December 11, 2013
I’ve been working with a client (a non-food client) who wanted to put a tremendous amount of time, energy, and money into a potential business opportunity that offered limited upside. It might have made a small blip in the revenue of the company, perhaps help meet some end-of-month revenue goals; but I challenged the CMO as to whether the investment of employee time and bandwidth was worth it. If you calculated out the actual man-hour costs, it was obvious on the surface that this opportunity wasn’t worth it but it was decided to move ahead regardless.
As a small food entrepreneur, chances are you’re the one who’s doing most of the heavy lifting in your business and that means that unlike this CMO who can delegate the work to others, if you decide to move forward with something it’s going to be your time and energy that’s being utilized – and that’s time and energy that’s being taken away from something else.
It’s not always easy, when faced with a decision, to know whether or not you should go ahead with this new opportunity or steer clear, but you need to weigh how much of your own time you’re going to have to employ in order to make the opportunity happen because that’s time you can’t spend working on something else.
Rather than working on every idea and opportunity that comes down the pipeline, shouldn’t you be focusing yourself on those ideas that have the capability to really move the needle for your company?
Oh, and that CMO-approved opportunity…it unfortunately didn’t pan out. Obviously there are no guarantees, not every idea is a winner, but it’s especially frustrating when it’s an idea that took a large portion of staff (or your!) energy to enact in the first place!