10 Signs You Are Running A Dying Business
“If you’re running a business, organisation or brand today, you are either growing or dying,” says John Sanei, global speaker, trend specialist, business strategist, and entrepreneur.
Sanei is also the author of ‘What’s Your Moonshot? Future-proof Yourself and Your Business In The Age Of Exponential Disruption’ which focuses on the need for businesses to bravely embrace change and keep abreast of changing markets.
He has over 20 years experience working with companies and business leaders across industries around the world, helping them with their strategic thinking, how to keep up and remain relevant in an increasingly fast changing world, as well as how they can position themselves for future innovative growth.
‘Keep up or risk falling behind’ – which of these 10 mistakes is killing your business, asks Sanei.
1. You’re stuck in the paradigm of prioritising IQ and not AQ (agility quotient).
2. You’re measuring and rewarding hyper-efficiency instead of learning constantly.
3. You focus on cost-cutting, retrenchments and scaling back to bring about more efficiency on an old business model.
4. You’re trying to solve a product or service problem with more advertising, marketing and communication.
5. You’re making a promise that your brand cannot deliver on across all touch points. (In the age of hyper-transparency, this is suicide.)
6. You’re buying customers’ attention with short-term efforts (competitions, more likes etc), but you don’t have the patience to earn loyalty through constant value adding.
7. You keep focusing on demographics and LMS metrics, ignoring the new consumer needs states, expectations and cultural connectivity.
8. You find yourself doing arb stuff like a lot of digital banners and chasing people around the web – ultimately delivering a disconnected experience.
9. You’re not creating platforms to involve your customers in your communication.
10. You’re acting more like a factory and less like a laboratory.