Making Bold Choices: Prioritizing Future Growth Over Current Comfort
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Chapter 1: The Unpopular Decision
In the world of entrepreneurship, most decisions are approached with optimism. However, I found myself making a choice that I anticipated would lead to negative outcomes. As entrepreneurs, we often believe that our primary goal is to satisfy our customers, and I don't dispute that. Yet, I found myself grappling with a challenging question: Should I prioritize my existing customers at the expense of future opportunities?
I fully expect that this decision will create confusion, annoyance, and possibly even drive some customers away. Despite that, I moved forward, conscious of the potential backlash and decrease in revenue. While some may view this as irrational, I feel no regret about my choice.
And to clarify, this wasn't an ethical dilemma—there's no controversial stance or legal issue at play. Instead, it pertains to a strategic shift in product development, one that I suspect many of my current customers may not comprehend or appreciate.
Section 1.1: The Hidden Ventures
While I publicly manage several businesses, some remain under the radar—disconnected from my public persona. These ventures, although not visible on my LinkedIn, are profitable and crucial to my broader goals, with transformative outcomes on the horizon.
My customers are likely unaware of these hidden projects, and that lack of knowledge can be detrimental to them. The disconnect arises because they are not aligned with the long-term objectives of these ventures, making it difficult for them to grasp the reasoning behind seemingly unfavorable changes.
There's a saying: "Sometimes you must do what you don't want to do to reach your goals." I would modify it to: "Sometimes you must make choices your current customers oppose to achieve the vision you and your future customers desire."
Subsection 1.1.1: Signs You Might Be Prioritizing the Wrong Customers
If any of the following signs resonate with you, it may indicate that you are catering to the wrong customer base at the expense of your future business success.
Prioritizing Immediate Revenue Over Scalability
We've all heard the adage that a dollar today is more valuable than a dollar tomorrow. But is immediate revenue more critical than a scalable business model?
Consider an art gallery that earns commissions on original works. If the gallery focuses solely on physical art sales, its reach is limited to what can be showcased and the local foot traffic.
With the rise of online platforms, your local clientele may resist a shift to a digital gallery or new selling methods. Yet, embracing these changes may be essential for long-term growth.
Right Timing, Wrong Strategy
Entrepreneurship is fraught with uncertainty. Sometimes, you may find yourself hesitant to make changes, fearing disruption to current success. However, embracing change might just propel you to new heights.
My incognito venture has thrived through one delivery method. However, there is a more efficient strategy that could enhance growth. While current customers might view this transition as a betrayal, it may ultimately serve the business and customer experience better.
Today's Success Can Obscure Tomorrow's Opportunities
When evaluating a business's value, current revenue and customers may not be the entire picture.
If you've witnessed startups being acquired only to pivot dramatically, you know that sometimes, the best path forward involves making tough decisions that current customers might not understand.
In my case, we're navigating a combination of the factors mentioned above, and I expect significant pushback from our current customer base. Our existing business model has scalability limitations that could hinder growth, prompting us to realign our offerings with a more effective approach.
Despite achieving a loyal following, new opportunities for greater profitability have emerged. While some loyal customers might be resistant to these changes, the long-term vision justifies the risk.
It's important to note that the necessary decisions are rarely easy. The prospect of sacrificing substantial ongoing revenue in favor of future potential can be daunting, as is the likelihood of receiving negative feedback.
However, if these difficult choices can position our venture for broader impact—reaching millions rather than just thousands—then they will be worth it. If they enable us to create lasting change on a larger scale, rather than a fleeting influence, I can accept the discomfort that comes with disappointing today's customers.
Ultimately, the question remains: Are you truly serving the right customers?