Reilly Newman | Actions cost resources, time, and even money.
When faced with a decision to act or not, we will usually overweight the costs of the action against the assumed zero cost of not taking the action. This fallacy is a sneaky one that surprises businesses on the financial and marketing sides of the company. Staying the same is a decision. It is a choice to submit to the status quo; to not change.
To choose not to act is still an action with costs.
Now I’m not saying that you should always act or always say “YES!” like Jim Carrey did in the movie “Yes Man”. As you may have guessed (or learned firsthand), there is a time for action and a time for inaction. My point is that we have to first acknowledge that action and inaction both come with costs and consequences. Sometimes an action leads to a mistake, just as sometimes an inaction leads to regret. My concern is that society has been lulled into thinking that the status quo is generally safer than action or change. Just because the status quo is the status quo doesn’t mean there is not a better option.
This mindset bleeds over into business as founders struggle to adequately weigh their options. Although the status quo works in a “If it ain’t broke, don’t fix it” mindset, the opposite is also true with mindsets like “what got you here won’t get you there.”
If we accept that risk is associated with both options, then we can weigh them more accurately. I also want to bring up that brand and marketing run by a somewhat counterintuitive playbook. Which means business needs to be at least somewhat exposed to this risk/reward (like a well-balanced investment portfolio).
Our nature (biologically) wants us to play it safe to survive. However, our soul pushes us to explore. It pushes us to venture off, face the dragon, and risk life for the reward. These adventures are counterintuitive because we put ourselves in harm’s way, yet the reward brings much to our nature and our larger “tribe” as a species.
Stay with me while I make a lateral pass to brand — because I think this line of logic applies. Yes, the business (the nature) must be healthy and tended to. We don’t want to cause harm to the business biologically. In the same breath, I think we can agree that the brand is that soul that pushes the company to new territories (markets) and new heights (profitability), which enables the business to conquer dragons, trolls, and whatever shape competition takes.
Ultimately, there is a lot more risk associated with the status quo than most would like to admit. However, there is also a lot more reward in the change and action you can take. This reward doesn’t just reward your company and brand, but much more. This is what changes lives, creates jobs, and shifts industries.
