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The Oscar--What Small Businesses Can Learn from the Hollywood Movie Industry
2006 March 6
© 2006, Libertiny Financial LLC
The Hollywood movie industry is dying. This was no more evident then when I watched the 2006 Academy Awards on Sunday (March 5). Here’s the evidence:
1) Jon Stewart: The glitterati that attended the event in California were either too dumb or too full of their self-importance to appreciate Stewart’s satirical humor. The few that did laugh, did so nervously--perhaps they see the end and don’t know what to do.
2) Retrospective: The endless collection of retrospectives and collages were grinding. But, when you have nothing to look forward to and your way of life is fundamentally changing, one of your choices is to focus on the past.
3) Cry for Help: The final nail in the coffin was the outright plea for help. To paraphrase: “Please see movies in movie theaters, not on DVD.” Not on DVD?! They must be joking. Why would I spend the time and money to see a movie on an inferior system then the moderate level home theater that many of us now have? Furthermore, many of us are already watching shorter movies on our computer using broadband. With the release of the iPod with video playback capability it’s just a matter of time before we’re downloading movies for viewing whenever and wherever we have a few spare minutes: Waiting at the doctor’s office or for our cars to be repaired. Commuting to work on the train. Flying from one place to another. The vast majority of movies are not epics worthy of viewing in one sitting. This is a multi-tasking world.
It’s difficult to part ways with an old friend that you grew up with--especially an industry that has fed and housed generations of folks in Hollywood. But change and the future are unstoppable.
Reading
What can you do to thrive in this situation? Read books, journals and magazines that are “outside the cube.” Learn what other industries are doing that seemingly have nothing to do with yours. Determine if they use technology, services, people and processes that could give you a competitive advantage. If you find one, spend the time to adapt what you’ve read to your business. There are many excellent ideas out there and with the web, your access to information is nearly limitless. Spend time every day learning from professionals and customers in an industry that seemingly has nothing related to yours.
Service is Service
Whether you’re building hardware or providing services, all industries are now based on service. The era of building hardware and then walking away are over. At best, you’d be loosing a valuable, ongoing source of revenue if you didn’t incorporate service techniques learned from other industries. At worse, you’ll loose your customers.
Warning Signs
If you find yourself lamenting too frequently over “the good old days” it’s time to find something new and exciting that will re-energize your motivation to succeed in your business. Join a networking group, or better yet form your own, with people that are in industries completely unrelated to your own. Ask them what journals they subscribe to or which business websites they regularly read. Then take time and read what they’re reading.
Keep Your Ear to the Ground
Find out what your clients want and spend the time to determine how to implement their wants cost-effectively. First, you need to determine who your clients are and how they spend they’re business and recreational time. Attend social events that bring specific groups of people together, including people in the demographic that you’re targeting. Determine how they would change things in your business. Figure out the cost to make the change and how you’ll accomplish it. Many times your new “out of the cube” friends will have resources that aren’t available within your industry. Ask them how they’d accomplish what you’re trying to do. Finally, stop thinking about it and do it.
Keep Trying
Not every idea will pan out, but if you don’t fall on your face from time-to-time, you’re not going to succeed over the long-term. Intelligent experimentation is the name of the game coupled with the fortitude to end experiments quickly that aren’t working.
Don’t get complacent or your business will be the next Hollywood story. That’s the lesson for small businesses.
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