" class=\"wp-caption-text\">How Businesses Can Avoid Becoming Irrelevant In A Changing World<\/figcaption><\/figure>\n<p>The business world has produced a veritable graveyard of once magnificently successful companies that came, conquered and thrived \u2013 but ultimately perished.<\/p>\n<p>In many cases, those businesses share a common reason for their demise: Times changed. They didn\u2019t.<\/p>\n<p><em>\u201cI\u2019ve always been fond of the saying that if you don\u2019t like change, you\u2019re going to like irrelevance even less,\u201d<\/em> says Adam Witty, a successful entrepreneur and the ForbesBooks co-author of <em>Authority Marketing: Your Blueprint to Build Thought Leadership That Grows Business, Attracts Opportunity, and Makes Competition Irrelevant<\/em>.<\/p>\n<p><em>\u201cOver the years, many businesses discovered they didn\u2019t change quickly enough, much to their chagrin. Others realized their old business model no longer applied, and they did adapt.\u201d<\/em><\/p>\n<p>In the last decade or so, media companies especially have had to navigate their way through an <a href=\"https:\/\/www.openbusinesscouncil.org\/1-in-10-businesses-face-collapse-as-the-economic-crisis-deepens\/\" target=\"_blank\" rel=\"noopener\">extraordinary disruption of their business models<\/a>, says Witty, who also is the founder and CEO of Advantage|ForbesBooks.<\/p>\n<p><em>\u201cReading habits and advertising habits shifted,\u201d<\/em> he says. <em>\u201cThis meant media companies needed to diversify and be innovative if they wanted to continue to thrive.\u201d<\/em><\/p>\n<p>Witty was involved in such a diversification recently when his company announced a partnership with American City Business Journals, the publisher of 44 weekly <em>Business Journals<\/em> in cities across the U.S. Through the partnership, American City Business Journals is branching out into the book-publishing field with the creation of Business Journals Books, an enterprise that will be operated jointly with Witty\u2019s company.<\/p>\n<p><em>\u201cThis is an exciting new way for them to be creative and create a new revenue stream for their business,\u201d<\/em> Witty says.<\/p>\n<p>With COVID-19 and the 2020 recession forcing companies to navigate their way through even more changes, Witty says businesses that want to avoid tumbling into irrelevance need to:<\/p>\n<p><strong>\u00b7 Review and rank their products.<\/strong> A few years ago when Witty\u2019s company did such a ranking, he realized one product line the business had offered for years didn\u2019t measure up and needed to go. <em>\u201cIt was hard to deliver, had low gross margins, was extremely people-intensive, and had very limited scalability,\u201d<\/em> he says. \u201cThe time, energy, effort and capital we were investing in this product line were taking away our ability to invest in new products that would be more scalable and more profitable.\u201d<\/p>\n<p><strong>\u00b7 Always be on the lookout for new ideas.<\/strong> What worked yesterday may not work tomorrow, so savvy business leaders are always open to new ideas for bringing in revenue, Witty says. <em>\u201cYou should also encourage employees to suggest ideas,\u201d<\/em> he says. <em>\u201cMaybe a lot of those won\u2019t work. But the more ideas that get tossed around, the better the odds something will prove a winner.\u201d<\/em><\/p>\n<p><strong>\u00b7 Favor facts and data over opinions.<\/strong> No matter how much an entrepreneur loves the business plan they used originally to launch their business, they need to make decisions about the future based on facts and data, Witty says. <em>\u201cYou must deal with the way things are, rather than the way you want them to be,\u201d he says. \u201cFacts and data will tell you the way things are.\u201d<\/em><\/p>\n<p><em>\u201cBecause of COVID-19 and the recession, a willingness <a href=\"https:\/\/www.openbusinesscouncil.org\/e-residency-survey-reports-half-of-businesses-successfully-pivoting-their-business-or-finding-new-opportunities-during-pandemic\/\" target=\"_blank\" rel=\"noopener\">to adapt to changing consumer habits<\/a> and ways of doing business is probably more important than ever,\u201d<\/em> Witty says. <em>\u201cThe businesses most likely to thrive coming out of this are those that have a plan, but also remain flexible and are willing to change that plan as the circumstances around them change.\u201d<\/em><\/p>\n<p>Adam Witty, co-author with Rusty Shelton of <em>Authority Marketing: Your Blueprint to Build Thought Leadership That Grows Business, Attracts Opportunity, and Makes Competition Irrelevant<\/em>, is the CEO of <a href=\"http:\/\/www.advantagefamily.com\" target=\"_blank\" rel=\"nofollow noopener\">Advantage|ForbesBooks<\/a>. Witty started Advantage in 2005 in a spare bedroom of his home. The company helps busy professionals become the authority in their field through publishing and marketing. In 2016, Advantage launched a partnership with Forbes to create ForbesBooks, a business book publisher for top business leaders. Witty is the author of seven books, and is also a sought-after speaker, teacher and consultant on marketing and business growth techniques for entrepreneurs and authors. He has been featured in <em>The Wall Street Journal<\/em>, <em>Investors Business Daily<\/em> and <em>USA Today<\/em>, and has appeared on ABC and Fox.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The business world has produced a veritable graveyard of once magnificently successful companies that came, conquered and thrived \u2013 but ultimately perished. In many cases, those businesses share a common reason for their demise: Times changed. They didn\u2019t. \u201cI\u2019ve always been fond of the saying that if you don\u2019t like change, you\u2019re going to like [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":12730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":""},"categories":[3585,3666],"tags":[3468,3711,13949],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v18.1 (Yoast SEO v19.7.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Businesses Can Avoid Becoming Irrelevant In A Changing World - OpenBusinessCouncil Directory<\/title>\n<meta name=\"description\" content=\"The business world has produced a veritable graveyard of once magnificently successful companies that came, conquered and thrived \u2013 but ultimately perished.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.footballthink.com\/how-businesses-can-avoid-becoming-irrelevant-in-a-changing-world\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Businesses Can Avoid Becoming Irrelevant In A Changing World\" \/>\n<meta property=\"og:description\" content=\"The business world has produced a veritable graveyard of once magnificently successful companies that came, conquered and thrived \u2013 but ultimately perished.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.footballthink.com\/how-businesses-can-avoid-becoming-irrelevant-in-a-changing-world\/\" \/>\n<meta property=\"og:site_name\" content=\"OpenBusinessCouncil Directory\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-24T11:09:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-04T21:37:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.footballthink.com\/wp-content\/uploads\/2020\/09\/How-Businesses-Can-Avoid-Becoming-Irrelevant-In-A-Changing-World.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"928\" \/>\n\t<meta property=\"og:image:height\" content=\"464\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Hernaldo Turrillo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Hernaldo Turrillo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.footballthink.com\/how-businesses-can-avoid-becoming-irrelevant-in-a-changing-world\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.footballthink.com\/how-businesses-can-avoid-becoming-irrelevant-in-a-changing-world\/\"},\"author\":{\"name\":\"Hernaldo Turrillo\",\"@id\":\"https:\/\/www.footballthink.com\/#\/schema\/person\/b9610afd0759dc701187a7f622375c23\"},\"headline\":\"How Businesses Can Avoid Becoming Irrelevant In A Changing World\",\"datePublished\":\"2020-09-24T11:09:35+00:00\",\"dateModified\":\"2022-05-04T21:37:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.footballthink.com\/how-businesses-can-avoid-becoming-irrelevant-in-a-changing-world\/\"},\"wordCount\":718,\"publisher\":{\"@id\":\"https:\/\/www.footballthink.com\/#organization\"},\"keywords\":[\"business\",\"business resources\",\"COVID-19\"],\"articleSection\":[\"Business Resources\",\"Entrepreneurship\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.footballthink.com\/how-businesses-can-avoid-becoming-irrelevant-in-a-changing-world\/\",\"url\":\"https:\/\/www.footballthink.com\/how-businesses-can-avoid-becoming-irrelevant-in-a-changing-world\/\",\"name\":\"How Businesses Can Avoid Becoming Irrelevant In A Changing World - 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