Tradition is a wonderful thing, and I, like many, find comfort in knowing certain things never change. Our family has built traditions around certain events and holidays that stay the same no matter how old our children get. I remember one Thanksgiving we altered the menu slightly and got scolded for not following custom.
Tradition provides a sense of comfort and a level of simplicity that causes us to continue the same routine every year. Every time an event or holiday comes around we can recreate the past without being pressured to outdo the previous year.
In the business world however, if an owner rejects change for the simplicity and comforts of tradition they stand the risk of losing existing customers, not attracting new ones, and possibly going out of business.
The traditional products and services which businesses depend on to cover their expenses are its foundation. These are the same products and services the business was founded on and customers find comfort in. It is dangerous for a business owner to tamper with these core products and services because they risk making bad decisions and breaking their foundation; which could confuse and alienate customers. But at the same time the world is changing and businesses need to evolve to survive. There is no such thing as a comfort zone for business owners; as soon as you think everything is perfect the demographics, trends, competition or technology causes you to change again. For example, our store Frameworks has been downtown for the last 24 years and over the last 10 year we have reacted 6 times with décor and product changes to meet new opportunities, demand, and trends for the downtown area.
When a business makes evolutionary changes to their products or services there are three important factors to consider. First, through customer interaction research find who is buying and what they’re buying. Second, react to your research findings before sales drop. Third, reduce your risk of making bad decisions by evolving your products or services slowly.
I have a great admiration for all the downtown businesses that can claim the status of elder statesmen and managed to stay in business without changing a thing for decades. But to me, the real champions of downtown are the businesses owners who have invested in changing décor, products, and services to keep up with the changing customer base of our downtown central business district. Change requires a lot of thought and capital and those that are able to embrace change without losing old customers are not only successful entrepreneurs, but also innovators.
