Fear Of Finding Out

The “Fear of Finding Out” known colloquially as ‘FOFO’ is a relatively new term which doesn’t require any explanation. FOFO isn’t a new phenomenon, but it is increasing in business. Sometimes it’s easier to maintain the status quo.

FOFO isn’t just limited to business. We do it with our health by ignoring symptoms, with our cars by pretending we can’t hear the squeaks and rattles. We know something is going on, but resort to the old adage of “ignorance is bliss”. Well it’ not.

The best thing that any business leader can do is be honest with themselves and their board or owners. Sometimes you have to lift the bonnet of the business and face reality. There’s an element of safety in not knowing the true nature of what is happening in your business.

I once worked with a company that had strong cashflow from a very ‘robust’ sales engine, however, the churn of the customers and employees was incredibly high. The high cashflow was masking cultural and service problems that the owners didn’t want to address as it may upset the steady flow of revenue. It was brought to their attention, but they were reluctant to address the root problem. Some may suggest that no action needed to be taken as business was going well, however I argue that it’s a matter of time until the market decided that the level of service for the value provided didn’t match. A ticking time bomb that will eventually go off.

It’s not always bad news when a business assessment is conducted. We have often uncovered hidden gems such as employees who can be elevated to take more responsibility or discover that there are other uses for  products or services in untapped markets. Often when a deep dive occurs, a new use for the product is uncovered. When the makers of Berocca examined their product use they discovered that it was popular among consumers as a hangover remedy. This unintended use led the company to subtly embrace this market by promoting the product’s benefits in rehydration and replenishing essential nutrients, further expanding its appeal and market.

Stoke Consulting have many decades of experience successfully conducting value-adding business assessments. We know it’s better for an external party to do the assessment as they have no bias or preconceived ideas. ‘Fresh eyes as they say’. Some situations where business assessments will be impactful include for example:

• The sales team are underperforming due to lack of sales leadership, skills or processes;
• Operations and sales have a dysfunctional competitive relationship which results in customers receiving poor service or product;
• Uncovering an opportunity to launch a product into a previously unknown market or geography;
• The wrong metrics and KPIs are being used which hide the true performance of the company or division;
• Opportunities exist to reduce waste (financial and physical) to improve P&L performance;
• Systems, processes or procedures are outdated and no longer provide the most efficient or effective outcomes;
• New growth opportunities through differentiation and innovation remain unrealised;
• Leadership is lacking or is underperforming which is holding back growth; and
• The metrics to measure performance are not reflecting what is happening in the business or in the market

If you are curious about how a business assessment could work in your company, contact us for a discussion today.

Osman Bahemia

Stoke Consulting

Osman works with businesses to develop and implement strategies for growth and effectiveness. Osman has worked in a variety of industrial sectors including aviation, mining, asset management, transport and marketing. His skills in operational effectiveness, strategy development, leadership development and change management propel significant growth and efficiency improvements in medium to large organisations.