When it comes to your business actions have you ever asked yourself “why are we doing this?” This is a question that can be applied to a variety of business scenarios from marketing campaigns to putting up with (and making excuses for), an employee that just isn’t the right fit, to using outdated operational processes.
Previously, we wrote a piece on how every business has a life-cycle (which you can read here), and those businesses that fail to see, acknowledge, and adapt to the changes around them, are the ones that eventually crash and burn.
When you don’t know why you are doing something, or you are using flimsy excuses to continue exhibiting behaviors that don’t increase your bottom line, then that’s usually endemic of a larger problem.
Let’s look at a couple of potential scenarios:
Situation 1: Unprofitable marketing campaigns
We have said it before, and we will say it again. Here at STCG, we are all about creating integrated marketing campaigns that are centered around your target audience. Spending a fortune creating thought leadership pieces that don’t resonate with your audience or insisting on being on every social media platform known to man when your B2B audience is never going to engage with you on Pinterest or Periscope, wastes valuable time and resources.
A lack of a focused marketing strategy with targeted tactics is lazy planning and a huge waste of time, effort, and money. After a while, it also becomes demoralizing to the team managing these failing campaigns.
Situation 2: The disgruntled employee
Who knows why, but some businesses are afraid to remove unproductive, disgruntled, or downright hostile employees. These unhappy employees drag down everyone around them and can have a significant effect on company morale. We don’t care how productive or integral these employees appear to be to your organization. They are a cancer that needs to be excised, and quickly.
Remember anyone, and we do mean anyone can be replaced. Don’t believe us? Go look up John Schnatter the “John” in Papa John’s.
Ask yourself if we remove this person (or attempt a rehabilitation), what’s the worst that could happen? Play out the doomsday scenario. It is always better to face a problem head on then to bury your head in the sand praying it goes away. It won’t.
Do you know that the 7 Dwarfs can help you create a diverse and effective team environment? Learn how here.
Situation 3: Events, Tradeshows, and Association Meetings
Does this sound like you? An industry event is on the horizon. You decide to send 6 executives, 10 salespeople and spend over six-figures to be a platinum-level sponsor. The only problem is that for the last three years, the metrics and demographics of this event have changed. Instead of being a place to engage potential customers or clients, it is now a forum for vendors (like you). The potential clients that do show up actively avoid the tradeshow floor because they know they will be accosted from all sides by vendors desperate for their attention.
When you send what can only be described as “a tribe” to an event, sink over six figures into it between sponsorships, registration fees, travel, hotels, meals and hosted events, and you end up walking away with 7 businesses cards, four from the same company; This is not a profitable use of your time and resources!
If you feel it is necessary to attend an event, it is a better idea to have two people on the ground and forgo the sponsorships and whatnot. That kind of thinking is what separates the profitable businesses from those “hanging on by their fingernails.”
When it comes to spending money on events, we have heard all the excuses:
“People expect us to be there.”
“All our competitors are sponsors.”
“We’ve always gone to the event.”
If you like wasting money, go for it. If you want to run above the pack, then dare to be different.
Remember, when it comes to spending money in your business, ask yourself “why are we doing this?” If you can’t come up with a valid reason, then maybe it’s time for a rethink.
Ready for a strategy reboot? Visit us today at www.stcgllc.com to learn how we can help!
© 2019, Angela M. Insalaco. All rights reserved.