Avoiding the Bright Shiny Object Syndrome in Your Business
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Avoiding the Bright Shiny Object Syndrome in Your Business

Posted on: October 26, 2013 by in Business Building
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Marketing your small business requires a firm grasp to stay within your budget. While that’s easy to say, it’s a challenge to do when you’re presented with an barrage of new and at least presumably exciting new marketing channels to consider. This occurs practically daily. There is always some new software, program, product or social media channel that is begging for your attention and money. It’s your job to learn how to stand firm, and resist the “Bright Shiny Object” syndrome to the best of your ability, or it will be your business that suffers in a number of ways, from time lost, productivity, and not least of all, cash. Learning how to say “No” is a skill you need to nurture. Before committing to any new venture, ask yourself these questions to see if it’s a good fit for your situation!

5 Questions to ask about “the next big thing”

  1. Do we need it? - Consider if this is something you really need. Does it fit your core business mission, and will it boost our already existing business initiatives?
  2. How will this benefit us both short term and long term? - Will this benefit our business now, and will it still be viable down the road? Does that new social network really line up with your aims and goals?
  3. What is the opportunity cost? - What will we NOT be able to invest in for our business by taking this alternative? Will this stop us from investing in other, more immediate needs?
  4. Do we have the time and know-how to implement this? - Do we have staff available and trained to be able to take this on? Is there a long and large learning curve?
  5. Will this be around next year? – This particularly applies to social media channels, where a constant amount of attention is required. One example might be since we are active on Pinterest; will it benefit us to also be on Instagram? The answer will vary depending on your time, resources and the kind of business you have.

Once you’ve answered these questions, you’ll have a much better idea of whether or not to make the leap!

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