What can small businesses learn from Kodak?

So, Kodak has finally filed bankruptcy…. as much as I feel sad, it is not surprising that it has been struggling for quite a few years…

What can small businesses learn from Kodak?

Kodak invented the first digital camera back in the 70's, com'on, that's innovative. But not able to follow through is their big mistake. We have to accept that sometimes we do go a few steps ahead compare to the mass market. Slowly and surely the mass market will follow. We have to figure out our ways to keep surviving while the mass market has not adopt to our new ideas, and we have to keep providing what everybody understands in the meantime.

I think we have to understand that customer's need and wants will change from time to time, but that change is not in our hands… being able to see that trend is important but at the same time we have to be able to stand on our offerings is as important. Kodak was not able to follow through their innovation as film was still giving them their majority earnings at that time. 

While they focused only on what brings in the money, they forgot to be innovative. They fell behind when massive digital wave came from left, right and centre. They could not upkeep with the market change. 

As a financial advisor, I have been searching and learning what is the best I can offer to my clients. I must admit that what I am doing now is very different from what I was doing when I first started in this career, and is very different from what I was doing even 5 years' back. I do think I am heading the right direction in terms of what to offer to my clients as I am seeing more referrals I am getting from multiple clients (I do think most people will refer if they have a good experience).  **Thanks for your referrals and support :)

Whatever business you do, try keep up your service level and do not stop exploring new ways to improve, or even more so, do not turn down new ideas that might change your business upside down, you might find a brand new area you had never been before….