FOMO Is a Bad Business Strategy
Fear Of Missing Out (FOMO) is a bad business strategy for any business no matter their size.
- Businesses went on hiring sprees in late 2021 and in early 2022 fearing that the business was going to miss out on the talent that was changing jobs. Now as the economy starts to drift lower and interest rates go up, businesses are now re-evaluating their FOMO hiring decisions.
- Businesses built up inventories on their fears for missing sales due to a lack of inventory. Now businesses are overstocked with inventory that missed the selling season and will have to sell their inventory at a discount.
- Businesses were in a rush to get out of their office leases and move to a virtual work force, only to discover that employees want to be able come to an office and collaborate with other employees in person, at least on a blended basis.
I am sure that you can think of a FOMO business strategy that your business has implemented that now needs to be re-evaluated. The key is to run the business based on metrics and key indicators versus a FOMO business strategy.
Please contact The Siburg Company anytime to discuss your business’s strategic plans.
The Siburg Company specializes in buy-side and sell-side mergers and acquisitions, and strategic planning consulting services.
Contact us at (480) 502-2800