I recently read an article about 10 companies that went out of business. The question came to mind, why? What happened to these once-dominant companies that were fixtures in our communities, such as B. Dalton Books, Blockbuster, Circuit City, Oldsmobile, Toys-R-Us and TWA?

Each of those industry staples had a reason for its failure. For some, their demise resulted from market changes and a lack of adaptation. For others, it was poor management or bad investments. For a few, their arrogance led them down the wrong path.

What about your company? Are you doing everything to ensure it stays in business? I once read that companies should address possible failures. This ensures the business covers any blind spots and vulnerabilities.

I’d like to take a shot at identifying why or what went wrong.

1. B. Dalton Books – Death by Amazon – Market Changes
2. Blockbuster – Market Changes
3. Circuit City – Poor Management
4. Howard Johnson’s – Market Changes
5. Oldsmobile – Failed to Stay Current
6. Robert Hall Clothes – Death by Wal-Mart – Market Changes
7. Tower Records – Death by iTunes – Market Changes
8. Toys-R-Us – Death by Amazon and Wal-Mart – Poor Management
9. TWA – Market Changes – Poor Management
10. F.W. Woolworth – Death by Shopping Malls – Market Changes

As you can see, there’s no one reason why each company failed. For some of us, it was sad to see them go. How should you ensure your company doesn’t get added to the list? What steps are you taking to stay in business? Are you even having those conversations?

Here’s a scary and sometimes effective step: talk to your long-time, non-managerial employees and get the lay of the land. I’m talking about the workers who deal with customers, who work on the front line and who will be honest enough to let you know the company’s true standing.

My 2 cents.