Some things can seem like a good idea at the time, but retrospect is a wonderful thing. Having a business is all about making decisions. In business, you can’t expect to be perfect all the time. Some of your decisions will be great, and some of them not so much. 🙂
To illustrate that point, here are 20 of the worst business decisions ever made as of April 2017. Maybe there’s been more in recent times, if you know of any, let us know.
We’ve not these bad business decisions in a particular order, take a look:
1. Somebody Should Have Phoned Home
Back in 1981, Amblin Productions called Mars and had a proposition for them. They said they would use Mars’ M&M’s in their film, for promotion of their film on their packaging. Mars gave them a straight up no, so the company used Reese’s Pieces instead.
The film was ET, which grossed nearly $800m en route to becoming one of the most important films in history. As an upshot, Reese’s Pieces saw a 65% jump in sales in the months after ET was released! Those contributions played a massive role in allowing the Hershey Company to grow from strength to strength. Over three decades later, a lot of their success can still be attributed to this particular product placement.
Quite frankly, the deal can be considered out of this world! Still, M&Ms aren’t doing too badly in spite of the notable blunder.
2. NBC and CBS Pass On Monday Night Football
In the late 1960s, America loved Baseball. However, football was fast becoming America’s passion. Commissioner Pete Rozelle approached NBC and CBS to see if they wanted to strike up a contract. He could see the value in the show Monday Night Football. Both networks rejected the chance to strike a deal, as they didn’t want to sacrifice already popular shows like the Doris Day Show.
Monday Night Football became one of the longest running, highest rated TV shows of all time. Nowadays, ESPN pays close to $2bn per year for NFL rights, with Monday Night Football placing itself as the gem in the crown. The fact that the broadcaster still manages to churn out such high profits from the weekly show underlines that both NBC and CBS dropped the ball.
Conversely, CBS brought the Doris Day Show to its end in 1973.
3. Snoozing Motorola
Motorola used to be on top in the cell phone business; remember their Razr phone? However, they waited a little too long to release their version of the smartphone, allowing iPhone and Blackberry to become the new ones to watch.
Instead of focusing on customer experiences like they should have been, they focused on the aesthetic appearance of the phone. Consequently, the company’s shares fell by 90% between October 2006 and March 2009. This equated to company losses of over $4.3bn! By January 2011, the business had become defunct after over eight decades in the industry. “Hello Moto” had become “Goodbye Motorola.”
These days, Motorola Mobility is owned by Lenovo following their purchase from Google in 2014. The Motorola brand is still hoping to one day reclaim the throne. Unfortunately, in a world dominated by Samsung and iPhone, those dreams look very unlikely. They had the high ground while entering a golden era for cell phone technology. Failing to capitalize is one of the biggest business errors of the century.
4. ABC Says No To The Cosby Show
ABC was the network that decided to take on Monday Night Football. The weekly sports show was no doubt their most popular program by a considerable distance. Yet, they were still stuck in third place in the network rankings and in need of something else to help them win the ratings war.
The Cosby Show was pitched to them, but the Entertainment Division President turned it down. They claimed Cosby didn’t have a pilot or a script to show (whether this is true or just an excuse, nobody knows). The program was a hit almost instantly, ranking number 3 in the Nielsen ratings and then taking the top spot for the next five seasons. This catapulted NBC, who accepted the show, to the number one spot among the other networks. The influence of their hit show could not be emphasized enough.
While ‘the Cos’ was drawing in up to 30 million per night, it’s fair to say ABC wasn’t. With the Cosby Show and (CBS show) Magnum P.I winning the war, their presence in the most valuable time slot became almost obsolete. The head of entertainment called comedy on network television dead at the time of rejection. Perhaps the ABC man should have gone back to school.
5. The Beatles Rejection
The Beatles auditioned at London’s Decca Records before they were big, hoping to secure a contract. The executive in charge of talent said their sound was no good. He declared that they sounded too much like ‘The Shadows,’ who were supposedly a popular band at the time.
Executives went as far to say that groups were out, especially four piece groups with guitars. He signed a local act from London instead; Brian Poole and The Tremeloes. Meanwhile, the Beatles were signed by Brian Epstein and went on to become the best-selling band in history. Moreover, the Fab Four started a revolution that changed pop culture forever.
Billions of Beatles albums have since sold worldwide, and they continue to sell to this day. Meanwhile, I had to Google Brian Poole and the Tremeloes to find out that their best song was Twist and Shout. Unfortunately, the best version is by the band that Decca Records rejected.
6. The ‘Novelty’ Telephone
In 1876, Western Union boasted the telegraph, which was the most advanced communication tech available at that time. The company president, William Orton, was offered the patent on the telephone for $100,00 (the equivalent of around $2 million right now). He didn’t only reject it; he dismissed it completely.
He thought it was a ridiculous idea, and wrote personally to the creator Alexander Bell, asking what they could do with an electrical novelty toy. He also said it had no commercial possibilities. It took only two years for the telephone to take off, and Orton spent the rest of his life unsuccessfully trying to challenge Bell’s patents.
As for the novelty toy, it changed global communications forever.
7. NEW Coke
We all know what Coke tastes like. Many people have an almost emotional relationship with the drink and the brand. Coke had a centennial anniversary in 1985 and to celebrate they came up with ‘New Coke.’ Most of the formula was the same, but there must have been a notable change in taste as the sales dropped by 20%.
Many customers were perplexed by the change, particularly as the company had already established its place as a global giant. It didn’t take long before Coke realized their error and returned to the formula and taste that people love and know best. They even slapped ‘Classic’ on the can, which many believe saved the brand. The Coca-Cola Company defiantly continued to produce the new version for some years, before admitting defeat in 2002.
Thank God they did; otherwise, we could all be drinking Pepsi.
8. Greedy Fox
Although merchandising wasn’t very big at the time of the Star Wars release, 20th Century Fox still made a huge mistake here. Worse still, they have been paying for it ever since. They got George Lucas to take a pay cut of $20,000 in exchange for all of the merchandising rights to Star Wars, and all of the sequels thereafter.
Since then, Star Wars has grown into the most iconic film franchise ever. The initial trilogy has grossed billions in while the ninth blockbuster film is currently in production. Meanwhile, merchandise sales have earned billions more, making Lucas worth a reported $5.2bn himself.
For the sake of twenty grand, Fox missed out on a commercial phenomenon.
9. Blockbuster Would Rather Not Netflix and Chill
Back in 2000, Netflix co-founder Reed Hastings asked the Blockbuster executives to publicize it in their stores. Netflix proposed that they would help Blockbuster to sell their brand online too. This essentially equated to Blockbuster being offered Netflix for a mere $50 million. Blockbuster were quick to say no and slam the door in Hasting’s face. Bad move.
Less than a decade later, in 2010, Blockbuster filed for Chapter 11 bankruptcy protection. In a cruel twist of fate, the popularity of Netflix had been the main contributing factor. Nowadays, Netflix has over 90 millions users worldwide and boasts assets worth over $13.5bn.
Blockbuster, meanwhile, has closed operations in most major territories. The once colossal brand is now resigned to appearing in internet memes about life in the 80s and 90s.
10. That’s NOT A Kodak Moment
When was the last time you spotted somebody with a Kodak camera? Well, if Kodak had a little more urgency about them, we could all be using Kodak smartphones right now.
The company has the credit for being the first company to hold the patent for digital technology (which also has a lot to do with the smartphone) in 1975. But the camera giant decided to sit on their hands instead. They finally decided to pursue digital photography when it was far too late, leaving far too much ground to make up. They filed for bankruptcy in January 2012.
At least we have some pictures to remember them by. Maybe if they’d pursued with the digital tech that they invented, they’d still be at the top of the photography pyramid.
11. They Should Have Asked Google What To Do
By 1999, Google was already fast establishing itself as one of the major search engines. With the internet growing at a rapid rate around the turn of the century, it didn’t take a genius to realize a $750,000 investment would pay dividends. Sadly for Excite, they still passed up that golden opportunity.
Fast forward to 2017 and Google is one of the biggest companies on the internet. It’s the second most valuable brand on the planet and is worth close to $200bn. Meanwhile, the operation continues to buy out smaller ventures and grows year on year.
Ironically, only a quick Google search confirmed that Excite still exists. Considering it was once one of the leading operations in early internet technologies, it’s limited success is astonishing. The fact it still hasn’t discontinued its search engine is almost a parody of its own errors.
12. Microsoft Deemed Too Steep
In 1979, Bill Gates was a fresh-faced 23-year-old set to achieve the status of a billionaire. A businessman named Ross Perot, whose electronic data systems were worth $1bn, was offered to buy Microsoft for $40-$60m. Despite viewing the company as an attractive prospect, the entrepreneur refused to meet those prices. He said it was too steep, especially as the company had not yet reached its peak.
Perot was right, Microsoft hadn’t reached its peak. The computer giant currently has a market capital of around $343 billion according to Forbes Magazine. It is widely accepted as one of the most important brands on the planet.
Ross Perot has since been quoted saying that it is one of the worst business decisions he ever made. Cheers Ross, we couldn’t have worked that one out ourselves.
13. J.C. Penney Gets Rid Of Their Fake Pricing
The pricing tactic of J.C. Penney can be frowned upon, but it certainly helps them to sell clothing. They used to make sure their items were all marked down from a higher price, although the item would never have been sold at that price in the first place. This led customers to believe that they were getting a real bargain, instead of simply buying cheap clothing.
The New CEO that came in 2012, Ron Johnson, decided to make J.C. Penney look ‘less desperate’ by starting a new, more honest pricing system. This didn’t go down well with J.C. Penney fans, and they complained all over the internet. This harmed sales figures and brand reputation in one fell swoop.
Johnson was fired after 17 months, and J.C. Penney brought back their fake pricing system. Perhaps honesty isn’t always the best policy.
14. The Death Of MySpace
Before Facebook, Twitter, Instagram, and all of the popular networks, there was MySpace. The network went mainstream in 2004, with 1 million users just one month after it was launched. For internet users of a certain age, Tom Anderson was their first ever social friend. Moreover, his goofy profile pic is one that haunts is to this day.
Rupert Murdoch, News Corp Billionaire, bought it and attempted to make it too profitable too quickly. Essentially, over-saturating the site with annoying ads would prove to be its downfall. The year 2008 was Myspace’s peak, with 75.9 million unique visitors. But it just couldn’t survive following the launch of Facebook, especially as the ads alienated users.
Murdoch sold Myspace in 2011 for just $35 million, after buying it years for $580 million. The tycoon has made many great decisions in his time; this was not one of them.
15. Edwin Drake Fails To Patent His Oil Drill
You may not know the name Edwin Drake, but in 1858 he could have been one of the wealthiest men in America. He was determined to find a way to get to the oil that everybody wanted. So he partnered up with a blacksmith from the area and together they made a drill that did just that.
It took them weeks to come up with the perfect design, and it eventually helped them get to the black gold that they so desperately wanted. There was just one major problem; Drake hadn’t secured a patent. In spite of his success, he was later fired and then lost all of his money on Wall Street.
Failing to secure a patent on his drill has cost Drake and his family millions of dollars. Meanwhile, the oil industries are worth billions thanks in part to the Drake legacy.
16. Schlitz Beer Goes To…Schlitz
In the 1970s, Schlitz was one of the biggest beer manufacturers of all time. They came second only to Budweiser and boasted a rich history stretching back over a century. In a bid to meet growing demands, Robert Uihlein, Jr made the decision to use cheaper ingredient to increase production speeds. Sounds good on paper, doesn’t it?
Unfortunately, even a drunk person couldn’t handle the resulting product. The beer started to form floaties in the bottom, which would then congeal into a thick mucus. Schlitz didn’t recall these beers, even after realizing the terrible mistake. They eventually gave in, but not before 10 million cans had been shipped. By this time, the damage had been done.
The company and its assets were sold as profits sank to the bottom of the barrel. Considering the profits to be had by some of the beer manufacturing giants, the Milwaukee company had a shocker.
17. Atari Doesn’t Like Apples
Nowadays, Apple is the biggest brand on the planet. But once upon a time, the operation was completed from a garage. During those humble beginning, Steve Jobs and Steve Wozniak wanted to sell their personal computers to Atari. However, the then-computing giant rejected the offer.
The two Steve’s subsequently said that Atari could have the computer as it was built from their parts, and asked to work for Atari instead. They still said no. After some rocky moments during the first 20 years, Apple became the biggest brand in computing and consumer electronics. Atari, meanwhile, is still best known for Pong.
Atari is still in existence, but they never truly recovered from the video gaming crash of 1983. If only they’d branched out by taking the Apple.
18. The M*A*S*H Drop Out
In 1972, M*A*S*H was a surprise hit for 20th Century Fox. However, a few big stars dropped out after a couple of seasons and this made Fox panic. They decided the show wouldn’t live much longer and sold rights to the old seasons to various local TV stations, for a total of $25 million dollars.
The show’s popularity didn’t fade, and the show continued for a total of nine years and 251 episodes. Television stations raked in $1m per episode while Fox Television didn’t see any of those revenues. Moreover, reruns of M*A*S*H are still broadcast even to this day.
In fairness, though, at least the production company continued to provide great episodes until the very end.
19. Quaker Oats Buys Snapple
Buying out a company for $1.7bn is a brave call at any time. Doing it when it’s reportedly worth less than that figure is even braver still. However, doing so when the brand in question is already in free-fall crosses the line of bravery into stupidity. That’s exactly what Quaker did with Snapple.
The food company couldn’t save the floundering Snapple brand. They messed up the branding and couldn’t persuade distributors to keep Snapple in spite of their offers and the stockpiled up. This led to it entering dollar stores while vast quantities ended up in landfills.
Snapple was being given away on the street for free as sales still plummeted in 1996. Eventually, Quaker sold the brand to Triarc for $300 million. That’s $1.4 billion less than they paid for it 28 months previously.
20. The K-Mart Wal-Mart War
The war between K-Mart and Wal-Mart embodies the importance of customer service perfectly. As the two companies went head to head in the 1980s, K-Mart went for an aggressive publicity campaign to raise awareness of their store. Meanwhile, Wal-Mart (not having the cash to do the same) focused on their stocked shelf efficiency and immediate checkouts instead.
Wal-Mart won the war and K-Mart haven’t been able to keep up since. Today, Wal-Mart is the far superior company with over 11,000 stores and 2.3 million worldwide employees. Despite losses in recent times, it generates nearly $500bn in revenue. In comparison, K-Mart draws in around $25bn from 735 scores.
K-Mart had all the assets to win the war but was let down by poor tactics. Subsequently, they couldn’t find a way through the Wal.
No one can expect to make the right decision all the time. However, it just goes to show that a little curiosity and open-mindedness, and a little less rigidity and stubbornness could take you places! These decisions may have been some of the worst ever made by some entrepreneurs, but they turned out to be pretty good for others!
Suggested Next Read: The man who destroyed his multimillion dollar company in 10 seconds
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Image 10 – wikipedia.org, By Eastman Kodak – http://www.kodak.com/ek/US/en/Our_Company/History_of_Kodak/Evolution_of_our_brand_logo.htm, Public Domain, https://commons.wikimedia.org/w/index.php?curid=55328013
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Is Work-Life Balance Making Us Less Productive and Lazy?
Striking the right ‘work-life’ balance is still the talk of the town among workers of all ages and experience.
Job seekers, are no longer afraid to mention they have a home life, and that they won’t be married to the job.
Also there’s the realities of harmful stress on health and relationships, it has been a reality check for many of us over the years and now we value more freedom and flexibility often more than our pay packet.
Businesses have been slow on the uptake however that is changing albeit not through altruism but from it’s huge cost savings in operations including less office space and technology required.
Startups can engage staff where they reside not necessarily where the business is located. Still there remains some doubt as to it’s real value to economy.
Are we losing overall productivity? Is flexi-time, more holidays and remote working making us lazy? If you don’t have to go into the office why would you and is this affecting team relationships and the sharing of information?
There are so many questions and no right or wrong answer.
Why is it still a thing some 40 years on? To find out we need to look at some of it’s drivers; namely technology and women. The work-life conflict was first mentioned by workers in the UK in late 1970s and a few years later in the US and here we are today nearly 40 years later still flying it’s flag, women probably more so than men.
Positive female role models and more women in the workforce, has kept the movement alive and well and some might argue it has been the driving influence of better employment terms, and pay. Only recently it was reported Canadian women are investing almost as much as men in the market now and that’s due to the shrinking wage gap, and lower unemployment, among other factors.
The use of systems that allow workers to be monitored while working remotely, has given the power back to the Business. Not only can they keep tabs on their workers and their productivity via software like online chat they can grab the huge savings less office space and services allows.
Hot desks are now the norm in corporate offices. Plus companies can also get away with providing less technology too. Hardware like desktops are less in demand now as workers can use their own computers.
Workers in many industries are now encouraged to use their own hardware and software. This means some may use Apple while others use Microsoft and then there’s also the array of smart devices in use too.
BYODs (bring your own devices) can be secure in the workplace with firewalls and other security systems. They access company systems and software as well as their own personal assets. This technology leap is a big win-win for both the user and the business.
The way we work is forever evolving and technology means we are more connected now than ever before.
Reading emails and texts in the evening or first thing in the morning and on weekends suggests we are probably working more, and we’re more productive with our time now than previously.
What we do know is nothing stands still. Change is inevitable, especially in business, and with technology. Soon everything will be using AI, so you can be sure there’s a lot more transformation in the way we work and where we do it just around the corner.
Work Times Are Changing For The Better
Leaders in business have always had more leeway with their working hours. They have never been restrained by the standard business hours most of us are contracted to do every week. You know what I’m referring to, most ‘wage-slaves’ i.e. employees, need to work Monday to Friday between 8am and 6 pm, for 40 hours a week.
Flexi time for workers has crept in, in many industries, over the years, particularly with startups and more forward-thinking organisations keen to get the work-life balance right. Remote working has been popular with these businesses, but any change to the norm has been slow progress particularly with the mainstream majority. Let’s take a quick look at the adoption curve which explains uptake trends.
The early and late majority is the big peak in the ‘rate of adoption’ curve aka diffusions of innovation. This curve presents the way innovation (particularly in technology) is adopted by us – human kind and the curve is an illustration we can view and instantly comprehend.
Work times are changing but arguably it’s yet to become the norm with the ‘majority’, (the peak in the curve). There is some way to go before we see real change the times we work and for it to be part of our employment agreements.
Slow on the uptake
Business owners and their management have not been quick off the mark with remote working or flex time and there’s a perfectly valid reason for their reluctance.
Trust and accountability
A lack of trust and the ability to keep a watchful eye on staff, when they’re not in the office, is the main reason for the slow uptake of more flexible working hours and working away from the office.
Leaders are inherently naturally driven and motivated to put in the hours due to their status within the business, therefore working from their home or holiday is not a constant distraction. Their staff are likely to take more liberty with their new work environment and a lack of personal oversight has deterred many businesses to the leap of faith until now.
Technology is the game changer and it is empowering businesses, like never before. There are many tools like chat Apps, readily available to assist both staff and management’s trust issues.
Staff can be hired in different locations and remote workers can be part of team meetings via conference calls. Plus there’s the use chat bot software so the power and control is there for the business to watch over their staff.
The natural progression of work is more flexible work times, as jobs also change. The earlier risers can get their work done when they’re most productive, in much the same way as the night owls among us can log on and be equally as productive during the dark hours of the day. Rising early though has gotten a lot of attention lately.
Just look at the rising times of some well known Entrepreneurs. BBC has recently done a story on the unorthodox waking hours of successful business owners, celebrities and famous people and questioned if rising early meant more success.
Apple’s CEO Tim Cook is up at 03.45am and Actor, Entrepreneur, Mark Wahlberg really uses the 24 hours in day to work for him. Rising at 02.30am and going to bed at 7.30 pm.
No longer does it need to be daylight before we rise and get to work and it’s likely this way of living where we elect when we work during 24 hours of the day, will extend to the rest of us non super stars, as evidence suggests, when productivity goes up so to does the revenue and profit.
So as for the early bird does get the worm idiom, yes it’s real but for everyone and that’s why work times are changing as businesses need to be more competitive. The desire to make more money will keep pushing the envelope in all areas of business and with the enabler of technology to track and measure us, it won’t be long before there’s no such thing as standard work times.
Giving Your Travel Business An Edge Through A Call Handling Service
It is clear that the telephone plays a vital role in the day-to-day running of businesses, especially for a travel agency. With the development of digital technology, the telephone can now be carried by anyone in the form of a small hand-held device wherein you can call, chat or video chat with someone located on the other side of the world in real time, and seek and find information on just about anything through the internet, all at the touch of a button or a click of the mouse. This technological breakthrough has made being connected not only easy and convenient but also a must. But what happens when the calls continue to come even after work hours and even during holidays?
If you take a close look at a business such as a travel agency, this is exactly the type of organisation that can really benefit from a call handling service.
The primary role of a travel agency is to make airline ticket bookings, which is a role that a virtual receptionist can carry out from a remote location. Remote bookings are now made easier because of the Internet. The digital platform provided by the Internet makes it possible for a professional receptionist who is remotely located to book flights for clients. Because all travel businesses have to use a cloud-based online booking system, the call centre can easily access this, allowing the receptionist to have up-to-date information on bookings.
By having someone to answer phones for the travel business round-the-clock, none of its clients are left ignored. With just a call at any time of night or day, clients will be confident that a travel business personnel will always be around to book their flights once they decide on the schedule.
When you’re running your business remotely a virtual receptionist service can made a fundamental difference to your customer service.
A virtual receptionist would be able to answer queries about flight availability or enquiries on working out a connection to somewhere on the other side of the world, just as anyone would if they were actually in the travel agency office. This is a skilled job for anyone, yet it does not mean that the person must be located within the premises. In fact, many travel agents use call handling services as this is the most cost-effective way to offer a professional service to their clients.
While some travellers like to book their flight and accommodation separately, there are many who take advantage of the package tours on offer and by using a virtual receptionist who is fully-briefed on all available packages, they can make bookings on your behalf and the customer would assume the receptionist is located at the agency premises.
Holiday season and other festivals are definitely busy periods for travel agencies and if your receptionist is stretched at this time, why not let a call handling provider deal with any extra calls? We all want to get away in the winter months and during the peak holiday season, you can use a call handling service and when things get quiet down again, you can put a hold on the service.
Even people who work in the holiday industry need a holiday sometimes and losing your receptionist for a couple of weeks could really put a spanner in the works. With an established call handling company at your beck and call, you are always assured that your customers will be greeted professionally and your business will not suffer.
If your main goal is to ensure that questions and requests by clients are paid enough attention, then hiring a virtual receptionist will be beneficial for you. A virtual receptionist is trained to handle calls courteously and professionally, so you are rest assured your clients are talking with well-trained people round-the-clock.
With the top-notch quality of service virtual receptionists are giving your clients, you can increase your profit while saving on labour costs. Satisfied clients can bring in new clients through word of mouth. Plus, calls by those who are only available after work hours are also paid attention to.
Unlike in-house receptionists, virtual receptionists are paid only with the service they provide and once they provide it. They can answer large volumes of calls with unwavering amount of attention to every call.
If you run a travel agency, talk to an established call handling provider and they are sure to have a package that is ideal for your business, and if used as a back up to your directly employed staff, this service is an essential requirement for all businesses.
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