Insanity is a root cause of business failures

stephen2By Stephen Rhodes

A friend of mine reminded me recently that Albert Einstein’s definition of insanity is doing the same thing over and over again, but expecting different results. Yet we often  think that doing what we always do will yield better results. If you feel yourself descending into the abyss consider these few suggestions.

1.Is what you are doing to market and promote your business really working? Measure the return on your marketing investment. What works and what doesn’t? Don’t be afraid to change approaches, even midstream.

insanity2.  Survey, measure results What? Was number one a challenge because you don’t measure the success of your marketing  program.  It doesn’t have to be complicated, but you need to understand what is working and what isn’t, so track sales related to a specific campaign and compare those results to the cost of running the campaign. If it costs more to run the campaign than …I think you get the idea.

3. Talk with your customers Don’t be afraid to talk with your customers, that would be face to face or even on a telephone.  Or use Social Media to create dialogue. Consider a blog. Share your expertise.  Talking to your customers is a good thing.

4. Find other experts in your industry You are not alone. There are experts everywhere online and you can subscribe to any number of blogs that could be useful to your business. Go to Google blog search (http://blogsearch.google.com/ ) and search for your areas of interest.

5. Check the pulse regularly Don’t wait until it is too late to discover your business is under-performing. Set out a plan and check monthly to ensure you are on target.  If you have three months of under-performance, you need to make a change. Be nimble, monitor your business and adjust accordingly.

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