Business Owner Cheese
“He didn’t want to deal with what was facing him, so he just tuned everything out.
The littlepeople’s behavior was not very attractive or productive, but it was understandable…. Finding Cheese was the littlepeople’s way of getting what they thought the needed to be happy. They had their own ideas of what Cheese meant to them, depending on their taste.” Who Moved My Cheese? ,by Spencer Johnson, M.D.
Read that section again. It probably speaks to you directly, right now. And it also speaks to all of us right now. Even though it will speak to everybody in a different way, the idea and the principle is probably more pertinent right now than it has been in decades.
But this is not a post about a social system that is changing, a political party that has abandoned its principles (my party, unfortunately), or even a response to a global pandemic.
Business owners are confronted with this dilemma today whether they wanted it or not. And how you determine your priorities and next moves are greatly decided by what that short section of the book above means to you.
Which of the following statements most seemed to jump off the page at you?
Our customer behaviors have changed. Let us keep changing until we find them again.
Our customer behaviors have changed. Let us keep doing what we were doing until they change back.
Our customer behaviors have changed. I sure hope someone figures out what is going on and then tells us what to do.
Our customer behaviors have changed. Let us try to tear down the people who allowed them to change.
Our customer behaviors have changed. I’m not sure I have the energy to find them – who is best suited to help lead us now?
Though there are other ways to react, most reactions will fall into one of the above categories. (Not surprisingly, they also mirror the main characters in Dr. Johnson's book.) How you handle what happens next will ultimately determine both your business viability as well as your personal happiness. I understand that is a very grand statement, but that does not make it any less true.
We live in a time where the new flashy thing gets all the attention. We get very excited about a new product release from our favorite big tech companies. Apple still draws enormous crowds and attention to hear the very minor upgrades to its iPhone. (WOW! A slightly different camera lens!) I am as guilty of it as everyone else. And in fact, have spent a significant amount of time over the past few weeks looking for the latest and greatest app to track my daily tasks. My productivity has plummeted during this search and I will likely not get a real ROI from the time invested in trying to improve my productivity. Ridiculous, right?
So, what do business owners need to be focusing on right now? Well, that is a trick question. There is no one single thing that everybody should be doing. Because not everybody has the same answer to the statements above. Although it is true for virtually every business owner that customer behaviors have indeed changed, the appropriate response will be a function of where you are and your attitude towards change.
I suspect some people who are reading this will just want to weather the storm and get back to life as it was before. If that describes you, then take a few minutes to read our posts about the cash flywheel, business continuity planning, and days cash on hand. Those tools will help you get the most out of a bunker mentality.
Others will clearly see all the work and effort that needs to happen next. And you just simply do not have the energy. That is OK, and in fact shows a great deal of maturity. For you, take a few minutes to read about exit planning, succession planning, and exits. It may be the right time to hand this business off to the next generation of leaders.
There are also a number of you who see the chaos of the economy as opportunity. Let's face it, everything is being stirred up which creates an opportunity to be the spoon. If that sounds like you, take a few minutes to read about business value growth, M&A, and exit planning.
Take some time to face reality. The cheese has moved, and it moved fairly suddenly for most. Which character in this fable do you want to be? If you have read this far you are not Hem. Congratulations. Go make Haw, Sniff & Scurry proud.
