FOMBO could be killing your business
A while back FOMO was a thing. The Fear of Missing Out is a real force for individuals. You never know if what you are doing is good enough or if someone else is doing something better or more fun somewhere else. That’s FOMO.
The Fear of Missing Business Opportunities (FOMBO) is a similar feeling. but related directly to the things you are doing in your business. You’re never quite sure if the next opportunity being offered up by someone is going to be better than what you’re already doing. FOMBO. The Fear of missing business opportunities that someone else is offering up.
FOMB could be distracting you into nothingness.
If you are constantly saying yes to offers, deals, partnerships and potential collaborations then perhaps you and your business suffer from FOMB.
I have become very protective over Nic Harry’s core business and core strategy. However, my excitement to do interesting projects and collaborations can sometimes gets the better of me. So I say yes to things.
Almost every time the partnership is more trouble than it’s worth.
I am committed to doing my best all the time. I give everything I can to the project and never put together a sub-par effort. This means that mostly, I feel like I’m putting in more than the other person or company.
Recently we were asked by an organisation to contribute our socks to a gift bag for a black tie, red carpet type gala event. We’re talking about a large number of our products for free to a very well funded organisation. Instead of offering to collect our contribution, we were asked to deliver the order at their convenience. That makes me very frustrated but it’s typical. It’s a tiny little thing but it matters.
This situation sums up most of the partnerships I experience.
Here’s a harsh truth about most collaborations:
Saying “Yes” to things is often more trouble than reward. You will get distracted from your core mission. Your team will be frustrated that you put them through the extra work and the company will suffer because you couldn’t focus on your vision.
Fear of missing business is real.
Fear of missing business is a killer.
Stop saying yes to everything.
Shift your default response to “No thank you”. This will put the onus on the other party to convince you to change your mind.