FOMO. Yet another acronym that I had to learn from someone much younger than me. FOMO = Fear of Missing Out. It’s the term associated with people incessantly checking their phones, worried about missing out on the latest news about a celebrity, politics, an earthquake on the other side of the world, your friends’ vacation pics or missing out on experiencing something they are only learning about because of the phone in their hand.
There’s a business version of FOMO that we see, too. We hear it when we visit with a business owner and hear these phrases:
“I just didn’t want to be the only one that missed out on this new crop.”
“All of my friends [in farming] are selling this way, so I figured I need to go that route too.”
“I uploaded [name of new software] to track sales because it seems like that’s the way to do it now.”
Hmm. None of these quotes sounds like the speaker was approaching this business decision with an eye on their own goals, their own expertise, their own constraints. Instead, they made the decision largely out of FOMO, the fear of missing out on the latest crop, sales channel, or software tool.
Run. Your. Own. Race.
Your business and your situation is different from everyone else in the world. You can use their experiences to inform your work but allowing it to make the decision for you is a really bad idea.
Need a friendly voice to avoid the FOMO? Give us a call and we can determine if your decision is being made on the evidence consistent with your goals or whether you have the “FOMO Fever”.
To learn more about KCARD and discuss your business, contact us today at 859-550-3972 or via email at kcard@kcard.info.