Insanity in Small Business
Posted on : 04-09-2009 | By : Sketchbook Team | In : Blog, Business Strategy, Email Marketing, Internet Promotion, Social Media, Technology Tips, small business website
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Einstein’s Definition
Albert Einstein once said “The definition of insanity is doing the same thing over and over again and expecting different results”. Think about this quote for a second and ask yourself, does this quote apply to the way you run your company?
Have you been doing the same thing over and over again expecting different results? If so, then you might want to keep on reading. In a world where technology is becoming a key productivity tool to the success of any business, it simply comes down to, are you accepting and harnessing technology or rejecting it. Are you willing to change or will you do the same thing over and over again?
Here are two main reasons why I pose this question. First, many business owners today have trouble understanding how new technology, specifically the internet, websites, and social media, can become a major benefit to their business, and second, owners have trouble measuring the profits they are losing by rejecting this technological change. Have you ever rejected technology?
“If It Ain’t Broke Then Don’t Fix It!” Mentality
Are you expecting to increase profits by continuing the same business strategy year after year? If so, how long do you think the method will work?
Many small business owners simply do not see the need to update or change their current method. They believe that there is no need to invest in a new method when the old one still seems to work fine. This is the common, “If it ain’t broke then don’t fix it!” mentality. Well, I hate to be the one to say it, but just because something isn’t “broke” doesn’t mean you can’t make it work better. When new technology such as a website or social media, could save you large amounts of time & money, how can you not accept it?
In an industry where there is an increasing level of competitiveness, small business owners must take advantage of every method available to help them cut costs. Would a commercial printer looking to grow their business, limit their shop to just a one color press? Sure they can continue to operate with a one color press, but wouldn’t a two or four color press help expand their business into other areas more effectively. In this example the current method works, but a technological change would help increase the company’s ability to grow.
Exploring these other areas help companies to sustain and increase profits. Without accepting new technology, small business owners greatly limit their profit potential. By using the power of technology to make their business practices more efficient owners can continue to achieve their goals.
Are You Sacrificing?
A lot of small business owners that we talk with have a hard time visualizing the amount of money they are losing, or in actuality, the amount of money they are giving to their competition, due to outdated advertising and lack of constant communication with their customers. These small businesses feel they are doing well with the system they currently have in place and do not see the need to change to a new method. This lack of vision can cause owners to limit their future profits.
On the opposite side, the owners that do see a need for change begin to focus more attention on how much money it will cost to make the investment into these new technologies rather than how much they are losing. These owners become unsure and wonder if the investment today will pay off tomorrow. To those owners, how much will it cost you not to have a great looking company website with email marketing, or social media? Do you even know? Is it one, three, possibly five customers or jobs a day? Do the math. How much money is lost due to potential customers not finding you on search engines or never hearing about new specials and opportunities your business is offering?
Ask yourself, how long can a company continue to compete if they are not being as efficient as their competition? If companies choose to stay with the same system they have been using for years and reject change are they, in essence, choosing to sacrifice future profits?
It’s not Just Advertising
Companies are not just losing profits due to poor advertising; they’re also losing profits due to a lack of follow up, or customer relationship. When offering new services, special pricing or new products to potential clients, how often do companies remember to follow up with their existing customer base? With the constant chaos that small business owners experience on a daily basis, this follow up process can become an aspect that is quickly forgotten, especially if requires the owner or an employee to directly try to contact each individual existing customer.
A great website, along with Email Marketing and social media makes it easy, effective, and highly affordable to connect with your audience and build strong, successful, lasting relationships with them.
Adapting to Change
By adapting to change, and accepting and harnessing technology, small business owners who use internet tools, such as company websites, email marketing, and social media, have become more efficient and profitable.
