Ride the wave, swim or drown

Once upon a time, the music business had a license to print money.
Radio promoted their music free. Competition was limited.
Production costs were high. Profit margins were higher.
The LP couldn’t be copied. Record clubs thrived.
Owning a record label gave you the Midas touch.
Then technology came along and changed everything.
Seth Godin tells this story in his book, "Tribes".
Technology changed my industry, newspaper publishing, too.
The suburbs made cheap child delivery impractical.
The price of paper went up. News was free on the Internet.
Advertisers found multiple ways to advertise.
Publishing companies borrowed their way into bankruptcy.
Change will drown you. Your options: Ride the wave or swim.
If you decide to float, you'll starve to death.
What’s going on in your industry? I’ll bet it’s changing fast.
Look at health care, a recession-resistant industry.
Are you practicing the way you did five years ago? Not hardly.
A medical degree once gave you a license to print money.
No longer. Many doctors don’t even own their own practices now.
Here’s some homework: Make a list of the changes in your industry.
Write out all of your options. Do a Ben Franklin analysis.
Which options have more benefits than costs?
Bring your team together and decide what all of you must do.
You won’t be able to do this over the weekend.
This is an annual planning event. Start your planning . . NOW.
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P.S. A big book sale is coming up. Details next week.