Smart Business Magazine, May 2019

82 Smart Business Cleveland May 2019 TIPS FROM THE TOP MICHAEL FEUER Problems and failures can be the foundation on which success is built No pain no gain There can be a real upside to enhancing your product or service provided theres a significant market for its sustainable long term profitability A classic example of transforming a less than auspicious start into a raging success is the multipurpose lubricant WD 40 found today in virtually every household The number 40 in this ubiquitous brand name represents the 40th attempt to make this product work as intended That means there were 39 false starts that could have doomed this universal fluid tool to the scrap heap never to reach the store shelf The adage if at first you dont succeed try try again makes sense Of course there must always be economic constraints and sometimes your first loss is your best loss But in most cases if theres a proven need there is a solution It may simply be a matter of how much pain and expense you can endure Glitches and false starts are part of the cost of doing business On the other end of the spectrum too many companies acquiesce and just live with product shortcomings rather than search for methods to revitalize and improve the widget to exceed customer expectations Frequently if something is working OK and producing minimally acceptable results the problems inherent in the product become something to live with This passive mindset leads to pervasive mediocrity Think of it this way If you are producing a widget and production comes to a screeching halt because of a known flaw beyond the point of being ignored it becomes a must fix priority Once the chronic problem is miraculously solved after pulling out all the stops high fives fly and everyone is patting everyone else and themselves on the back The unanswered question is Where were these celebrants earlier Now think about how much money could be saved and more importantly made in almost every business when the time is taken to identify pain points on an ongoing basis as the product or service is being created and rolled out Perhaps the problems are not yet an eight or nine on a scale of one to 10 but instead are lesser issues Nonetheless these flaws reduce the products or services effectiveness to the point of acceptability but never enabled the creation to reach the level of being very good or great Problems are typically disguised as opportunities Recognizing a shortcoming is the first step in finding a better way leading to vast improvement As they say in physical fitness no pain no gain In business sometimes it takes the pain from a negative event to grease the skids preferably with a shot of WD 40 to unstick a perennial problem for the biggest gains Theres a big difference between simply enduring pain and recognizing the possible cause and developing a solution Many times the upside economics of finding a permanent fix or major improvement can turn losses or meager successes into significant revenue and profit gains Few companies launch a product or service and achieve instant unbridled success Much like a fine wine a good product improves with age as its painfully nurtured until it gains traction MICHAEL FEUER Co founded OfficeMax and in 16 years as CEO grew the retailer to sales of 5 billion in 1000 stores worldwide Today as founder CEO of Max Ventures his firm invests in and consults for retail businesses Serving on a number of boards Michael is a frequent national speaker and author of the business books The Benevolent Dictator and his newest book Tips from the Top His long running nationally syndicated Smart Business magazine column has received more than 10 awards for excellence mfeuer@ max ventures com Visit Michael Feuers website www TipsFromTheTop info to learn more about his columns watch videos and purchase his books The Benevolent Dictator and Tips From The Top