I was in my car a few days ago when I heard some pretty shocking news on the radio: Hearst Magazines is shutting down O Magazine. I’ve been a die-hard O Magazine reader since my 20’s so my first reaction to this was: whyyyyyy???
The report went on to say the pandemic hit magazine companies hard. Apparently the magazine industry was already struggling, relying too heavily on “circumstantial purchases” for its survival.
Sales at places where people usually pick up O Magazine, like a newsstand while grabbing coffee before work, or an airport before flight, were the only thing keeping it afloat. Obviously, we’re not doing much of those things right now due to COVID-19.
I couldn’t help but think how even Hearst Magazines, one of the largest, most successful media companies in the world, had a glaring CAPACITY DEFICIT exposed this year.
How could they have just been putting all their eggs in that one “basket” of “circumstantial purchases”? Seems like a short-sighted, “quick fix” strategy for such a hugely successful company, no? Goes to show, we’re all more likely to make bad decisions in times of stress because of our capacity deficits. Even stalwarts like Hearst.
The events that happened this year have shown each and every one of us where our capacity deficits are. All the weak spots in our capacity, whether within ourselves, the world or in our businesses, are right up in our faces and can no longer be avoided.
This year has forced so many companies and leaders to innovate, think outside the box and ditch old tactics that expired long ago they were “getting away with”. Those already innovating didn’t have to do much when this pandemic hit.
I don’t know about you, but I never want to lean too heavily on an outdated strategy I’m “miraculously getting away with” or avoiding changes long overdue. Yet SO many business owners do just that. That’s EXACTLY how you end up getting the rug pulled out from under you when crisis hits. Right now it’s the pandemic, in another year it’ll be something else.
This is why working on your capacity is SO important. Because if Hearst Magazines had been prioritizing their capacity, they would’ve already innovated to where airport sales of magazines plummeting would’ve barely caused a dent. (Yeah, I’m cranky my beloved “O Mag” is getting shut down!)
If you had to scramble, pivot fast or lost a significant amount of your revenue when the pandemic began or it felt like a smack to the side of your face– that’s a sign you’ve been relying on a capacity deficit that needed to be shifted into equilibrium a long time ago.
Leaders with capacity don’t need to scramble to get ready. They STAY ready. So when years like this happen, they barely get a hair out of place and smoothly transition into the next level like bosses.
If you’re ready to be the kind of leader that stays ready, the Capacity In Crisis workshop is for you. We’re closing enrollment in just a few days now.
It’s only $99 and 90 minutes. And it’s work unlike anything you’ve ever done before. We’re going to talk about the four pillars you MUST master to navigate crises like a boss.
All leaders need this. Without it, you’re just another Hearst Magazines waiting to happen.