28 Aug What Does Your Inaction Cost Your Company?
Last week I had lunch with a couple of business associates. One mentioned some words of advice I’d given to her about growing her business: you have to decide whether you will work in your business or manage your business. I wish I could take credit for that sage advice but it comes from Michael Gerber’s The E-Myth.
Our conversation centered about the pains of growing a business. All of our businesses are structured differently: a commissioned outside sales rep, a MML company and a more traditional small business. Yet we all face similar challenges: how to grow without losing current customers or losing our minds.
Three years ago I brought a copywriter on board at Momentum Consulting–my first hire–to help make sure all the blog posts, landing pages, emails and social media copy we create for our customers was actually created. I realized in order to grow the company I need to be managing our B2B advertising and marketing strategy, meeting face-to-face with clients and prospects and networking with other Mississippi business owners. I love writing and I still do some of that work, but I realized I can only accomplish so much in a day. If the company relies only on me to do the actual work, the growth and management of the company will suffer.
Earlier this year I faced another challenge to provide lead generation and nurturing services to my clients. I knew the technology existed to segment email lists, nurture leads and track who’s actually visiting a website. At that time, however, I did not have access to the technical resources to offer those services to my clients. Enter Hubspot. During an initial conversation with the company, they asked me what would happen if I made no changes to my business this year.
The answer goes back to growth. I have goals from my company, if what I’m doing right now to market and grow my company isn’t working the way I want it to I must make changes in order to keep growing. We chose to make a change and focus our efforts as an inbound marketing agency.
So what does this have to do with your company? Whether you’re working on your contractor marketing plan, B2B marketing plan or just trying to increase your growth as a salesperson, ask yourself these three questions.
- What are your company goals?
- Can you reach those goals by continuing to do things the same way you have been doing things?
- What will it cost you if you don’t meet those goals?
We are really good at asking our vendors what it will cost us to take action. How much time? How much money? How many resources? But we rarely ask the bigger questions what will it cost if I do nothing?
One of the business associates I mentioned earlier was trying to make a decision about outsourcing some work. Making that decision would cost him financially. I asked him what it would cost him if he didn’t make that decision. I asked that same question to a prospect earlier this week. She knew the cost of inaction.
What are your goals?
Can you get there without changing your marketing and advertising activities?
What does your inaction cost your company?
Ready to make some changes? We’re here to help.