Never Fall In Love

Business Owners Board Love The AssetAt Least – Never With The Asset.

My first MD was a very shrewd, if difficult person.  He was very good at giving one line statements which meant a lot to him, but as yet I did not have the experience to understand what he meant.

One of his throwaway lines was “Never Fall in Love with the Asset”, which at that stage I did not know what it meant.

Many, many years later we created a unique enterprise that was modelled on the Orient Express and was in effect a restaurant training utilising historic carriages.  All my knowledge of marketing operations, promotion, branding, service, people were integrated into this one venture.  It received accolades, awards and was a truly unique experience.

We measured customer satisfaction by contacting all passengers and they gave us rave reviews with an excellent satisfaction ratio of 94%.  Unfortunately, it lost us a lot of money.

Why………  I was in love with the asset, and making emotional decisions rather than rational ones.  How many times do we do that in business?

The message is, if we are in love with the asset, either get rid of it or change your behaviour towards it.

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John Denton

Comments

  1. A strong message, and I suspect often a very difficult one to put into practice for many business owners where emotion plays a key part of the attraction of the product/service you are selling! Its hard to fake passion!

    • Thanks Steve! They say “Love is blind.” and I’ve seen it a few times in business where a business will bleed money or just never get in to profit but because the owner loves the product or service, they are blind to the faults. This is where an external ‘advisory board’ can give an owner a wake up call. Thanks again for the comment. My business partner in Business Owners Board, Alan Nelson, wrote this story – from personal experience.

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