Strategy is arguably one of the most overused words in the English language. Most people that use it have no idea what the word means. Yet, being strategic is one of the highest-valued skills in business. Hundreds of professors have dedicated their lives to studying strategy, and consultants are paid fortunes to develop and implement […]
Category: Strategy
In the ever-evolving landscape of business, enterprises face the challenge of charting a clear path towards success and sustainable growth. For instance, when the retail giant, Walmart, faced stalling sales due to stiff competition from e-commerce platforms, it was challenging to formulate a roadmap into the future. Navigating through uncertainty and making strategic decisions requires a […]
Military strategy has long been a source of wisdom for the field of business, inspiring countless comparisons. Despite the fact that we now use nuclear warheads and drones rather than swords and cannons, timeless battlefield principles will likely never become obsolete. This article will consider three examples from military history that can examined to better […]
Imagine going the Olympics and crossing the 100 metre finish line in first place. Arms raised in triumph, and revelling in the glory of your success, you are a hero! However, the very next week you make your way back to the starting line and ready yourself for the starter’s gun. *Bang* You run the race over […]
“Persistence” and “perseverance” are buzzwords you will find in almost every job description and in almost any interview. This article suggests that giving these words such stature and priority in the world of work is a mistake, since persistence alone may do more harm than good. Persistence refers to the notion of continuing a course […]
Bloom’s taxonomy is a framework originally developed by a committee of educators to assist in establishing an effective curriculum. This framework can also be used by young professionals. There is a myriad of academic journals from varying fields that illustrate the practicality of the framework in specific situations. Its application stretches beyond the needs of […]
What are Mental Models? Becoming a better thinker requires you to understand the way you think, how you view the world, and developing a way of approaching problems that allows you to see things through multiple lenses. We refer to these lenses as ‘mental models’. Mental models are tools for the mind that are built […]
Not sure how to survive an ever changing business world? Darwin might have the answers! The business world is often referred to as a brutal battlefield where only the fittest survive. Companies like Kodak and Nokia are often referred to as the dinosaurs that failed to adapt to the changing environment. If you think about […]
Introduction Jack Welch, ex-Chairman and ex-CEO of General Electric once said, “If you don’t have a competitive advantage, don’t compete”. While this quote makes sense, organizations can always strive for opportunities to build new competitive advantage by investing passion, right strategic thinking, perseverance, and determination. However, while gaining competitive advantage is one thing, sustaining the […]
At the CES 2018 held in Las Vegas, Steve Koenig, Senior Director of Market Research at Consumer Technology Association, presented on tech trends to watch. Outlining the big picture, he described 2018 as the beginning of the “data era of consumer tech”, with the heralds of that coming age being 5G, AI, and AR. While […]
When you run your own small business, it can be difficult to keep an objective distance from what you do. Bills come in, sales go out, you have your day-to-day goals and you watch the curvy line of profit and loss make its inexorable progress throughout the financial year. You have your big one-year and […]
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One Cow Describes Eight Business Models
Business models have diversified and evolved in unpredictable ways over the past couple of decades. Those businesses that have thrived have been the ones who were best able to not only take advantage of the new possibilities offered by the world wide web, but to predict the ways that the internet would change the way […]
Merry Christmas! Joyeux Noël! Sheng Dan Kuai Le! (圣诞快乐!) Wishing you an enjoyable day, and a happy holiday season spent with good people, surplus amounts of food and drinks, and a large number of gifts! One idea that is firmly associated with Christmas is gift giving. This is a central part of the Christian tradition, […]
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Knowledge, Networks, and Branding
It’s what you know. It’s not what you know, it’s who you know. It’s not who you know, it’s who knows you. Knowledge, networks, and branding. You have to start somewhere, and the logical starting point is to acquire knowledge. Society understands the importance of this, which is why primary and high school education can […]
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How Empowered Are You?
What does it mean to say that someone is “empowered”? The Oxford dictionary defines the term as “stronger and more confident in controlling ones life”. Key to this definition is the idea of control; that is, the ability to influence the course of events. Roles in the community that we might think of as empowered include priests, professors, […]
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Sanitised vs Sanitary
Are you trying to build a work environment that is more sanitised or more sanitary? There is a difference. A sanitised work environment is generally inoffensive, and is designed to satisfy the strict (and habitually self-serving) requirements of the HR checklist. A sanitary work environment, on the other hand, is one that’s designed to be favourable for the health and proper functioning of […]
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Destiny vs Destination
When things go badly, the optimist is likely to respond with a reference to forces outside her control, “our competitors got lucky this time!” When things go well, the pessimist is likely to respond in a similar way, “I got lucky this time!” In both situations the person is making a call to destiny. The optimist believes that things will go well […]
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3 Ways to Distinguish Yourself
We live in an increasingly digital and technology enabled world, which is increasing the level of competition between organisations. Why is this the case? There are three key reasons. Firstly, technology is helping to lower barriers to entry. It has never been easier to create new goods and services, and get them noticed by your […]
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5 Reasons It’s Okay To Say “No”
If you are using your talents in a way that interests you for the benefit of other people, then that’s a good thing. Charities, non-profits and religions may come to you for aid, but it’s valid to refuse if your gifts to them would detract from the good work you are already doing Giving more than you […]
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False Dilemma – Value, Cost or Focus
Harvard Business School Professor Michael Porter argued back in 1985 that there are three generic strategies that an organisation can follow to achieve above average performance. You can operate at low cost, provide distinct value to customers, or focus on doing one of these things while targeting a specific niche in the market. The unfortunate fallacy that Porter introduced is […]
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Bricks and Mortar
Builders intuitively know that if you are building a house then you need both bricks and mortar, and they need to be arranged in a certain way in order to construct a safe, functional and attractive residence. The bricks provide strength, the mortar holds it all together, and the architect’s plan ensures that they are arranged in […]
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Antidote to Fixed Thinking
Many people are afraid to fail. Terrified of flunking a test, getting fired, having their heart broken, or being laughed at. Loss is painful, yes, it truly can be. The problem with this way of experiencing life, though, is that it represents fixed thinking. A belief that things can stay the same and a desire to preserve the way things were. […]
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Pen vs Sword
(Source: Flickr) Most people are familiar with the expression “the pen is mightier than the sword”, but where does it come from? According to the BBC, the expression first appeared in Edward Bulwer-Lytton’s 1839 play Cardinal Richelieu. This may have been the first usage in English, but Bulwer-Lytton appears to have borrowed from a longer tradition. Napoleon Bonaparte, known more […]
One of the great things about starting your own company is that you may be able to sell it in the future for a massive profit. Depending on how much you sell it for, you may never have to work again to secure your financial future. This could allow you to spend more time with […]
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Listen to the Customer
Are you building what the customer wants?
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Pie or Cake?
Strategy involves defending your slice of pie, or growing it bigger. Innovation involves saying, “hey, we have some pie, why don’t we bake a cake or some cookies to go with it.” Some companies spend so much time trying to get more pie, that they never get a chance to enjoy a second dish. Business […]
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Culture vs Strategy
Strategy involves understanding your current position, deciding on a destination, and charting a course from here to there. Culture is about who you are, and why you do things. Culture is arguably more important than strategy because, if you look at it over the lifetime of a product or an organisation, the culture is the […]
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Love vs Lock In
Economists love to talk about “scarcity” and the fact that we live in a world of limited resources. However, in the digital world this need not necessarily be the case. Phil Libin of Evernote is of the view that if you’re in a traditional industry like minerals extraction or transportation, then customers will either go […]
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Maintaining Market Power Online
In an age of rapid digital disruption, how can you retain market power and continue to prosper online? There is a lot of misinformation and confusion about how to compete in the digital landscape, and one of the points of confusion is about the power and value of content. There is a new company called The Grid, which you may […]
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Monopolies on the Internet
(Source: Flickr) When the Internet was still a toy a decade or so ago, many business leaders and strategists didn’t believe that it would be possible to create a profitable business online. The reasons given to support this belief were many and various. Some argued that business on the Internet would never work because it is impossible […]
(Source: Flickr) When can you consider something that you have to be an asset? This may sound like a funny question, but it is particularly important for the success of organisations and your success as an individual. The answer turns out to be largely a matter of perspective. If you are an accountant, then your goal is to categorise resources into groups: assets, liabilities, and […]
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Emulate vs Imitate
(Source: Flickr) When we imitate someone the goal is to copy what we see; to replicate; to produce more of the same. Think Rocket Internet or cheap Japanese electronics from the 70’s. When we emulate, on the other hand, we take inspiration from a role model, a hero. And with effort we might one day hope […]
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To Those Who Have
John Paulson, the American hedge fund manager and billionaire, donated $400 million to Harvard University this week. The donation will go to Harvard’s School of Engineering and Applied Sciences which, strangely enough, will be renamed the “Harvard John A. Paulson School of Engineering and Applied Sciences”. Donating money to an educational institution can never be a bad thing, can it? Well, […]
(Source: Flickr) This is the first instalment of my conversation with Nigel Lake, CEO of Pottinger, a global corporate advisory firm based in Sydney, Australia. Nigel is the author of The Long Term Starts Tomorrow, a must have book “for any manager, leader or Minister.” The Hon Mike Baird MP, Premier of NSW Tom: Nigel, I […]
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Time vs Money
(Source: Flickr) If you had all the time in the world but not much money, then your capacity to create new ideas and connect with people would be great, but your capacity to consume would be limited. On the other hand, if you didn’t have much time but had a lot of money, then your capacity to create new […]
(Source: Flickr) Traditional strategic thinking, the kind championed by HBS Prof Mikey Porter, says that real economic value is only created when a company can sell a product or service to customers at a price that exceeds the cost of producing it. In other words, companies are entities that sell products or services, and strategic thinking is […]
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Finance vs Strategy
The financier cares about the next 3 months or less. The strategist cares about the next 3 years or more. The financier wants the deal to close as soon as possible so that he can earn his bonus. The strategist is open to taking action if it will strengthen the firm’s position over time, and a better outcome can’t be […]
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Excuses or Solutions
We each face obstacles at times that prevent us from achieving our goals as quickly and effortlessly as we would like. In your professional life, difficulties may result from factors outside your control: fierce competition, lack of customer demand, or a new well-heeled company entering your industry. Hurdles can also result from factors a little closer to home: outdated skills, insufficient experience, or a weak reputation. Obstacles may be unavoidable, but we […]
For many of us, especially expectant young children, Christmas is a day of high expectations. It can often fall short of the mark. Santa may have brought you an Xbox when you had desperately wanted a Playstation. Or perhaps you got a new Samsung tablet, when you were busting for the new iPad instead. It can be painful when reality falls dismally […]
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Customers Hold the Balance of Power
If you run a company, your customers hold the balance of power. Are you delighting them, or leaving an opening for somebody to cut your grass? IF you want to know which party holds the balance of power in a relationship, you just need to look at the direction in which the gifts are flowing. The gift […]
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Giving more than we expect of you
But what about when nobody is watching? GENEROSITY is the act of giving more than we expect of you. You are probably familiar with the most common form of generosity – public generosity. Giving more when people can see it. The public benefactor to a prestigious university foundation; the celebrity who campaigns to fight poverty; or the wealthy men on a quest to […]
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The Value of the “Truth”
Will set you free THIS expression has been a popular saying among business gurus like the late Jim Rohn, and has its origins in scripture. “The truth will set you free” has a nice ring to it and makes people feel good, but what does it really mean? Here are three practices that follow directly from the pursuit of truth, and which underpin sustainable business. 1. Accepting […]
WE are currently in Portugal and recently stayed at Home Hostel Lisbon, which was voted best medium-sized hostel in the world for the last two years running. Think about that for a second. There are thousands of hostels in the world across hundreds of countries, and many of them are excellent. Home Hostel Lisbon was voted “best hostel […]
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Free Is Never Free
Your time has value Economists are fond of telling us that “there’s no such thing as a free lunch.” Whether it’s fish and chips for lunch, or something else, what they mean by this is that it’s not possible to get something for nothing. But hold on, you might be thinking, surely this isn’t true. Just think about Facebook. […]
In an infinite channel world, not-for-profit may just be the new normal We were recently invited to attend Professor Donnie Maclurcan’s talk in Islington, London entitled “Not-for-profit enterprise will be at the heart of the global economy by 2050”. We were unfortunately unable to attend Donnie’s talk, and haven’t yet read the book, but on first […]
THE wonderful thing about humans is our ability to move through time and space, without going anywhere at all. The ability to think about the past allows us to reflect on experiences, our own or those of others, and to learn from them. Your author used to wonder at length during his high school history classes about the […]
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Building An Asset
Or just getting paid? IF you continue with your current line of work, will you be more capable, better known and have a stronger network in 12 months time? Or will you just be one year older, one pay grade higher, and one step closer to that “promised” promotion? Financially richer, yet one year poorer at the same time. […]
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Chasing The Trend
Is Not A Strategy MANY FIRMS and many people live their lives by chasing the trend. They ask themselves questions like, what’s popular? What are other people doing? What’s the “it” thing? They then chase the trend in an attempt to ride the wave of prosperity and capture some of the growth, glory and profits for themselves. This may work […]
Late last year at the Oxford Union we had the opportunity to talk with Tim Ferris, author of the 4-Hour Workweek, about his tips for successful blogging. Tim’s key piece of advice, an echo of every good guidebook we’ve read, is that bloggers who are just starting out should focus on producing “evergreen content”. That […]
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Capacity versus Leverage
IN the quest for market dominance, companies often engage in a war for talent. They seek out new recruits with outstanding capacity, the chosen few who are able to demonstrate a track record of success, and an ability to solve new problems quickly and easily. Management consulting firms are the flag bearers in this war. In a clear […]