Midas Loses It's Golden Touch
Nope, it's not down and out yet, but the signs are not looking good. Payouts have been delayed and late due to numerous excuses. The latest I've heard is that payouts have been made sporadically to random members.
I suppose this is a classic case of an admin who is clueless on how to run a surf program. Despite all the good stuff going around in blogs and the forums, he still managed to screw it up. Don't get me wrong, the program is by no means dead yet, but it's surely going to struggle given the bad press all around. Even if it catches up on payment, I'm sure many supporters would be quietly pulling their money out.
I'm not going to continue with my tirade here, instead let's dwell on the mistakes here.
1. Pushing the ToS 7 business day limits. The program pays out on exactly the 7th business day, giving itself no lead time in case anything goes wrong. Personally I found this to be a very bad business model. The 7 business day payout deadline is meant to give the admin lead time in case membership grows and not to hold on to cash on hand.
2. This in turn reduces the ROI drastically. Any fool with more than 2 brain cells can see this. Once the norm of paying on the 7th day was established, people started looking elsewhere. I've not seen many big 4 digit spends after the first couple of cycles.
3. Changing course midway. The sudden implementation of the 50/50 rule also probably scared alot of potential upgraders here. If it ain't broke, why fix it? Unless of course there were already cracks appearing despite the protestations of the admin.
4. The inability of the admin to mix personal time with business. This is probably the most crucial aspect of things being the way they are...or at least to me. I understand that personal time is important. I know, coz I value mine very much. But to mix personal time with business is a strict no-no. If it's a planned holiday you're taking, then make sure you pay up in advance before you go on your holiday. Breaking the ToS because of a planned vacation is stupidity at it's highest. You know your holiday is going to eat into a business day (ie paying day), then anticipate the members who need to be paid, and jolly well pay them in advance. Instead what has happened is that there is a whole bunch of members who have not been paid according to the ToS, and who can blame them for screaming 'Scam'?
In short this one's going down the drain fast. Of course for the sake of my minimal spends in here, I hope they recover, but right now it seems they are clinging on to the life support.
I've also removed them from this blog. Even if Midas recovers it's golden touch, the damage has been done.
I suppose this is a classic case of an admin who is clueless on how to run a surf program. Despite all the good stuff going around in blogs and the forums, he still managed to screw it up. Don't get me wrong, the program is by no means dead yet, but it's surely going to struggle given the bad press all around. Even if it catches up on payment, I'm sure many supporters would be quietly pulling their money out.
I'm not going to continue with my tirade here, instead let's dwell on the mistakes here.
1. Pushing the ToS 7 business day limits. The program pays out on exactly the 7th business day, giving itself no lead time in case anything goes wrong. Personally I found this to be a very bad business model. The 7 business day payout deadline is meant to give the admin lead time in case membership grows and not to hold on to cash on hand.
2. This in turn reduces the ROI drastically. Any fool with more than 2 brain cells can see this. Once the norm of paying on the 7th day was established, people started looking elsewhere. I've not seen many big 4 digit spends after the first couple of cycles.
3. Changing course midway. The sudden implementation of the 50/50 rule also probably scared alot of potential upgraders here. If it ain't broke, why fix it? Unless of course there were already cracks appearing despite the protestations of the admin.
4. The inability of the admin to mix personal time with business. This is probably the most crucial aspect of things being the way they are...or at least to me. I understand that personal time is important. I know, coz I value mine very much. But to mix personal time with business is a strict no-no. If it's a planned holiday you're taking, then make sure you pay up in advance before you go on your holiday. Breaking the ToS because of a planned vacation is stupidity at it's highest. You know your holiday is going to eat into a business day (ie paying day), then anticipate the members who need to be paid, and jolly well pay them in advance. Instead what has happened is that there is a whole bunch of members who have not been paid according to the ToS, and who can blame them for screaming 'Scam'?
In short this one's going down the drain fast. Of course for the sake of my minimal spends in here, I hope they recover, but right now it seems they are clinging on to the life support.
I've also removed them from this blog. Even if Midas recovers it's golden touch, the damage has been done.
posted by spectre at 12:24:00 PM
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