When it comes to running a business, you want to do everything you can to avoid a tackle that’s going to wipe you off your feet or leave you winded. You need to protect your blind side.
If you’re a football fan, you’d know all about the role of the left tackle and how you have to protect the quarterback’s blind side. If you’re not a football fan, Sandra Bullock may have introduced this idea to you with her role in the blockbuster The Blind Side.
Tony Robbins discusses this in a recent talk of his:
In the video, he talks about the difference between being a good business and being a great business. The key difference being leaders who act within their immediate surroundings (and more importantly within their comfort zones) versus leaders who could predict, adapt, innovate and have a greater awareness of the world around them. What type of leader do you want to be?
The quote that really resonated with us was…
“What will make you lose this business is a change in competition that you are not prepared for.”
Nothing emphasises the truth in that quote quite like the Blockbuster vs. Netflix case study.
Blockbuster vs. Netflix – the biggest future proofing mistake
Back in 2000, Netflix proposed to Blockbuster that they join forces to dominate the physical and online worlds. At the time, Blockbuster was at the top of the video rental industry. They could not foresee the need to go online (and consequently laughed the Netflix founder out of the meeting). Blockbuster made the fatal mistake of not protecting their blind side.
Fast forward to 2017 and we all know how this story ends. Blockbuster is well and truly a thing of the past. They were forced to declare bankruptcy in 2010 and officially closing its final store in 2013. Whereas Netflix is worth $61.6 billion, making it the most successful streaming company and in the top 15 most innovative companies in the world.
Moral of the story? Always protect your blind side.
Similarly to Tony Robbins, Richard Branson discusses the importance of innovation and adaptability saying that “longevity is more the exception than the rule” in businesses in the 21st century.
Richard Branson’s verdict on future proofing
Richard Branson believes in the idea of protecting your blind side, but instead refers to it as ‘future proofing’ your business.
His top four top tips include:
- Offer more than just a brand name, offer a brand value
- Avoid complacency – constantly seek to improve
- Listen to and inspire your employees
- Don’t let nostalgia block innovation – constantly move forward.
Block out half an hour out of your schedule this week to take a look at your blind side. What can you do to protect it? You don’t want a surprise tackle to cost you your business.
Future proofing your business can be a large and scary task if you don’t know where to start – lucky for you we know what we are doing. At Toohey Reid we know creating, running, growing and ensuring the future of a successful business can be hard. Staying in control of everything you can’t see is even harder. We make it easy. Give us a call today to find out how we can help you!
