When running a business solely or with a small team, you can often find yourselves over busy, trying to tick all boxes, cover all bases and try all methods.
This can be the same when trying new strategies and new investments.
However, less maybe more when it comes down to getting results. This could be for:
- trying different advertising strategies
- working several trading techniques
- making multiple marketing materials
- or doing anything else where you have a wide range of options?
Very quickly, you may find money being burnt at an alarming rate, trying to keep up with all the options you’ve gone for and the return on this investment is out the window. Now with added pressure to make it work, it’s time to move on to more options and increase the burn rate!
Hopefully you’ve stopped yourself before getting too far into the hole, or realised to step back and take a breather to assess.
Why less is more
Choosing fewer options, or even one at a time, giving it focussed time and energy, and importantly monitoring the results, can help achieve the results you want.
Often unrealistic expectations lead to rushing through options to try and make them all work to hit your targets.
By taking the slower game, you can see which strategies work, which do not and which can be refined to be an ongoing strategy.
And, remember to:
1. Compare your results fairly – a week using one advertising strategy compared to another used during Black Friday is not a like for like comparison where a fair judgement and decision can be made.
2. Regularly review your results – whether its daily, weekly, monthly. Regularly review and adapt to keep to your own budgets and targets.
3. Have fun with it – turn it in to a game trying to better each days results, or a competition between strategies for your team to get involved in. Gamifying will likely bring more enthusiasm and energy to the task and an increase in accuracy of results and sticking to budgets and perimeters.