The purpose of this paper is to explore business decision’s affecting the decline and eventual closing of a business. Noting that businesses that do not effectively respond to change are usually shut down within a year or two. Permanent Record’s Company was founded as a one-owner company in the early 1960’s in the heart of downtown Memphis. It was solely a mail-order business furnishing sample obituaries to relatives of deceased people. This was a time when survivors’ names and addresses were published in the daily and weekly newspapers. This company subscribed to newspapers in all fifty contiguous states. The company employed anywhere from forty to fifty employees at the time and thrived thru the 1970’s on into the 1980’s. The major change
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The company had no choice but to close its doors leaving forty to fifty employees without a job and most importantly a steady income. This is an awful ending that unfortunately happens to millions across the United States daily. Not only did it effect the ones employed there, but this was a family owned business now leaving numerous family members without the job they have grown up with and worked for twenty years. Permanent Records should have taken a step back and looked at the opportunities they could have taken advantage of, I believe it would have helped them to stay in business longer. Although, the laminated obituaries are in the past, businesses that have been successful over periods of time know how to get over small hurdles like these and keep finding new and improved ways to impress society and keep consumers coming back to purchase their …show more content…
In this case, it is thought, but not proven, that if the old machinery could have been replaced, prices of the samples slightly increased, and more advanced digital information found in order to get the samples out to the public and consumers, then the company might very well still be in operation today. Companies that are in the same category as this company I have mentioned need to always be aware of the newest technology out there that could potentially keep their business afloat and remain successful. The foundation of a business is half workers and owners, but also the evolving digital age we have reached now. Industries that fail and fall behind will eventually
The company had no choice but to close its doors leaving forty to fifty employees without a job and most importantly a steady income. This is an awful ending that unfortunately happens to millions across the United States daily. Not only did it effect the ones employed there, but this was a family owned business now leaving numerous family members without the job they have grown up with and worked for twenty years. Permanent Records should have taken a step back and looked at the opportunities they could have taken advantage of, I believe it would have helped them to stay in business longer. Although, the laminated obituaries are in the past, businesses that have been successful over periods of time know how to get over small hurdles like these and keep finding new and improved ways to impress society and keep consumers coming back to purchase their …show more content…
In this case, it is thought, but not proven, that if the old machinery could have been replaced, prices of the samples slightly increased, and more advanced digital information found in order to get the samples out to the public and consumers, then the company might very well still be in operation today. Companies that are in the same category as this company I have mentioned need to always be aware of the newest technology out there that could potentially keep their business afloat and remain successful. The foundation of a business is half workers and owners, but also the evolving digital age we have reached now. Industries that fail and fall behind will eventually