“Get busy living, or get busy dying”. Andy Dufresne
I’m becoming mesmerized as an observer, and more than a little frustrated as a participant, in the death spiral this “economic condition” has put us in.
As much as I understand and agree that the highest priority of today must be surviving so you can open your doors tomorrow, the decisions some are making are distressing. It’s as if just having the Open sign on is the sole objective and being in “business” has become a foreign concept.
I was talking through this with a buddy and he correctly nailed the syndrome with the band aid analogy. When you’re taking a band aid off do you quickly rip it off or slowly, deliberately peel it off? Another one would be the getting in a cold pool of water. Do you plunge in or inch in slowly?
Small case in point: I live in the downtown of a small city so I usually walk places. Walking back from my bank one day – and by the way, they come into play later – I decided to stop in a deli to get a salad to take home for lunch. The place wasn’t crowed but a group of six people had walked in just before me. There was one person working the place, during the lunch period. One. As I watched this single entity try to take orders, make orders and ring orders I did a quick time calculation and decided to limp on home and make myself some soup. Haven’t been back, probably won’t.
Big deal? No, but it’s worth noting.
Bigger case in point: I met with my bank – you know, the one I was walking back from – because they had just consolidated with a bunch of other regional banks, changed their name, laid off a bunch of people and sent out positive, upbeat letters to their customers telling us how great this news was.
OK, but as the people who hold the paper on my commercial building, which must be rewritten this year, I thought getting a face-to-face update might be worthwhile. Here’s what I was told, “Greg, you’re a really good customer, have been for ten years, meet our prime profile as a ‘owner occupied’ client. There are no issues rewriting your loan….however, as we’re telling all our customers, if you can find another institution to take your loan, you should”.
“So, you’d really rather I go away?”
“No, no, not at all. We’re telling many of our customers they must find someone else to take their loan. We’re telling our good ones it’s OK if they do. Oh, and we’re not making any new loans of any type.”
Wow.
I was telling these stories to my friend and neighbor who’s been in the publishing business for the past 35 years. He wasn’t surprised but was equally distressed. He told me that he had made some deep and hard cuts well over a year earlier, including eliminating a publication he’s had for over 15 years, and although things were tight he was doing quite well and in fact circulation had recently increased. Mainly, he felt, because he had focused his attention on taking care of his existing customers over searching out new ones because he couldn’t afford to do both.
So my question is, once things bottom out then improve, and they will, what will my deli and my bank and those like them have left? I understand using this situation as a time to release marginal customers, employees, products, et al. I also get that hard decisions need to be made, but if there’s nothing left at the end what’s the exercise? Shouldn’t you just go ahead and lock the door and not confuse people?
Decide something! Decide to protect your good customers even if the cost is not securing new ones. Or, decide you want all new clients anyway and tell your current ones to go away. Or decide you’re going to barge on trying to do both the best you can until they drag your cold, dead carcass out of the building.
What are you and your company doing right now? Are you inching the band aid off, hoping things improve before you have to inch it some more? Are you paralyzed by the situation where you’re neither servicing your existing customers nor hunting new ones?
Make the call, take the plunge, pull that bad boy off quickly and get busy living.
I’m becoming mesmerized as an observer, and more than a little frustrated as a participant, in the death spiral this “economic condition” has put us in.
As much as I understand and agree that the highest priority of today must be surviving so you can open your doors tomorrow, the decisions some are making are distressing. It’s as if just having the Open sign on is the sole objective and being in “business” has become a foreign concept.
I was talking through this with a buddy and he correctly nailed the syndrome with the band aid analogy. When you’re taking a band aid off do you quickly rip it off or slowly, deliberately peel it off? Another one would be the getting in a cold pool of water. Do you plunge in or inch in slowly?
Small case in point: I live in the downtown of a small city so I usually walk places. Walking back from my bank one day – and by the way, they come into play later – I decided to stop in a deli to get a salad to take home for lunch. The place wasn’t crowed but a group of six people had walked in just before me. There was one person working the place, during the lunch period. One. As I watched this single entity try to take orders, make orders and ring orders I did a quick time calculation and decided to limp on home and make myself some soup. Haven’t been back, probably won’t.
Big deal? No, but it’s worth noting.
Bigger case in point: I met with my bank – you know, the one I was walking back from – because they had just consolidated with a bunch of other regional banks, changed their name, laid off a bunch of people and sent out positive, upbeat letters to their customers telling us how great this news was.
OK, but as the people who hold the paper on my commercial building, which must be rewritten this year, I thought getting a face-to-face update might be worthwhile. Here’s what I was told, “Greg, you’re a really good customer, have been for ten years, meet our prime profile as a ‘owner occupied’ client. There are no issues rewriting your loan….however, as we’re telling all our customers, if you can find another institution to take your loan, you should”.
“So, you’d really rather I go away?”
“No, no, not at all. We’re telling many of our customers they must find someone else to take their loan. We’re telling our good ones it’s OK if they do. Oh, and we’re not making any new loans of any type.”
Wow.
I was telling these stories to my friend and neighbor who’s been in the publishing business for the past 35 years. He wasn’t surprised but was equally distressed. He told me that he had made some deep and hard cuts well over a year earlier, including eliminating a publication he’s had for over 15 years, and although things were tight he was doing quite well and in fact circulation had recently increased. Mainly, he felt, because he had focused his attention on taking care of his existing customers over searching out new ones because he couldn’t afford to do both.
So my question is, once things bottom out then improve, and they will, what will my deli and my bank and those like them have left? I understand using this situation as a time to release marginal customers, employees, products, et al. I also get that hard decisions need to be made, but if there’s nothing left at the end what’s the exercise? Shouldn’t you just go ahead and lock the door and not confuse people?
Decide something! Decide to protect your good customers even if the cost is not securing new ones. Or, decide you want all new clients anyway and tell your current ones to go away. Or decide you’re going to barge on trying to do both the best you can until they drag your cold, dead carcass out of the building.
What are you and your company doing right now? Are you inching the band aid off, hoping things improve before you have to inch it some more? Are you paralyzed by the situation where you’re neither servicing your existing customers nor hunting new ones?
Make the call, take the plunge, pull that bad boy off quickly and get busy living.
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