Don’t Fall For Shiny Penny Syndrome!

Shiny Penny Syndrome, trends, systems audit, business review, business growth, process improvements
Will you soon be ditching the latest tech trend you’ve adopted for your business in favour of the next?

 

What was the last thing that you treated yourself too? If you’re a shopaholic it might have been new clothes or a new pet if you’re an animal lover, perhaps the Apple Watch or some other gadget or gizmo? But what if you had no wardrobe or drawers to store the clothes, or couldn’t afford to feed your new pet or you didn’t have a way to charge your Apple Watch? It would be an illogical, ridiculous and sometimes damaging waste.

When it comes to uprooting our business’ processes from one system to another, chasing the latest technology can also be a potential waste if the fresh investment in a new platform or online tool lacks proper business thinking behind the decision.

 

Shiny Penny Syndrome, trends, systems audit, business review, business growth, process improvements
Will the latest tech trend actually benefit your business or are you just being a sheep?

 

Without being backed up by careful business consideration on whether the new technology in question will serve your business well in the long-term and compliment your aims, it is a useless tool. There is no other real reason for embracing the new platform other than blindly following everyone else’s hype and an action or new system that serves no purpose for the greater good of your business has no direction and won’t amount to anything substantial.

It’s always best not to make your next big business decision without fully knowing what your current business situation is.

Shiny Penny Syndrome describes a trap people can potentially fall into. It involves them getting distracted and excited by the next best new tool or piece of technology, wholeheartedly believing it will fix all of their problems. They buy into the marketing hype of the all singing and all dancing tools rather than sticking with and committing to the ones they’ve got.

We all have a touch of ‘Keeping Up With The Jones’s’ about us even if we don’t consider ourselves particularly materialistic. If a friend raves about a particular thought-provoking or sensational TV show we often feel compelled to check it out for ourselves or if you’re more of an outdoorsy type, a colleague might suggest a walking route you’ve not gone on before which you might decide to give a whirl one weekend. Alternatively, if you’re sporty, you may attempt a new fitness technique if a family member has recommended it.

 

Shiny Penny Syndrome, trends, systems audit, business review, business growth, process improvements
We all have a touch of ‘Keeping p With The Jones ‘s’ but a system audit of your business will tell you if you really need the latest trend.

 

It’s human nature and with over seven billion people in the world it’s no wonder that we’re always curious to experience what others have, to try out their advice and tips for ourselves and this could easily include buying or trialling new technology and systems for our business in a bid to improve it.

But what if the right tools are there already, right under our noses?

It’s easy to dismiss certain technology and systems if we’re weary of or unwilling to embrace the unknown, if we don’t understand them straight away or if they just don’t seem to do what we want them to do. But remember technology is only as good as its operator (that’s you!)

You can’t say a system doesn’t work if you haven’t given it a chance and I mean a proper chance, not a half-hearted stab at it but a full campaign, accurate A/B testing to see how it compares to your old system or surveys and research into how your clients and team find the new platform. You need to dedicate a bit of time to testing the waters with any new technology and gather proper data, insights and analytics into what achieves the best results for your business and goals.

 

Shiny Penny Syndrome, trends, systems audit, business review, business growth, process improvements
Shiny Penny Syndrome can be costly for your business!

 

If you don’t properly debate a big business decision such as welcoming a new system or CRM into your business’ daily operation it’s similar to buying a Ferrari when you can’t afford all the petrol it consumes- useless. It’s best to start with what your business needs, auditing and reviewing what systems your business already has at its disposal and identify any gaps that exist.

You may feel like you’re stalling or merely floundering, jogging on the spot and not getting very far by just reviewing and simply reflecting on what existing systems your business has but what you’re actually doing is laying down long-term solid foundations that will benefit your business.

Avoiding Shiny Penny Syndrome is not too rash and it’s not being too cautious. It’s not being a stickler for the old or a glory supporter of the new. It’s intelligently appreciating and utilising what you already have and weighing up the pros and cons of introducing anything unfamiliar.

Ask yourself: Do the current systems and technologies that you use for your business grant you business freedom and align with your business vision and goals?

If not a Systems Review is in order! Click here to find out more.

 

 

 

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