BRX Pro Tip: How to Determine the Cost of Not Taking Action
Stone Payton: And we are back with Business RadioX Pro Tips, Stone Payton and Lee Kantor here with you. Lee, as business owners, as business people, we’re always evaluating cost, benefit. We’re trying to look at that equation consistently. But I don’t know, at least for myself, sometimes I feel like, you know, maybe I’m neglecting to really try to evaluate the cost of not taking action.
Lee Kantor: Yeah. When you’re in business and you’re selling somebody something, I think a lot of times when they don’t buy what you’re selling, you think that the client bought what somebody else is selling. But in reality, it’s way more likely that that person decided not to do anything and they decided not to take action.
Lee Kantor: So, it’s important when you’re kind of working with a client and you’re making a recommendation about what they should do and why they should choose you, you have to make it clear to them that they understand the cost of not taking action. And if you’re not doing this, then you’re really leaving money on the table, because this is really, probably, what the majority of the people who aren’t buying from you, they’re not going somewhere else. They’re just not doing anything.
Lee Kantor: So, if you can understand the cost of inaction and that it’s critical for making informed decisions, you’re going to be able to help your customer quantify the risks and the missed opportunities, staying with some stagnant system that they already have or delaying a decision in this area.
Lee Kantor: And here’s kind of a step-by-step guide to determine the cost of not taking action, and you should customize this for your own business, and I think you’re going to sell more stuff.
Lee Kantor: Number one, you have to identify missed opportunities. For example, here at Business RadioX, if you don’t partner with Business RadioX, if you’re a business coach listening and you say, “You know what? I’m not going to do Business RadioX. I’m going to just keep doing what I’m doing,” you’re missing out on revenue growth, market share expansion, a more effective sales prospecting, enhanced reputation in the community, and a lot more brand visibility. We have to make it clear to anybody working with us, this is the cost of not working with us. If they’re on their own, they’re not going to get all this stuff. And they got to make a call. Is that stuff worth, you know, paying for Business RadioX or not?
Lee Kantor: Number two, you want to compare the risks of action versus the risks of inaction because there is a risk of not taking action. So, if you can weigh the risk of taking action, okay, there’s a financial investment, there’s a time commitment, sure, those are risks. Second, against what is the risk of doing nothing. You know, what are they going to lose by doing nothing? They’re going to miss out on time of building funnel for sales prospecting. They’re going to miss out on time of their brand being seen by lots more people. All this stuff is delaying what they want ultimately.
Lee Kantor: And number three, create what if scenarios to visualize those outcomes. Visualize the best case scenario. What happens if you take action and succeed? Visualize the worst case scenario. What happens if you take action and fail? And then, visualize the inaction scenario. What happens if you do nothing? Something is going to happen. Let them know what it is and understand the pain they’re going to feel if they choose that choice. So, it’s important to factor in not taking action when it comes to selling.
