Definition of Business Apocalypse: Current landscape of companies dealing with external and internal factors inhibiting them from successfully transforming forward.
Fifty-two percent of the Fortune 500 companies from the year 2000 are now extinct. That’s not a typo. In less than two decades, more than half of the brands that were on the Fortune 500 list in 2000 no longer exist.
Fifty years ago, the life expectancy of a Fortune 500 brand was 75 years; now it’s less than 15. It has been predicted that an estimated 9,000 companies could find their way on and off the Fortune 500 list over the next six decades.
The Business Apocalypse has caused the demise of many once-thriving corporations. Companies we used to adore like Toys “R” Us, Tower Records, Pets.com, Blockbuster, and Kodak are no more. So what’s causing all this? And how can your company avoid this grave danger? I believe it starts by first accepting the Four Truths of the Business Apocalypse:
1. Companies are perishing at an alarming rate.
2. We are afraid of change.
3. What got you here won’t keep you here.
4. You need time, but you don’t have time.
These truths are daunting, but instead of suppressing them, it’s time to acknowledge them and take action. We must work closely with our teams to shift their mentalities from “There’s no time like the present” to “There’s no time but the present.” When you do, you can decrease your company’s chances of falling to one of these statistics. But you must have the courage to do so. Let’s start by unpacking the first truth. Read The Dawn of the Business Apocalypse.