The Real Reason Businesses Are Closing (And How to Stay Ahead)

Hey there, my friend, welcome to episode 349 of the Small Business Made Simple Podcast.

Thanks for leading me your ears right now – I know you have lots of other things you could be doing or listening to – so I appreciate you.

I’m sure you have seen it, heard about it, read about it – the closing of so many seemingly staple brands in our shopping centres and now decade long shows on our TV.

Katies, Just Jeans, Rivers – just to name a few – gone.

The Project and Q&A – tv shows you have probably watched at least once and maybe even loved – gone.

Why?

Well, without sounding to harsh – they forgot to innovate.

You might think it’s budgets or costs or the market and you would be kind of right and kind of wrong – all of it – all of them, they are gone because of the lack of innovation.

Maybe budget had something to do with it – no budget to innovate or maybe the person at the helm had a freaking fantastic business model – show model – at some point and simply continued with that same model, despite the changes in the world and, holy crap on a cracker, the changes in their buyers and/or audience.

So, my question to do you is when was the last time you did something innovative in your business?

Your question back might be “What’s innovation, Jenn?” – which is a fabulous question!

For us, being business owners, it simply means finding smarter, more effective ways to serve customers, grow sustainably and stand out.

So, basically if you are still selling what you have always sold, in the way you have always sold it – then you are probably in for some rocky times ahead, if you’re not already in those rocky times.

Do you need more products? More services? Maybe, maybe not. But I know one way to definitely find out – ask your customers! Ask your community? Do some testing and measuring.

Maybe it’s about

• Offering a new service that customers have been asking for,
• Switching to a more efficient service and/or delivery method, or
• Bundling the products and services you already have, but in a way that makes them easier to buy, more compelling to buy.

Just Jeans never changed – despite the fact that I used to shop there 30 years ago and now my daughter was and anyone who knows anything about Gen X and Gen Z knows they are NOT the same customer. Just Jeans did not know that – or if they did, they didn’t care or bother to change or innovate.

Rivers had a great business model – quite exclusive years ago – then changed to a horrible “buy what others are tossing out” business model which worked for a while but was not sustainable and dug in rather than changing.

The Project and Q&A were fabulous TV shows 14, 15 years ago – so innovative, so different and frankly I watched Q&A to continue to be “smart” and “worldly”!

But for the last 18 months, 2 years, all that I have seen from those shows I have watched in TikTok’s or YouTube shorts – which was NOT contributing to their income.

They stuck to their TV model – panel shows – until no one was watching – rather than reading the numbers a hell of a lot earlier and innovating somehow – somewhere.

Honestly, I don’t have the answers – I don’t know what innovation might have worked.

But Peter Drucker, legendary marketer, many years ago said that there are two things in business – marketing and innovation – the rest is just stuff.

I’ll repeat that – there is two things in business – marketing and innovation – the rest is just stuff.

You know I go on about making marketing a priority – this is why and today I’m going on about the other thing – innovation!

Honestly the rest in business really is just STUFF!

Marketing and innovation produce the results.

A few people have said to be this year “Jenn, why the event – why are you running a conference – seems outside your business model”.

And to the public – that’s probably right. Running a marketing and social media conference is a little outside the square for me – except it’s not.

If you’re a long time listener or friend, you will know that I am pretty goal orientated. I love me some good goals.

If you’ve read my book Small Town Big Impact – you’ll know that starting with the end in mind is my business strategy that I invest in and believe in.

So, although you might not have seen the conference coming – it’s always been on the books – it’s always been the innovation of Social Media and Marketing Australia that’s been on the goal list.

Why? Because I’m 50! And if you buy something from me, you are buying me. I am the product. Whether you purchased a copy of Small Town Big Impact or purchased my Nine Week Marketing Transformation Program or we get to do some mentoring or business advisory services together – it’s me. All me.

My IP. My words, my learnings, my experiences, my advice.

So, if I keep going this way – there’s nothing to sell. I am the asset of the business.

So, the goal has been, and 2025 is just the year I decided to pull the trigger, so to speak, start to separate Jenn Donovan from Social Media and Marketing Australia – and that business needs an asset.  The asset – the biggest Social Media and Marketing Conference in Australia.

It might not be the biggest yet – we are only in year one – but give me a few years!

This is my innovation. This is my way of continuing to build community, help small business owners, and grow my business but with the end goal in mind.

Jenn Donovan, as a brand, will sit separately from my business eventually.

Over the past 12 months things have started to change – a while ago I changed my socials to Jenn Donovan, I created the conference and in the very near future, you will see a rebrand of Jenn Donovan in phase one. Phase two will be towards the end of the year – fingers and budgets crossed!

Can I just say here – if you haven’t got your ticket to the conference – please go and purchase. I have this great fear that people will leave until the last minute which will be very stressful – so if you love me and this podcast – please elevate my stress and purchase early!

So, I told you my story, I’ve given you examples of what happens if you don’t innovate in business and now it’s up to you.

Maybe it’s time to get some help and talk to a business advisor, like me! about innovation and how you can do better in business, how you can continue to grow, how you can stand out from the crowd. I’m around – you just have to touch base and make some time for a chat.

Some advice, if you’re up for it.

I’m not talking about doing more – actually I am talking about doing better. A good AI chatbot used as a business partner might be a great place to start. Feed in all the information you think it’s needs and have a conversation – how can you be more innovative.

To be innovative, to input innovative things into your business it’s going to take you being more curious, resourceful and maybe even courageous.  Imagine if that very thing you are holding onto – like a business model from 2009 or a product that used to be your best seller – is the thing you need to be curious and courageous about changing?

Without being salesy, maybe putting off getting help in your business from someone who’s walked the walk and talked the talk is the thing that is going to take courage to invest in – because it will be an investment.

So, today’s takeaway – make marketing a priority – as always and get innovative.

Innovation and marketing could save your business. Sounds cold, I know, but it’s true.

I didn’t start my business as a business advisor or coach or a keynote speaker – they have all been innovations of the brand over time. They have all been things my customers or clients have asked for that I’ve built a business model around. Innovation.

I do want to be put a HUGE caveat here though – because I have way too much experience with this.

What people (aka customers or clients) SAY they want and what they are prepared to PAY for, are often very different – so although I believe the secret to innovation might just lay in listening to your customers – choose wisely which ones and experiment first rather than storming the island and burning the boats!

Did this episode help? Has it lit an innovative fire under you?

I really really hope so.

And remember, I’m here – always here – and ready to help because this is my jam!

Before I go – another plug for my conference – The link to get your ticket is https://www.socialmediaandmarketing.com.au/conference – Super Early Bird Tickets for $199 won’t be on sale for much longer. So, get your ticket today!

PS – if you want to do a payment plan for the $199 – that’s 100% fine – just get in touch and we can arrange that for sure.

Thanks for tuning in.

If you’re enjoying this podcast, don’t forget to subscribe so you never miss an episode and share this with a friend.  And maybe leave me a rating and a review wherever you listen in.  Those things are like gold for podcasters like me!  PS – you can leave more than one rating and review – just saying!

If we aren’t hanging out on social media then let’s get social on social – you’ll find me on Instagram, Facebook, and my fav LinkedIn.

But whatever you do,

…….. remember small business peep, as my opening song says, there’s no point in dreaming small!

People Also Ask (Google-style FAQs)

Q: Why are so many small businesses struggling in 2025?
A: Many businesses fail due to a lack of innovation, not adapting to customer needs, and not investing in marketing strategies that drive long-term growth.

Q: How can I keep my small business from failing?
A: Focus on innovation, regularly review your offerings, listen to your customers, and work with a trusted business coach or mentor.

Q: What is innovation in small business?
A: Innovation means finding new ways to serve your customers, deliver your products or services, and stand out from competitors — it doesn’t have to be expensive or tech-driven.