The Kodak story reads like a modern tragedy. An icon, forced to file for Chapter 11 Bankruptcy Protection all because they forgot the art of business.
Whatever you do, don’t get done by a committee.
George Eastman would be turning in his grave.
Because more than one hundred years ago old George created a company that would go on to command 90% of the market in its heyday. Cameras, film and other consumables. It had it cornered and its nearest rivals couldn’t touch it.
Enter the committee. And a few incredibly stupid and short-sighted decisions.
Determined to protect the incredible fortune that had been made through film, they turned their back on the world of digital, despite the fact that it was Kodak who had invented digital in the first place. And those who come first always own the market, don’t they. But few people realize that when you’re in protection you can’t be in growth. Physical impossibility. Because when you’re battening down the hatches, there’s few resources left to use for growth.
And of course the rest is history.
All because these important key decisions were given into the hands of a committee. A committee who were slow to adapt to changes in consumer interest and underestimated their rivals. It has cost this company dearly.
In the development of any business, it’s essential to plan for the future. Because business is ruthless and you need to keep watch.
How will you keep control over the key decisions in your business?
What does your future hold?