Kiddie Kandids announced this week that they are shutting down their 184 studios across the United States, and are filing for Chapter 7 bankruptcy. They’ve faced a challenging 18 months, and when banks cut off funding this month, they had no choice but to shut down.
Kiddie Kandids had one major disadvantage that you don’t have – they are a large company that had to meet the requirements of many different management leaders. They were built to run as a profitable business model, not as a photography studio.
As with all big companies, they have stockowners to satisfy, goals and objectives to meet, and profit margins to maintain. If they have something happen to the way they’ve always run, it takes a management decision to put a new policy into place, and implement it down into the various stores.
As a small business owner, you are the management, the worker, and everything in between. If you see you’re not selling weddings the way you used to, you can adjust and try something new. Immediately. With the very next prospect that comes through your doors.
So its 2010. What worked well last year? What didn’t?