Success in business is never guaranteed, even for brands that dominate their industry for decades. A recent episode of the BBC Radio 4 show, Toast, explored five once-thriving companies: Little Chef, Vine, Mothercare, Green Shield Stamps and Safeway.
Each of these businesses were very successful for a period of time, but for one reason or another ultimately failed. Their downfall may have been caused by a number of contributing reasons including:
- Failing to adapt to market trends or changing customer priorities.
- Not innovating, which led to obsolescence.
- Innovating but failing to find a sustainable revenue model.
Their stories offer valuable insights that can help you avoid their mistakes with your own business.
