The One Thing That's Costing You Millions

Business decisions can be tricky and it is precisely the reason why we sometimes hire different people who are better skilled at certain trades to do it for us. The idea is simple to most people because of the knowledge gap. For example, if I were financially illiterate, it would make little sense for me to do my investments myself. It would be wiser for me to use a financial advisor or even a robo-advisor to do my investments for me. Doing it myself would lean towards the gambling side rather than prudent and logical investing. This analogy can be translated over to other industries such as hiring a mechanic to take a look at your car or fixing your air-conditioner rather than doing it yourself.

Oftentimes, business decisions need some sort of strategy. This strategy can include concerns such as budget and goal, which we make clear to the partners or firms we are working with and allow them to devise a plan that they can execute. Unfortunately, we seem to think that sometimes we operate better than them and always seem to ask why they are doing things a certain way. For instance, we ask questions on why they are doing their marketing plan using social media when there are physical options such as pamphlets — vice-versa. There are many ways we can question another person’s decision, and they will have some sort of justification for it, but is asking for justification all the time the right way to go? I am of the view that seeking justification is not the right way to go. When you question a person’s strategy, you are seeking time and effort from them — resources that could be better reallocated somewhere. Even if you are given a satisfactory answer, you need to ask yourself if that truly changes anything. In the realm of advertising it would seem more likely that corporations would try to move towards more conventional advertisements. Take the 2022 Toyota Supra advertisement named “The Pitch”. In it, the company’s executives brainstorm ideas together, and with every seemingly radical idea that is discussed, the executives constantly reject them and lean towards more “boring aspects” of the car. Mind you, the Toyota Supra is considered a supercar, and its bold, high-speed maneuvers and handling are points to be highlighted rather than its standard GPS navigation system. Historically, market-movers trend towards more radical ideas as well. Truly, would the pager be more exciting if it came in the color pink or would the new iPhone — the first of its kind be more electrifying? Common ideas are often forgotten after a while because they are so normal! If you beg to differ, try thinking about the faces of all the people you met in public. I doubt you remember them. A common face is always forgotten in a sea of faces — just as ideas do.

Approaching your colleagues in a similar manner would lead to inefficiencies rearing its ugly head. I am of course certain that there are certain situations where you should seek clarity or give an opinion, which is often best utilised in brainstorming sessions. However, the constant need to elicit justification would sometimes mean a certain degree of micromanaging, which to most corporate businesses is a bane, and sometimes their catalyst to regression.

Allow the people around you some flexibility to push forward creative ideas rather than stymieing their thoughts.

Always remember that radical movements are often market shakers.

Still unsure of what to do? We just might have an answer for you. Like and contact us at our social media page to gain exciting new insights.


Recent Posts

See All

What Comes After Covid?

Being fearful of Covid-19 is no longer. For many companies, the transition into the Work-From-Home scheme has been fully achieved - after all, we had two years to prepare for that. Arrangements in th

The Skill That Makes A Difference

People that hire purely based on skill-set and nothing else exist, but the numbers are so few. Perhaps the industry is too niche that these employers can do without the need for soft-skills in their e

What This Billion Dollar Company Did Right

Apple, a company with an enormous market share in the smartphone sector has an awfully odd way of doing things, but has somehow managed to make it work. Perhaps one of the most commonly seen brands in