Business Planning Strategy: Making Lemons From Lemonade
Posted by
Todd Smith on Mon, Nov 21, 2011 @ 05:15 AM
The other day, I happened to glance up at the TV while riding the stationary bike, and there was a remarkable picture of a bride and groom, smiling, when behind them raged an inferno of fire. I couldn't hear the sound, but the gist of the story was that their reception area has somehow caught fire an hour or so before the wedding.
So what possessed this couple to seize the opportunity to pose with the unique, flaming backdrop, when most people would have been completely freaking out trying to put out the fire, worrying about 100 different things, and probably having a nervous breakdown? It's that unique entrepreneurial trait where a business owner finds a way to make lemons into lemonade.
I think back to my own wedding day, on the beautiful island of St. John in the U.S. Virgin Islands, one of my favorite places on earth. Our families had spent the better part of a week before the wedding, enjoying perfect Caribbean weather. Our wedding day started out much the same. But, as I was getting ready, the skies opened up with a pouring rain, and seeing as how we were getting married outdoors, at the Annaberg Plantation ruins, this posed sort of a problem. I figured, hey, we'll make the best of it, and joked to my wife, "hey, maybe we'll get a rainbow" for our pictures. Instead, we got a double rainbow, one atop the other! 
I was actually accused of photoshopping this picture, which tells me that I guess it turned out pretty well.
When I work with clients, whether writing a business plan, or helping them raise capital, or on an interim executive basis, I try to teach them to roll with the punches and to turn setbacks into triumphs.
Case in point, the owner of a successful retail store in Baltimore had a water main break in his building, which led to extensive repairs/rennovations and the loss of a minor portion of his inventory. While this might have been ruinous to most retailers, he quickly seized on the opportunity and drafted a quick letter to his customers, telling the story of the "Great Flood" and offering a short window of high discounts to "get rid of" slightly damaged inventory at steep discounts. His customers' innate curiousity to see the damaged store, combined with their desire to get a good bargain, drove them to the store in a herd, and he made more money than he would have in the normal course of business, and added quite a few new customers to his list!
So back to the couple with the flaming wedding. What they saw was an opportunity for a really unique picture and they seized it. Not only will they have a really cool lifetime memory to cherish, but the picture sparked so much interest, that whatever news channel (CNN, Today Show) I was watching actually brought the couple in and interviewed them! And who knows what doors that may have opened up!
So, the next time you're faced with an unpleasant situation or setback, stop for a moment, and try to think about how you might take those lemons, and make lemonade!
Todd Smith, CEO
Blue Horizon Venture Consulting
www.BlueHorizonVC.com
904-372-9222