REINVENT YOUR BUSINESS OR THE WAY YOU DO BUSINESS
Having your products rejected by the market can lead to huge losses or cause businesses to close due to bankruptcy. There are companies who use this as both a wake up call and an opportunity to change directions and consider a better way to do business.
A prime example of this is Apple. When Steve Jobs returned after 12 years of being away, he began to rework Apple from the ground up. He started by trimming their product offering to focus on selling more transformative devices, which resulted in the iMac, iPod, and the iPhone.
Another example is how IBM shifted from selling individual pieces of hardware to being a holistic IT service provider that allowed them to go from losing $8 billion to making $7.7 billion.
I’ve given you three disasters that could be opportunities, but there are definitely more out there. When you face something that seems to be disastrous, take a step back and assess how it could be used to benefit or grow the company.