Why the Whys Wizen Us

Sometimes we just all get distracted...
As you can see, I'm playing catch-up with my blogs. Why, do business traumas and dramas seem to prompt us to almost automatically ask ourselves, and perhaps, a higher power – why? Why me? Why us? Why Now? These market events interrupt our plans. They startle us. Sometimes, they’re gentle rebukes for our poor performance. The episodes that make us suffer the “slings and arrows” of fortune are not always expected. Clues are overlooked; insights forgotten. Smugness and arrogance is punishable. Yet, a three year old - out of the mouth of babes it is said - can upend the labor and ego of a dozen PHD’s with a one word question – why?

No More Donuts – Why?
The Krispy Kreme donut company never imagined that a fad diet (Atkins) could ever thwart their ambitious expansion plans and rock the organization to its very core. They’re just one example of companies who’ve experienced a wakeup call. Take a good hard look at your business. What uncontrollable external factors will cause you a great deal of pain? Do a P.E.S.T. analysis. What is going on in Politics – local, state or national – that could eventually affect your livelihood? Have you really looked at your business Environment? Remember the fear that Wal-Mart caused when it moved into the area?

What is going on in Society that will affect your business negatively? If everyone is online; maybe you should be as well. And, then there’s Technology. Will it make you, or what you do obsolete? Polaroid never imagined a world that didn’t need instant photography. And worse, never thought digital photography would ever amount to anything! Even the (once) mighty founder, fall and fail - why? Because the obviousness of the situation will only reveal itself after the (sad) fact; after the deed is done.

The Business Life Cycle
Perhaps the Business Life Cycle ordains it. The New Business Stage is governed and guided by a combination of fear, ignorance and exhilaration. If it survives that first stage, it gets to move on to the Growth Stage. Growth brings its own challenges. Perhaps a Goldilocks philosophy is a good example at this stage. Not too much. Not too little; just right. Finding the right balance is what it’s all about at most of the stages.

Ah, maturity! When a business reaches the Mature Stage of the business cycle, they do have a lot to be proud of. However, as far as I’m concerned, it’s perhaps the most dangerous stage of the cycle since we can all be lulled by our success. Fat and happy says it all. We grow fat because we become sedentary. We become sedentary because the fear, ignorance and exhilaration that once motivated us were relegated to the basement or the attic of our minds where all once useful things end up. Finally, no pun intended, there is the Decline Stage. Decline doesn’t need to be final. In German kline means small. The business is becoming less than what it once was.

For those of you old enough to remember, here are some of our favorite local businesses. No – they were more than that – institutions. They left us with fond memories. Let’s see what twinges of pain or pleasure they yet instill in you by the mere mention of their names. Have we really forgotten Cheap John’s Joke Shop? How about Corvettes, Jack & Harry’s, Maxi’s Deli, Dahlia’s (gift shop) and so many more? Each of these places offered something to some and to all. The products they carried. The service they offered. The experience that remains unforgettable. Why are they no longer more than a memory and why do they occupy our individual and collective memories still? Of what use is this nostalgia? Each of these businesses offers us lessons that can only make us all the wiser.

Are You Ready to Sell When You Buy?
I was once told by a wise man that on the day we buy a home, a car or a business; we should also be ready to sell it. With that in mind, how much is your business worth to a potential buyer and why would they even consider buying it? People! Your business is nothing without them. Customers sustain you. Employees serve. Managers guide it through the stages of its life cycle. Before I wrap this up, remember that why we do what we do is just as important as what we do. So, try explaining what you do to a three year old today and be totally prepared to answer their whys with answers that you can understand, too.