If It Ain’t Broke?

MIke Ott, Managing Partner of Summit Wealth Strategies, says “If it ain’t broke, break it!” That statement seems to contradict the old adage “If it ain’t broke, don’t fix it.” Which is true? Or, can both be true?

As is often the case, there is validity to both positions…depending upon the circumstances. Let’s explore the validity of both positions so that we can get a better understanding of when to apply each statement to the situation we’re facing.

Don’t fix it

The Sharks on Shark Tank have, at times, told entrepreneurs that they were trying to solve a problem that didn’t exist. To me, this is a form of “if it ain’t broke don’t fix it” or, stated another way, don’t manufacture problems where none exist. Sage advice.

Break it

To me, when Mr. Ott says “break it” he means that we should consistently and persistently improve our offerings. Another way for me to paraphrase his “break it” message is that getting complacent, becoming comfortable with the status quo, does not bode well for long-term success.

I agree with that premise. If you’re not constantly working to improve your offerings in ways that increase their value to your customers, you’re going to find yourself playing catch up as your competitors “break it” for you. Playing catch up is a very expensive and, more often than not, a losing proposition.

Companies that find themselves in the unenviable position of playing catch up become so focused on developing competing offerings that they fail to realize that their real goal should be one upping their competitors…something they are ill-equipped to do because they are not in the habit of breaking their own offerings. It’s difficult to come up with a vision for the future when you haven’t practiced being a visionary.

Breaking it

Mr. Ott’s “break it” mentality begs the questions:

• How do we know when to break it?
• How do we go about breaking it?

The answer to the first question is: whenever you see an opportunity to add additional value to your customers.

The answer to the second question requires you to monitor your existing customers’ changing desires. The easiest way to get early notice of how your customers’ desires are changing is to have your salesforce meet with them at least twice a year and ask the following questions:

• How are you currently using our offerings?
• What workarounds are you employing with our offerings?
• What would you like our offerings to do that they aren’t currently doing?
• How are your customers’ desires changing?
• What demands are your customers placing upon you?

As you identify, how your customers desires are changing and, more importantly, how their customers’ customers demands are changing, you have a road map on how to break your current offerings in favor of greater value for your customers.

This approach enables you to be first in your industry to deal with your customers’ evolving desires, assures you long-term, profitable customer relationships, and the enviable position of industry leader. In other words, you’ll force your competitors to continuously play catch up.

You may have noticed that I used the word “desires” not “needs” in the latter paragraphs. That’s because customers, consumers and businesses, pay handsomely for what they desire; as little as possible for what they need.

Takeaways

When faced with an idea ask yourself, am I fixing a problem or manufacturing one. The Sharks on Shark Tank don’t invest in manufactured problems, nor should you.

Continuously monitor your market using the five questions above, then break your offerings in a way that adds greater value to your customers and your customers’ customers.

By breaking your own offerings in favor of something of greater value, you avoid the costly game of catch up that your competitors foist upon you as they break their offerings. Instead, you force your competitors to play catch up.

Focus on changing desires, not changing needs. Customers pay handsomely for what they desire, little for what they need.

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