Give Your Business a Self-Inflicted "Appendectomy" -- Before It's Too Late
Arguably, the Appendix is our most useless organ. It's named so for a reason. It's an organ that today serves little or no practical purpose, yet takes up valuable resources (oxygen, nutrients etc.) that our vital organs now can't have access to. Even worse, this useless organ can kill us if it ruptures.
What is the "Appendix" in your business? What do you do that takes up valuable resources, yet offers you little in return? Most peoples first response is, "we don't have one," because they've been doing things one way soooo long they can't conceive that that process/business model/employee/expenditure is actually virtually useless.
Let me give you an example...
Newspapers are in turmoil. Their business model is imploding as print ad dollars migrate online. The classified ads that have made them so much money in the past are mere shadows of their former selves as more effective services like Craigslist and Monster.com have replaced them.
With ad revenue down what does newspaper management do? The answer seems obvious, right? Cut expenses. Not a month goes by where you don't see articles featuring significant layoffs from big name publishers — USA TODAY, New York Times, McLatchey, Tribune. So far in 2008 over 10,000 jobs have been cut.
Here's the problem: Newspapers have just cut out their Lungs, not their Appendixes.
The "Appendix" of a newspaper is the stock pages. Every issue they publish page after page of agate type. There's little advertising on these pages and what is there is typically bought at remnant rates. The cost in newsprint/printing is staggering and the information published is virtually useless as most people interested in stock prices have already received this information online 16 hours earlier. Newspapers could cut these pages out, without hurting their readership (in fact they could increase their readership if they replaced some of those pages with columnists/news that provided real value to the investor reader.)
Why don't they do it? 1) Most are on auto pilot and don't see it; 2) Those that do see it are scared of making such a radical change. This kind of change would effect the story their ad sales reps tell about why the "wealthy demographic reads their business section everyday."
Publisher Newsflash: Your demographic won't change if you cut out the stock prices. People aren't reading them anyway.
I'm not saying that it wouldn't still be necessary to cut personnel, but it shouldn't be the first thing cut. The Appendix has to go first.
Look at your business with fresh eyes today. What's your Appendix? Now go get the scalpel.
What is the "Appendix" in your business? What do you do that takes up valuable resources, yet offers you little in return? Most peoples first response is, "we don't have one," because they've been doing things one way soooo long they can't conceive that that process/business model/employee/expenditure is actually virtually useless.
Let me give you an example...
Newspapers are in turmoil. Their business model is imploding as print ad dollars migrate online. The classified ads that have made them so much money in the past are mere shadows of their former selves as more effective services like Craigslist and Monster.com have replaced them. With ad revenue down what does newspaper management do? The answer seems obvious, right? Cut expenses. Not a month goes by where you don't see articles featuring significant layoffs from big name publishers — USA TODAY, New York Times, McLatchey, Tribune. So far in 2008 over 10,000 jobs have been cut.
Here's the problem: Newspapers have just cut out their Lungs, not their Appendixes.
The "Appendix" of a newspaper is the stock pages. Every issue they publish page after page of agate type. There's little advertising on these pages and what is there is typically bought at remnant rates. The cost in newsprint/printing is staggering and the information published is virtually useless as most people interested in stock prices have already received this information online 16 hours earlier. Newspapers could cut these pages out, without hurting their readership (in fact they could increase their readership if they replaced some of those pages with columnists/news that provided real value to the investor reader.)
Why don't they do it? 1) Most are on auto pilot and don't see it; 2) Those that do see it are scared of making such a radical change. This kind of change would effect the story their ad sales reps tell about why the "wealthy demographic reads their business section everyday."
Publisher Newsflash: Your demographic won't change if you cut out the stock prices. People aren't reading them anyway.
I'm not saying that it wouldn't still be necessary to cut personnel, but it shouldn't be the first thing cut. The Appendix has to go first.
Look at your business with fresh eyes today. What's your Appendix? Now go get the scalpel.
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