Buy an airline ticket for halfway from Halifax to Paris? What is the going rate on a ‘halfway there’ ticket? It varies. How much are you or your business willing to pay?
It’s a bit like eating ‘healthy’ for the first half of your life and eating nothing for the second half. Is it reasonable to anticipate that the second half might be shorter than predicted?
Many of us are guilty of doing well at the beginning and fading at the end. Isn’t that, at least part, of how diet companies stay in business? Keeping with the plan, making bad habits go away to be replaced by good ones…. It takes time and often, stubborn persistence, before enduring, rewarding change takes place.
How many smokers are able to beat the habit the first time they try to quit? How many diets do we try before we make the lifestyle changes that are generally required to obtain and maintain a healthy weight?
It isn’t easy….
Consider this Japanese proverb:“When you have completed 95 percent of your journey, you are only halfway there.”
In the recent news there was an article about air travel. It’s the 1st 3 minutes and the last 8 minutes that are the most critical. At 95 minutes into a 100 minute flight are you 95% of the way there or does it matter?
So what’s the point to this inquiry?
Good business practice is just that. Practice infers that there is routine and consistency. I run into situations where someone says ‘we’ll try it (once, twice, three times) and see what happens’. Consider the radio ad you ran once. Did it work? (Even if ‘once’ was 3 ads a day for a week, did it work?) How was it working 3 weeks or 3 months or 3 years later?
Staying healthy individually requires a balanced diet and a sensible lifestyle.
It is often something that’s done effectively only after years of practice. It usually requires small adjustments as we progress and circumstances change. Other times it may not be working at all well and radical adjustments are required.
A business is really not that different.
In business it is generally accepted that we work with a plan that is based on experience. New businesses generally start with a business plan that includes development and set up costs, inventory or equipment, experience and or formal education and training.
A key ingredient is a marketing plan along with a marketing budget. Opening the door and hoping someone will fall through the open space is rarely successful in the long term. Curiosity and word of mouth may be ok … but …I see far too many operators working for $2/hour so they can pay the landlord and key employees.
The message here is that when buying your ticket to ‘Paris’ its best to budget for a layover in the ‘Azores’ …just in case. Very often we underestimate the start-up and initial operating costs required before there is adequate cash flow and profit to sustain a business.
Sunset at Turners Brook, Kings County, NS Photo by Twila Young
Pigs Fly Photo by H Pearce Photography
Misc. Photos: Public domain