Smart Business Magazine, July 2020

6 Smart Business July 2020 SMART BUSINESS 835 Sharon Drive Suite 200 Cleveland OH 44145 P 8009884726 F 4402507001 SMART BUSINESS MAGAZINE EVENTS PUBLISHER CHIEF CONTENT OFFICER Dustin S Klein ADMINISTRATIVE ASSISTANT Kari Mzik VICE PRESIDENT OF SALES Katie Janoch Janet K Valore VICE PRESIDENT OF BUSINESS DEVELOPMENT JANINE ORLANDO TECHNOLOGY DIRECTOR April Grasso CREATIVE DIRECTOR Jim Mericsko SENIOR ART DIRECTOR Wendy Armon PRODUCTION MANAGER Mary Kay Bukowski CONTENT DIRECTOR Sue Ostrowski SENIOR EDITORS Mark Scott Adam Burroughs Jayne Gest VICE PRESIDENT EVENT MANAGEMENT John Lotenero DIRECTOR OF EVENTS Danielle Catteau BRAND MANAGERS EVENTS Molly Carpenter Lisa Dore Meredith Rankin EVENT COORDINATOR Kate Stucky Smart Business Magazine Events are a division of SMART BUSINESS NETWORK INC PRESIDENT CEO Fred Koury MANAGING PARTNER Lee Koury MANAGING PARTNER Michael Marzec CONTROLLER Kathy Deutsch EXECUTIVE ASSISTANT OFFICE ADMINISTRATOR Jill Brown ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE Marilyn Homolak SMART BUSINESS MAGAZINES CINCINNATI COLUMBUS NORTHEAST OHIO PHILADELPHIA PITTSBURGH Find ways to extend the life cycle of your business A winning strategy is an essential part of leadership Its a result of your ability to create a vision and then build a team that can execute on your bold ideas This is a unique gift one that brings you power prestige and if you do it right wealth The problem for some leaders however is that they get too locked in to their tried and true formula for success If ever there was a time to step out and try something new its now in response to the COVID 19 pandemic One need only look at the demise of once iconic brand names like Polaroid Sears and Blockbuster to understand that in business as in life tomorrow is promised to no one You must constantly be searching exploring and strategizing for new opportunities that can extend the life cycle of your company This proactive approach to growth is something Ive worked on with Kurt Treu who counsels business leaders as the Growth Coach of Greater Cleveland Treu has been licensed to deliver The Goss Reid Winning Strategy Methodology which is based on the best selling book The Last Word on Power Executive Re Invention For Leaders Who Must Make The Impossible Happen by Tracy Goss There are things leaders want to achieve that they dont think are possible Treu says Its because their winning strategy has them trapped in a box Netflix is one of the best examples of a company that deftly avoided this trap Reed Hastings and Marc Randolph co founded Netflix in 1997 after Hastings had been charged a 40 late fee for an overdue movie rental from Blockbuster Their idea was to allow customers to rent movies through the mail The companys signature red envelopes quickly became a hit Fred Koury President and CEO Smart Business Network Inc fkoury@ sbnonline com FROM THE CEO In 2000 Hastings offered to sell 49 percent of his company to Blockbuster and create a new online segment for the video rental company which at its peak had more than 9000 stores around the world Blockbuster rejected the offer and Netflix continued to grow As customers moved away from discs and streaming video services became more popular Netflix was ready to capitalize on the emerging market Today its a multibillion dollar company that even produces its own original content Blockbuster is down to one store in Bend Oregon As business leaders we need to be aggressive as we explore new ways to grow revenue We cant let the fear of change limit our options as we move forward especially now As Jack Welch once said Control your own destiny or someone else will Take control of your destiny