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A Well-Oiled Strategy Machine
Yes, that’s what public relations really is when it tracks important external audience perceptions and follow on behaviors. And again when it does something about those perceptions and behaviors by reaching, persuading and moving to actions you...
Evaluating Venture Lease Transactions – Ten Factors Lessors Review in Credit Committee
Each year venture capitalists fund more than 2,500 start-up companies in the U.S. Many of these companies try to conserve their equity capital by approaching venture-leasing firms to secure equipment financing. By obtaining lease financing,...
How To Create Wealth In The Stock Market
First and foremost, an opportunistic strategy for creating wealth in the stock market is needed. And the opportunistic strategy for creating wealth in the stock market must have two ingredients, a plan and a goal. The plan must be a definite,...
If Your PR Can't Do This, Bag It!
As a business, non-profit or association manager, why continue a public relations effort that doesn’t deliver the key external audience behaviors you need to achieve your department, division or subsidiary objectives?
Time for a change. One...
Work From Home and Make More Money
Why do you work from home? Hopefully you enjoy what you do and want to enjoy the lifestyle being at home can offer you, however is it because you want to make money so that you can have, be and do more in your life?
When you work from home...
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Learning from Voom
Voom was thought to be the company that would be able to compete with DirecTV and Dish Network in satellite service. However, after a $650 million loss it became clear that the company needed more than technology. By looking inside the Voom Company, you can learn from their business mistakes to avoid the same problems in your own business. You Need More Than a Good Product The Voom channels definitely had something to offer to their customers. Never before was such a wide selection of HD channels available for television viewers. However, it takes more than just a good product to make a profit. Market research needs to be done to see if anyone will buy the product. The money you put into research will definitely pay off to find out whether or not you can sell your product or not. You need to find out if you can make a valuable return on your investment or not. In the Voom case, their investment obviously did not provide the company with a profit. Do Not do Business with Your Family The Voom battle became a family feud. Charles Dolan, founder of Cablevision, felt that Voom was worth saving while his son the CEO, Jimmy Dolan, wanted to pull the plug. Eventually, Charles Dolan tried to buy Voom with the help of his other son. This caused major conflicts within the Dolan Family. You should avoid mixing family and business. This may seem like a harsh rule but it is something that can save a lot of heartache in the long run. Know Your Competitors and Your Industry One of the problems with Voom is that they did not expect the technological advances that their competitors had after they launched Voom. Know your competitors and know what type of industry you are in. Be aware of the outside forces that can affect your business. Is your industry known to change rapidly? Voom did
not take into account what their competitors had up their sleeve and this became very detrimental to the business. The Pain of
Sunk Costs It is hard to walk away from a large investment that does not give any returns. One must remember that a sunk cost is exactly what it sounds like; it is sunk, gone, vanished, kiss it goodbye. So many times businesses fall into the mistake of trying to save fallen projects because they have already put so much time and money into it. This was definitely the case with Voom. With the lost of $650 million Charles Dolan was bound to want to save part of the investment. This is an important lesson to learn in business. You must say goodbye to sunk costs. Listen! Charles Dolan dreamed about creating a satellite company that could compete with DirecTV and Dish Network. However, almost no one was supporting to Charles Dolan in his cause at the end seeing that Voom was bound to fail. However, Charles
Dolan would not listen to the other board of directors and continued in his efforts to save the dying business. It is important to sometimes swallow your pride and listen to the arguments of those around you to see if they possibly have some validity. Be open to what others are saying because they just might be right. While it seemed that Voom had the capabilities to change the way viewers watch TV and to be very profitable, instead it failed shortly after its creation. This is because of a few business principles that were neglected. When working with your own new business, make sure that your business plan makes sense and that you pay particular attention to your team, the external factors that could affect your business, and know how to walk away when your great idea turns out to be a flop. If you are willing to do these things, you will avoid running into the same problems that Voom did.
Kaitlin Carruth is a client account specialist with 10x Marketing- More Visitors. More Buyers. More Revenue. To learn more about Voom, please visit I-Satellite.
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Finance - Leases-Leasing Ezine Articles |
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