“Follow the money” was made popular by the movie, “All The President’s Men.” The 1976 motion picture told the story of the Watergate scandal and President Nixon’s ultimate demise. Today, many investigations and political debates invoke this catchphrase. But the concept is also useful for thinking about your organization’s strategy. A crticial and often overlooked element of the target audience is their ability to purchase your product or service. Several imminent changes to the demographics of the U.S. may significantly impact your target audience.
It’s easy for a business to fall in love with a healthy, growing economy, like what we’ve been experiencing for the past nine years. But steady economic growth also creates a danger of overlooking the real reason why your business is growing. I recently facilitated a heated debate with an executive team of a fast-growth business. One of the partners shocked the room by stating, “Let’s face it, we’ve just been lucky the past few years. We’re in a great economy and we’re not performing as well as we should be.” It was an honest and sobering assessment that made the executive team realize that their recent growth was really the result of ‘a rising tide lifting all boats.’
I have always admired how an entrepreneur can take an idea and turn it into a business that delivers a valuable product or service. In many cases, they commit to delivering a product or service before they even know how they’re going to do it. It takes a lot of confidence, determination, and creativity to follow through on an idea.