The above comes from Mike Ditka, legendary Chicago Bears football coach and current sports commentator.
“Do something” seems to be the cry of politicians, governments, the stock market, and everyone who is getting something for nothing from someone. Sometimes “doing something” is the wrong thing.
Recently I was forced to re-evaluate our business model. The good news is that those of us in business have ability to see the results of our actions quickly. (Sometimes a lot quicker than we like!)
Have you looked at your own business/job to evaluate:
– What areas of your success may be “running their course?”
– Which are on the rise?
– Which are getting in the way?
– What should we be doing that will contribute more?
Securemploy has had a wonderfully successful program for 23 years, Securemploy Pinpoint Ads. As we asked above questions it was apparent this program had “run it’s course.” Technology had passed it by. That evaluation was hard. It had been the second most successful revenue generator in the company.
We evaluated the last option next: What were we doing that was getting in the way of our success? We were doing a lot of things that I really believe in and liked. Whoops! Believing in things is fine, but it’s no excuse for continuing programs that are marginal contributors. We could, and did, revamp some of the programs to “salvage them” until we can replace them. Others needed to get dropped.
Identifying existing programs that are on the rise was easy when we got the marginal stuff out of the way. Getting rid of marginal revenue streams gave us the time to concentrate on projects “on the rise” without adding staff.
Last question, What should we be doing that will contribute more? is always the most fun. Opening to new vistas gets the creative juices going. It’s fun and wonderful way to give morale a shot in the arm. We limited that to two meetings. Yea, I was accused of being an “old fuddy duddy.” (I’m sure that was cleaned up since I was in the room.)
This step was far and away the hardest given how fast technology is changing. We looked at things we had never considered before.
We fell back on some suggestions we have offered management companies.
All of us in hospitality industry know that buying the assets that would benefit our businesses is very difficult. We have also found that obtaining profitable management contracts is still difficult. Most management companies are left looking internally to see what they do better than competitors. Then identify how to monetize those services.
The good news? Those services already exist. That means a high profit margin on any of those services we can market.
Securemploy applied that rationale internally. It has identified some programs that appear to have good profit margins, can run for several years, and can be modified/tweaked as technology continues to advance, hopefully without major capital expenditures.
Yes, it was hard to drop a program that 23 year successful program. Mike is right, “success isn’t permanent.” The goal is to avoid failure. It may not be fatal, but it’s sure not fun!