Broken computers and plumbing are things I rarely tackle myself. But it is getting easier to try to do research online to see if it is a repair we can do ourselves. A magazine I read has a feature called “Ask the Repairman” and he will explain what is needed for different kinds of repairs and separate the risky from the appropriate DIY project. So when you run your business, how do you decide? When do you call in the experts versus do-it-yourself? A while back I did a survey to answer that question. You told me:
Most of you agreed that the time you call in an expert to help with your business is when your efforts don’t produce the desired results after the 3rd, 4th or 5th try. Most of you have the confidence to believe that what you try will work.
The results say something different: On average, only one in four strategic growth initiatives returns value. That means 75% don’t and that is an expensive “try”.
The challenge is that the market has changed so much that what we know how to do isn’t necessarily what we need to do now. The market has shortened the average business life cycle by two-thirds or 66%. That means that the business peaks come faster and the slide down the backside does too—unless we intervene. If your business was started 10 or more years ago chances are it has peaked if it hasn’t been significantly transformed.
Consider the evolution of computers. Someone who learned how to repair a computer even a decade ago has surely had to learn a lot in the interim. The principles are the same but the answers are different and much more complex.
If you are trying to figure out why doing more and working harder isn’t producing the profitable growth it used to, it may be time to call in a professional expert to provide perspective and updated insight on what works NOW!
Reach out for a chat to better understand which solution—DIY or expert—will be the best ROI.