Monday, October 15, 2012

This Emotional Attachment Will Destroy Your Business!

JUNE 19, 2012 BY 

Leadership-Emotional-AttachmentThat’s right, DESTROY! It can kill moral, stifle innovation, increase gossip, diminish customer service, and reduce profits. Anemotional attachment is a desire for something or someone, and the inability to release or do without that thing or person. We tend to think about this when it comes to relationships, but have you ever thought about whether you are emotionally attached to say ….a line item on your P&L?
Perhaps it’s a daily lunch paid by the company. Perhaps it’s a hefty bill to an industry association that you can’t leave because you’ll miss your buddies. Perhaps it’s a supplier that has given you cool swag. Perhaps it’s a vendor that is a Facebook “friend” and you don’t want to offend them.
I’ve been blown away at this as I’ve consulted with companies. They don’t mind if the company closes and people lose their jobs, or if they destroy any chance of having any money for their retirement. They are so emotionally attached to certain line items on the P&L that they don’t witness the destruction that is occurring around them.
So what is to be done about this? If one is willing to accept that their organization can use its money more wisely, and they are willing emotionally detach and swallow a little pride, huge things can happen. Here are a couple guidelines:
1) Look at every line item on a budget with scrutiny.
2) Categorize your line items into the following categories:
  • Eliminate
  • Optimize-in most cases this will mean to reduce, but sometimes you may want to increase a certain area because you realize it has a great return
  • Keep.
3) Take Action on Step 2 by eliminating and optimizing the items you identified.
4) Consider outside help. When you are emotionally attached to something, it looks like a need, even though it is a want.
5) Be Creative. Don’t ever accept that you are stuck. Look for alternatives, ask certain vendors and suppliers if there are discounts, look for alternate ways of doing things that could save money and improve a key aspect of your business at the same time.
Being wasteful can cause big problems, being emotionally attached to waste, can kill a company (Tweet This). It is important to be able to step back from your business, take a reading on what is happening and make changes for a better future.
So, now that you’ve read this article, how are you going to use this information to eliminate dangerous emotional attachments?
Take a moment and share your ideas in the comments section below and please share this with your social media friends, and subscribe to receive A Slice of Leadership notices, as well as occasional leadership advice, articles, tips and freebies.

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