Not for Profit.
Last week, at one of our Leadership Group* meetings, a member posed a question about a new service she was considering introducing.
Using our tried and tested diagnostic process, it became very clear that this new initiative would require:
- Significant capital
- Considerable executive time, in particular identifying and recruiting the right leader and team
- A high level of compliance due to the amount of regulatory issues
It was also identified that the likely return on investment from the new service would be low margin/no margin.
The idea was destined to be spiked, not even filed in “Not Doing Now” but in the “Never Doing Now” folder, it looked like a non-starter.
But the decision was taken to pursue it – and several others in that Group will be doing so as well.
Why?
Because of three key factors:
- The new service is something customers really need and want – not just now, but forever… the problems it solves are ongoing.
- The initiative creates the opportunity for regular contact and dialogue with customers who otherwise are difficult to engage with.
- There’s huge potential to create hundreds of positive, 5* reviews, and general goodwill in the local community and with future prospects.
You’re probably familiar with the expression: “No Profit, No Purpose.”
I believe that idea to be flawed.
Of course, it’s ultimately true – but does it always have to apply?
Can/should you be doing things that don’t make you a profit because they’re the right things to do?
I believe so, indeed much of what we do, including this weekly blog, (now in its sixth year), is produced for free.
Not for profit, but for purpose.
*We have a few membership places available in some of our Leadership Groups – if you’d like to find out if you’re suitable for membership then please get in touch.
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