I’ve always said life is about the highs and the lows. If my life were moderate all the time, I would end up changing it.
Of course, in this blog I mostly talk about the highs. And there have been many. But lows happen too and they are important.
Currently INN is still very focused on the resource market and the resource market is very cyclical. Right now, it is at a point that many have called an historic low. And while we still have many great clients, we now have many great former clients. Clients who still believe in the value working with INN delivers, but have decided not to work with at this time.
As a direct result of the reduction in revenue we have had to reallocate our resources so that we can maintain the high level of performance our clients expect. This included the difficult decision to let go 6 full time staff. Chris, Nick and I are very proud of what each of them achieved while we worked together and believe they will go on to greatness elsewhere.
Out of adversity comes excellence and our team continues to prove that. Nowhere is it being shown more than with our editorial department. They are writing more great content than ever before to help our audience understand and hopefully profit from this point in the cycle. It is early days but so far all indications are that we continue to be recognized as having great unbiased, independent content.
The most difficult part is that I know we are in this situation because I have failed. I knew that the resource market is very cyclical and that we would reach a point where we would lose many clients. And while we started working towards diversifying into other markets, I did not put enough effort and mindshare into making that happen sooner.
I also believe that failure is not something that is unique to me and that as long as we learn from this situation, there is no need for regret. I think it is time to go back and read the Harvard Business Review’s issue on failure to make the most of our situation.
I love the business we are in and know that as long as we continue to deliver value, be honest, ask for help and have fun, we have huge potential for the future. And I look forward to sharing the highs with you and the occasional low along the way.