What if the Dust Never Settles? A Call to Action
eCommerce brands and retailers are facing a crisis of confidence and in uncertain times seem to be relying on the "sure thing."
How has the last decade impacted business operations?
From my recent conversations, many have forgotten how to operate during turbulence.
The last 10 years has spoiled some people. Up and to the right. And then hyper-up and to the right. Followed by correction, then overcorrection, then undercorrection... Your inventory and cost structure guesses were wrong, it's understandable. (They are always wrong)
Why is certainty a problematic approach in business?
"Fool me once, shame on me. Fool me twice..." seems to be the mantra. Certainty seems to be the order of the day. Proven 10x ROI on every decision, by a trusted vendor everyone knows that you over-vet... looking for any small crack.
This approach is an absolutely terrible way to run a business.
What message should businesses hear about overcorrecting to certainty?
If you have overcorrected to certainty, let me give you a message. You're already falling behind. This mentality is the route to stagnation, destroying experiments.
What did Jeff Bezos say about the culture of experimentation?
Remember when Jeff Bezos used to say: "We want to find more ways to say yes" rather than most big companies which find more ways to say no. The culture of experimentation and fail fast is MORE essential in an environment like this.
What is the opposite of experimentation in business?
The opposite of experimentation is turtle-mode. Stagnation. Certainty.
Why is embracing experimentation essential?
Embracing experimentation is scary, I get it. It requires living in the gray. Making decisions with only 60% confidence.
What is a good guide for making risky decisions?
I always find, "What is the worst that could happen" to be a good guide. If you are committing less than 5% of your revenue for less than a year, this can always be unwound. It's not a bet the company initiative. Give yourself permission to fail. Tell your employees it will probably fail.
Why should leaders encourage experimentation?
Trust me, they are waiting to hear this from you. They are tired of leadership being so damn cautious. Instead of waiting for the dust to settle, and worrying about being perfect -- you should instead have the opposite worry.
What if the dust never settles?
What if this is the way it's going to be for the next few years?
What famous quote can guide business leaders in uncertain times?
As Andy Dufresne said in Shawshank: "Get busy living or get busy dying." If this sounds like you, it's time to regain that swagger and get back in the arena.
Thanks to friends Ben Emmrich and David Field whose conversations helped contribute to this story.
Expert Consulting: How Will You Grow Your eCommerce Company?
When growth is elusive, I am an expert at asking incisive questions to surface the real issues and then present straightforward ideas that your team can actually implement.
Mistakes are expensive. They cost money, of course. What’s worse is the opportunity cost. I work with investors and management teams worldwide to help them get a handle on their digital business plans to execute a clear path forward.
For more on Consulting, you might also like:
