Identifying Shiny Object Syndrome
We recently introduced Shiny Object Syndrome. As we mentioned, it is a condition born from some of the very same characteristics that make you good at what you do as a business owner.
However, left uncontrolled, Shiny Object Syndrome can waylay your business in a big way.
How do you know when Shiny Object Syndrome is getting out of hand? Let’s look at a few key signs signaling that you’ve crossed from harmless curiosity into damaging diversion.
A drop in sales is sometimes the customer’s way of telling you that the quality of your product or service is poor, or that they simply feel mistreated. A downward trend that lasts 90 days or more and a pipeline that drips rather than flows should raise a red flag.
Shrinking bank account
Cash flow problems are often the earliest indicator of trouble. Your accounts payable and credit card balances are starting to pile up. You may even struggle to meet payroll.
Falling gross profit margins
Your gross profit margin (how much more the customer pays for a product or service than it costs you to produce it) is one of the key measures of business health. A drop of 10% or more is cause for concern and indicates that your costs are on the rise or that you are fetching a lower price. Or both.
Lost enthusiasm among employees
If employees feel as though they are constantly putting out fires, are being pulled in too many directions or are confused about the vision for the company, morale will drop, and you may even experience turnover of key employees.
In the next post, we will talk about the last key sign — the one that is most often overlooked — and we will also address Wrangling Shiny Object Syndrome. In the meantime, do not hesitate to reach out — we are ready to help!
We have found that the cost savings and efficiencies of working with a company like Owl is more beneficial than hiring our own in-house employee.
With Owl’s in-depth knowledge of our business and an awesome attitude, our business continues to run smoothly.
Owl staff understands not only the financial side of business but is able to coach us on other aspects of business decisions and to help us define alternatives.
The attention to detail, coupled with an understanding of and willingness to dig in to our unique systems and processes has kept us running smoothly.
Less cost. Less payroll. More profits.
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