#3 of 3 Great Reasons why what Worked for you Before, isn’t Working Now.

rapid rise and descent of a business strategy

Your strategy was working great, then it stopped? Here’s three reasons why it may have stopped working

It was Working.

Now it’s not working.

Why?

It’s hard to continually grow success. With rare exceptions, the line to the top of the success platform is more often a series of “one step forward, two steps back, a side step, a loop de loop,” and then, finally, “up we go”. One of the most difficult things to come to terms with in both business and personal life is when something that had worked so well for you previously is now not only not working, but may actually be working against you.

So why isn’t it working?

Joined us in the middle? See Reason #1 and Reason #2

Reason #3. Your product is wearing the wrong clothes.

Your product/business/idea may be great, but it may be dressed in the wrong packaging for your intended audience. Now this isn’t usually the main driver, but can be why growth has stalled. What do “the wrong clothes” look like?

  • Your high tech/impulse purchase product isn’t optimized for mobile access, or you created a high tech mobile product for a “not very high tech” audience. You may have reached the saturation point for the people that recognized your product in the space it is in, but you may be missing a much larger market that is playing in another playground.
  • Your choice of market place isn’t reaching the maximum audience.  Are you a retail store? Are you in a indoor mall? How is your foot traffic vs the foot traffic at a strip center (and yes, it was a very different story 10 years ago)? Or maybe you’re a business website with a non-visual based business who is doing all your marketing over on Pinterest.  Blogging when your audience wants podcasts? It may not be that you’re located in a bad place, you just may not be located in the optimal place.
  • Your packaging doesn’t match what your audience’s expectations. Are you a luxury business with a pre-canned, pre-formatted word template for everything from invoices to your website that reeks of beginning Microsoft 101? Is your website loaded with “Coming soon” and a copyright date of 2011 running across the bottom?

 Well that’s just great, Jeanne. So what do I do now, Little Ms. Fix it?

Read our next article, Charging Back Uphill, Blasting out of a Stall. 

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And in the meantime, if you haven’t already done so, subscribe to our free weekly newsletter and get a your copy of “Reading the Terrain, A field guide for speed reading the Corporate landscape” instantly. It may help you identify some critical mismatches between where you think you are and how those on the outside see your business.  And no, we’re not going to sell your email address to others. Or bombard you with insta offers. We’re just going to send your our newsletter that helps you navigate in a time of constant change.

 

 

3 Great Reasons why what worked for you Before isn’t working Now (Pt. 2)

 

rapid rise and descent of a business strategy

Your strategy was working great, then it stopped? Here’s three reasons why it may have stopped working.

It was Working.

Now it’s not working.

Why?

It’s hard to continually grow success. With rare exceptions, the line to the top of the success platform is more often a series of “one step forward, two steps back, a side step, a loop de loop,” and then, finally, “up we go”. One of the most difficult things to come to terms with in both business and personal life is when something that had worked so well for you previously is now not only not working, but may actually be working against you.

So why isn’t it working?

(Go Here if you missed Reason #1, “The ground under your feet changed”)

Reason# 2.  You mistook a one-hit wonder for permanent success.

Pet Rock? Business theory flavor of the month? You had a great run but suddenly its not working,  and now you’re stuck.  Hopefully if you intentionally produced a gimmicky app, product or snack food you knew it was going to be short lived and planned accordingly. But sometimes, you and your product are the beneficiary of lucky circumstances, timing or a specific moment in the market, which can create a false sense of a more permanent success.

Think of a musical group that has their song picked for the soundtrack of a hit movie. The song skyrockets to the top of the charts. Now it’s time for a follow up. Maybe it’s a winner, maybe they were the beneficiary of a moment in time. There will be a big difference in their future between living on the residuals of one mega hit vs owning the Rolling Stones catalog.

Notice I didn’t say that the musical group was any more or less talented or hardworking than any other musical group. Hard work and talent count but there are a lot of hard working and talented people out there and they’re not all giant successes.

In the business world, the markers of what made a particular set of circumstances unique often aren’t known until hindsight kicks in.  Years ago I worked in the non-profit arena where many large grants and funds were available due to a specific set of circumstances in the market (bank mergers coupled with mirroring a favored business theory of the then current government administration). The trend continued for nearly 5 years. If you began or started a non-profit in that space during that time, it was easy to raise funds and gain support, giving you a sense of success and a feeling that you “knew how things worked.” Except that was a moment in time, not replicated at any point for the next 11 years.

Were you attached to a popular business theory that “ran its course?” In the past few years we’ve had “The Secret”,”Get Rich Quick” schemes,  and a host of other short term mega hits. If your work is closely attached to a theory that is now discredited or fallen out of favor, even if your work is sound, you will need to repackage it and rebuild success based on a new foundation.

You may have even been the cute new “upstart” in a business sector, and now you’re the “middle-aged” stalled out player, not venerable enough to be one of the “big boys” you ran circles around when you started, and not youthful enough to be as nimble as new market entrants. Many of the “dot-com” wonders of the early 2000’s are facing this dilemma now. Your growth rate no longer thrills Wall Street, because it’s hard to match the early years of phenomenal growth, and the “new market” players may have more immediate upside potential. And the old boys either went under or figured out how to address the threat you made to their market share all those years ago. You’re in the middle, and need to regroup.

Our next article: Reason #3 “You’re wearing the wrong clothes”

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3 Great Reasons why what Worked for you Before isn’t Working Now. (pt. 1)

rapid rise and descent of a business strategy

Your strategy was working great, then it suddenly stopped?
Here’s three possible reasons why.  

It was Working.

Now it’s not working.

Why?

It’s hard to continually grow success. With rare exceptions, the line to the top of the success platform is more often a series of “one step forward, two steps back, a side step, a loop de loop,” and then, finally, “up we go”. One of the most difficult things to come to terms with in both business and personal life is when something that had worked so well for you previously is now not only not working, but may actually be working against you.

So why isn’t it working?

Reason# 1. The ground beneath you has changed.

Think of little girls in school. Most are rewarded for being quiet, polite, raising their hands, doing their work conscientiously and neatly. This gets them A’s not only in school work but those goofy awards like “Best Friend” “Teacher’s Helper” and, later in life, “Girl most likely to be doing her boyfriend’s homework while he’s off doing whatever cool thing he does that makes her want to date him.” Boys in school are not expected to be as quiet, or as well behaved, and while it might get them a “C” in deportment or behavior (or the more modern version, endless red cards), it doesn’t generally hold him back.

Now move these kids to a different playing field. What happens when these two get into the business world? One has the forward focus of doing what he wants or needs to do to get what he wants. One is a worker bee. Which is more likely to be CEO?

Shift that to a business model. During the recent turbulent times you kept your business super conservative. This helped you survive very rough seas and may have even gotten you some public praise. To be conservative you cut inventory to a minimum, watched receivables like a hawk, cut expenses, minimized staffing and got them to multitask like no one’s business. You “won” the recession. But slowly, maybe without you noticing, things change. As the economy slowly improves, your inventory looks tired, minimal. Your team, exhausted, starts getting other offers. Things start to break down, because you didn’t replace them, or they’re out of date and you’re now doing more creative things to work around the outdated system every day. New competitors (maybe even sinking severance pay into a new business) suddenly appear, shinier, newer, with newer systems, fresh inventory, a fresh perspective. Many will go out of business shortly because they don’t know what you know, but at the same time, they will take their hits on your market share. Some may even survive. Your old staff may work for them, coaching them on the areas they don’t know a lot about. The ground changed beneath your feet, and you are still fighting the war using the tools that worked before.

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Time to reassess. We’ll give you some tools at the end of this series. (If you want to start seeing your business with fresh eyes today, sign up for our free booklet “Reading the Terrain” by subscribing to our newsletter today.)

Our Next Article: Reason #2: One hit wonders…

Are you Settling?

If you settle too often you might as well quit swinging

What’s your batting average? When was the last time you swung for the fences?

There are times when only a “duct tape” fix will do. You may not have the resources to do things exactly as you wanted or planned.  It may have to wait. But at what point do you need to insist on doing things YOUR way?

If you are ALWAYS settling, and your products or projects are becoming something you wouldn’t really want to put your name on, or can’t imagine talking about if asked to describe any career highlights in the last year or so, it’s time to do a self-inventory.

1. Are you settling to get something truly more important done?

2. Are you settling just once, or does it happen every time?

3. How important are the details you are compromising on?

I realize this might sound contradictory to the advice to consider a minimum viable project, but being an effective change manager means you try to hit a delicate balance that ultimately, moves the team forward. Holding out for perfection at all times gets you nowhere, but compromising into an endless series of “meh” results also will get you nowhere.

“Sometimes you win, Sometimes you lose, Sometimes, it rains” Bull Durham.

What’s your batting average? Are you winning? Are you losing? Bunting? When was your last home run? If you’re losing more than you’re winning, it may be time to change your approach. Or at least your batting stance.

Pick your pitch and connect. Hard. Get the free steak (but put your headphones on if you’re watching in the office! )

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If you can’t figure out why you’re losing, maybe you need to look at your company and your place in it with fresh eyes. Get our free guide to Reading the Terrain and do a deep dive on what’s going on.

 

Just Say No

Sometimes just saying "no" is the most powerful choice you can make.

Sometimes just saying “no” is the most powerful choice you can make.

What if you could free your day from the “Should do’s” “Ought to do’s” and only focus on the things that really move you towards your goal? What if you said, “This just isn’t going to happen” and crossed it off your “to do” list.

  • Say no to the networking event that never yields anything.
  • Cross off the “nice to have” product improvement that is sucking energy and time from your team but wont measurably increase usage or sales.
  • No, I’m sorry, we’ve done all our pro bono work for this year.
  • No, we’re not going to pursue that business line.
  • No, that sales/tech/ superstar just doesn’t fit our culture, lets stop pursuing him/her and find a different solution.
  • No, I don’t have the bandwidth for that.

What would you get done TODAY if you just said “No”?

 

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But say YES to our free guide “Reading the Terrain” a field guide to understanding the corporate landscape…it may help you understand why your boss is saying NO to something you want to do! Subscribe in the box and get your copy today.

Pull the Tooth.

rotten tooth

Ignore at your own Peril

What aren’t you doing? What are you spending all your time, your energy, your thinking, and inevitably, your business resources, NOT doing?

There’s always one thing. And it takes a ton of time and energy to ignore it, work around it,  to sidestep it. We procrastinate, or worse yet, design elaborate ways to avoid doing that one thing.

Maybe you need to cut off the client that makes you crazy. Maybe you need to fire someone. Maybe you need to admit that the plan just isn’t working. Do you need to make a sales call you dread? Remedy a customer situation that went sideways? Tell an employee they’re not cutting it? Find a new supplier? Admit that the big number you’ve kept on the “Accounts Receivable” ledger, just isn’t ever going to be paid?

What would happen if you did it today? Yes, there might be some pain, or even a little bloodshed. But in the end, you’ll be able to focus on what you need to do to go forward. And you will be amazed at all the time, energy and space “pulling the tooth” will free up.

Just do it. Today.

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The Problems you Have Left

Some greatness from Seth Godin. The truth is, the easy problems are easily solved. If you’re reading this blog it’s because you like to solve the tough ones!

Takes 1 minute to read but says a mouthful!

The Problems you Have Left

 

 

Managing Great Expectations

failed projects, managing expectations

Sometimes there’s not much to celebrate!

Most change projects are wrapped in great expectations. They are designed to increase revenue, clients or efficiency, or stop the bleeding of expenses or resources. Not only are the projects expected to create change, but individual team members working on the project will usually have some career expectations tied to their participation, even if its just gaining notice for their work.

And yet, most projects don’t progress in a straight line. A+B+C does not always yield instant success. And sometimes what is created is an entirely different animal than the one you expected to create. The Lean Methodology is entirely based on this idea, that you will experiment, test with the public, and “pivot” your approach to design a product or project that meets the needs of the market. Groupon, the daily coupon site, started as an online activism platform called “The Point”, which was a failure and is now a publicly traded company which deals in discounted consumer goods and services.

Most projects in a corporate or government setting are not as easy to “pivot” based on the traditions, bureaucracies and politics involved, but its not unusual for a project to still become something very different from the original vision.

And some projects fail. Failures are sometimes hidden in a cloud of smoke, mirrors, shiny objects, beautiful press packages and discussions of the learning curve as a project quietly disappears. Others are very public disasters.

Pundits provide us with any number of pithy quotes to handle the great expectations of change, “Under promise and Over Deliver.” “I didn’t fail the test, I just found 100 ways to do it wrong” and “if you align your expectations with reality you will never be disappointed.” How you handle those expectations, both when things are going well, and when they are going very badly, is part of the skill you bring as a change leader.

Some projects will fail. Some will fail spectacularly. Others will have small pieces that work or sections that can be salvaged and repurposed but if you do this repeatedly, it’s important to understand that you will, indeed, fail at some point. And it won’t be fun. And sometimes a failure is just the jumping off place to a new adventure.

“Everything will be okay in the End, And if it’s not okay, it’s not the End.”

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Thinking about making a move? Size up your Corporate Landscape or any other company you may be thinking of moving to by using our free guide, Reading the Terrain. Get your copy today by putting your email address in the subscription box at right. And no, we won’t spam you, you’ll just get our weekly update of articles.

What are you NOT seeing? And what is it going to cost you?

 

people with blinders on

Are you stuck in your confirmation bias?

Years ago I would periodically attend senior staff level meetings for my boss when he was out of town. This would happen only a few times a year, but inevitably, my boss would be surprised at the insights I would give him from the meeting. Not the notes on what was said, but my take on the changes in the internal politics. Just by observing the meeting I could tell which departments were in favor, which were jockeying for position and which had fallen out of favor.  Often before he had even noticed.

Why?

When we’re in the middle of something on a constant basis we don’t always catch the subtle signs of impending change.  The details of our day to day existence distract us so we don’t step back and take a look at the big picture, and even when we think we do, we look at it through a filter of what we think is happening. We look for things that will reaffirm what we believe to be true and ignore those that invalidate our truths, there’s even a term for it, “confirmation bias”.

Test yourself today.  Are your assumptions about what’s working (or not working) true? Answer these questions off the top of your head… then go run some tests to verify.

Your revenue generators:

  • Who are your key clients?Are they the same people as previous years?  
  • Any changes in buying patterns? Do you know why? Would they cite the same reason?
  • What about payment patterns? Anyone now a slow payer that wasn’t?

Your Customers or End Users:

  • What questions are your customers asking?
  • Do they indicate movement towards a new product line, a new technology or a new need?  
  • Are they finding you the same way they used to? (Think of the days of yellow pages vs. internet, vs. mobile technology). Can they find you using the method they’re using?
  • If you have a physical location does it show up on Google maps?
  • Does the name of your company, department or group actually indicate what you do or sell now?

Your Team:

  • Morale up or down? Why? 
  • Are you attracting better talent to join your team than the talent you’re losing to competitors?
  • Is your team all from the same background? Schools, geography, ethnicity, gender, age, economic background? Any chance that’s hurting you?  
  • How long have they been in the same roles? Is there an incentive for them to move out if they can’t move up? What will you lose if they move out?

External factors and competition:

  • Is your competitor’s market share shrinking or growing?
  • Is the overall market for what you offer shrinking or growing?  
  • If the market is shrinking, what’s taking the place of what you are offering? Is there a new technology or is someone else promising a “magic bullet” solution to your customer’s needs? What’s attractive about that “magic bullet?”

Find any surprises?  We’re so busy trying to “make it all work” that tectonic shifts can be taking place beneath

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our feet without our noticing. Consider today a starting point, a new commitment to seeing the whole playing field.  For even more things to take a look at, download a copy of our free field guide, Reading the Terrain, by subscribing at with your email address. It will help you look at your playing field with fresh eyes.

Have you ever missed a key change in your industry? How did you catch up? What opened your eyes? Discuss in our comments section.

 

Rule #8: Understand the Art, Science and Use of Duct Tape

box covered in messy duct tape

There is a time for elegance, and there is a time for Duct Tape

There is a time for elegant fixes. Breathtaking strategies that will be the subject of Wharton case studies for generations to come.  And then, there are times when only duct tape will do.

A duct tape fix can be many things. A temporary patch used while working on the elegant solution which will take time and money.  It can also take the shape of a workaround, a set of processes that mimic the structure of a true fix, but are a temporary substitute until you can find the resources for a permanent fix.  It can also be a compromise, when the opportunity cost of a true fix is simply too high.

It’s important to be clear when you are implementing a duct tape fix, to know the rationale behind choosing this option, and how long the tape can hold before rotting away or springing a leak. The danger comes when the duct tape fix becomes permanent, and really can’t do the job.

Just to be clear, duct tape is not a “smoke and mirrors” fix. It’s not meant to fool anyone, just a necessary evil at times. Use your duct tape fixes wisely and selectively.

P.S. Somehow I imagine this book was written by a change agent who decided to toss in the towel on “duct tape” fixes and expand their horizons!

What’s the most creative “duct tape” fix you’ve had to utilize? Share in the comments below!

Want to see all 10 Rules for Beginning a Turnaround? Start here.

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© Jeanne Goldie 2015