10 common business myths dispelled

May 4, 2009| Edited by Ken Beaulieu
Permalink: http://www.fuelnet.com/?p=2099

When it comes to books that hold plenty of priceless wisdom for owners of growing businesses, Ready, Blame, Fire!: Myths and Misses in Marketing, by Ira Blumenthal, stands out. Internationally known for training business heavyweights, Blumenthal is a charismatic expert on the topics of brand building, marketing, and business development. He’s assisted such global champions as Coca-Cola, Adidas, Nestlé, McDonald’s, Disney, Exxon, and Wal-Mart. And he’s served as a warm-up speaker for former president George H. W. Bush, Henry Kissinger, Tommy Lasorda, and Colin Powell. Here are 10 common myths among marketing strategists that Blumenthal dispels in his book:

Myth 1: The future is out of our control. Blumenthal cites a famous quote from the legendary Peter Drucker, who is considered the father of modern management: “If you want to predict the future, create it.”

Myth 2: Follow the leader. While it’s always wise to learn from others, don’t be content to remain in the middle of the pack. Become a leader yourself by following your own head and heart.

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Myth 3: Bigger always means better. It’s still a common belief in business that big crushes little. But “big” companies can also be inflexible, headstrong, obstinate, rigid, and clumsy — fatal flaws in this economy. The only place where “big” matters, Blumenthal says, is in customer satisfaction.

Myth 4: Good fences make good neighbors. Yes, they do. But in business that makes sense only if you view the world around you as an enemy. Instead, see the world as your oyster. Tear down fences by forming strategic alliances with neighbors, companies, and other entrepreneurs.

Myth 5: When in doubt, always go back to basics. If that means doing more of the same, it may prevent a company from getting itself out of its current mess. Sometimes, changing course is the only way out of a rut.

Myth 6: Business is complex; therefore solutions are never easy. As Blumenthal describes it, when you really look at what you do, it is always more simple than it appears. “There are really only two activities in business: selling and supporting the selling.”

Myth 7: Value in products and services equates to low prices. A war waged on the premise of undercutting your competitor only is a race to the bottom. Value means meeting customer expectations and aiming higher in order to justify a fair price.

Myth 8: Watch the competition closely. If you’re busy watching your back, you’re not looking forward; that can result in squandered energy and resources. Focus on what you do best, and force the competition to watch your back as you speed ahead.

Myth 9: The best offense is a good defense. Again, your first priority is a focus on your strengths. Blumenthal asserts, “The best offense is one that controls, manages, and moves the ball (your business) by focusing on scoring through achievement and performance.”

Myth 10: Play it safe. It doesn’t matter how the country and your business got into this financial predicament. Blame serves no purpose. The question is, how do you propose to get out of it? Doing nothing comes with its own inherent risk. Taking action requires guts, but it also holds the highest potential for delivering rewards and glory. As Blumenthal says, paraphrasing the great Yankees coach Casey Stengel, “You can’t steal second with your foot stuck on first!”

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