Podcast Summary
Choosing the industry standard can save time and effort: Opting for the industry standard in a market can lead to time and resource savings, even if it doesn't have all the latest features.
When faced with numerous choices for a business, service, or product, it's often more efficient to opt for the industry standard, even if it may not have all the latest features. Based on personal experience with podcast hosting platforms, the speaker discovered that spending excessive time comparing every detail and feature of different options was a waste. For instance, SoundCloud offered some attractive features, but lacked essential ones like scheduling episodes in advance. In contrast, the industry standard, Libsyn, might not have all the bells and whistles, but it generally offers a better overall package and dominates the market. Therefore, the time and effort saved by making the industry standard choice can be more valuable than trying to find the perfect alternative with every feature imaginable.
Consider the long-term stability of the provider: Choosing a stable provider, despite higher costs, can save businesses from potential disasters in the long run.
When making a decision to invest in a product or service, it's crucial to consider the long-term support and continuity of the company providing it. This is especially important for independent publishers or businesses that rely on external providers for essential services. The speaker's concern with SoundCloud's financial instability is a prime example of this. Choosing a well-established industry standard with a proven business model may not guarantee immunity from future problems, but it's a safer bet than a company with red flags. This consideration is so vital that it could potentially outweigh other factors like price, convenience, and even quality. In the long term, the stability of the provider is a significant factor in the success of your business plan. A sudden need to switch providers due to instability or closure can lead to significant disruptions and costs. An analogy from the farm space illustrates this point: when choosing a livestock processing business, the longevity and stability of the business are crucial factors. The distance, price, convenience, and even quality may be secondary considerations. In conclusion, when making decisions about products or services, focus on the long-term viability of the provider. The initial investment might be higher, but the peace of mind and security that comes with a stable provider can save you from potential disasters down the line.
Consider a business' longevity for reliability and future support: Long-standing businesses have proven success and stability, making them reliable partners for ongoing support and services.
When considering a business or product, focus on its longevity as a key factor in making your decision. Companies that have been in business for a long time have likely proven their success and stability, and are more likely to be around to provide ongoing support and services in the future. Don't get too fixated on specific features or offerings; instead, keep the bigger picture in mind – the health and stability of the business itself. This approach will serve you well when making choices, and will help ensure that you're making informed decisions based on a solid foundation. So, in essence, the length of a business' tenure is a valuable indicator of its reliability and ability to meet your needs both now and in the future.
