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 […]
Tag: Business 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 […]
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Creativity
I was going to post a single quote for creativity but, in keeping with the nature of the word itself, there appear to be multiple different views on what creativity actually is. Scott Adams, creator of Dilbert, has described creativity as the freedom to fail and try again. “Creativity is allowing yourself to make mistakes. Art is knowing which […]
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 […]
When was the last time you said ‘no’ at work? There’s no shame in being the guy who says ‘yes’: taking on work indiscriminately is the sign of a healthy work ethic – but whether it’s a productive work ethic or not is another matter. And, unfortunately, the willingness to take on every task you’re […]
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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Harnessing Creative Energy
China comes up for criticism in modern times for stealing software technology from the West. Software is a language (or a set of languages) which can be used to make computer hardware do marvelous things, and because software is easy to copy (or reverse engineer), it’s easy to steal. But if there is software stealing going on in China and elsewhere, […]
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Taking Profit
I am currently living in Beijing, lecturing strategy and finance courses to undergraduates. One observation I’ve made is that the people here are good at identifying opportunities for profit. And I use the word profit not in a financial sense, but with the broader meaning of the French verb profiter, which means “to make the most advantage of”. This […]
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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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9 M’s Resource Audit Checklist
An organisation’s approach to strategy will always depend on the circumstances. Who are the organisation’s competitors? There will be existing competitors, and outsiders who might threaten to compete in future. And who are the organisation’s customers? There will be existing customers, and larger groups that the organisation wants to target. By understanding the external environment, an organisation will then be […]
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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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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 […]
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Man vs Chimp
(Source: Flickr) Humans and chimpanzeees (our closest genetic relatives) are both social animals that have the ability to form groups and communicate between themselves. Why is it then that humans have populated the globe (7 billion and counting) while chimp numbers continue to fall (currently standing at around 250 thousand or less)? A key difference between us […]
Savvy investors know that there is a lot of potential in converting abandoned or derelict spaces into lease-ready properties. Below are five (5) tips on converting a vacant spot into a high-revenue lease property. 1. Pop-Ups This refers to taking a small vacant space and converting it into a restaurant or shop. These are great […]
Business owners know that they can’t attract customers if those customers don’t know that they exist. That is why they rent buildings in high traffic areas and pay large sums to place ads where people are likely to see them. There are many ways that companies can get the word out, and with all the […]
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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 […]
Phil Libin, CEO of Evernote, doesn’t like the word “cannibalisation” because it’s zero sum. It implies that you’re the guy doing the eating or being eaten. He says being in business is not like playing a sport or being in warfare. It’s more like music, it’s more like art. It’s not a zero sum game. […]
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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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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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Say Something
Often we can be scared to open our mouths and say something. Expressions like “empty vessels make the most noise” and a pervasive social fear of rejection can make it difficult to open up. Why is this the case? Schools, universities and families typically work best when there is an open flow of communication. But on a day […]
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Should you do a PhD?
I had coffee in early June with Chris McKenna, Associate Professor at Oxford’s Said Business School. When I say we “had coffee”, we didn’t actually drink coffee, but I had offered to buy Chris one as I thought it might give him a reason to meet with me. Chris’s area of expertise is strategy and business history, and he is also Director […]
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Trump Nation?
(Source: Flickr) The Donald has announced his intention to run for the White House in 2016 on a ticket to “Make America Great Again!”. At this stage it’s unclear whether he will run for office or not because he has flirted with running in the past and then not done so. Whatever happens though, the take away lesson at […]
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Ownership vs Control
The recent news of succession planning at 21st Century Fox brings an interesting issue to light. On Thursday, the Guardian reported that James Murdoch will succeed Rupert Murdoch as CEO at 21st Century Fox. At the same time, Rupert and Lachlan will become executive co-chairmen. The interesting thing about the Murdoch family’s control of Fox is that it relies on a dual-voting structure in […]
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Art vs Business
(Source: Flickr) I attended a talk last week at the Oxford Union given by Alexandra Shulman, editor-in-chief of British Vogue. Shulman is the longest serving editor in British Vogue history. She took the helm in 2002, and has presided over a circulation increase to 220,000 copies. Needless to say, I was interested to hear what she had […]
(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 […]
https://www.youtube.com/watch?t=3010&v=41NeR8ZkCUk I had the good fortune yesterday to attend a conversation between Teppo Felin, Professor of Strategy at Oxford’s Said Business School, and Peter Thiel, co-founder of PayPal and recent author of the bestselling book Zero to One: Notes on Startups or How to Build the Future. Apart from being a co-founder of PayPal, Thiel is also known for being the […]
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Success Is Possible
Not overnight. Not without hard work and creativity. Not without moments of doubt. Not inevitable. But possible. Possible for you. Success, for you, is possible.
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Just A Game?
Using gamelike elements to engage customers can produce real business value We are currently taking an online course on Gamification with Wharton’s Professor Kevin Werbach, which provides a fascinating insight into the world of games and how gamelike elements can be incorporated into the customer experience. The basic concept is that games provide a structure within which […]
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Discipline and Decency
All too often partners in professional service firms know how to issue orders, but forget about the need for kindness. Employees develop fear rather than fondness for their managers, and quickly learn how little they can produce to keep people happy. In professions where the quality of the final product hinges on the quality of the thought process used to develop it (e.g. […]
ORGANISATIONS hire management consultants to help them solve their most challenging business problems. Senior management are busy people, and so consultants need to communicate their message clearly and concisely, preferably accompanied by some colourful powerpoint slides. The irony, though, is that consultants have gone on to develop an industry jargon which is often completely incomprehensible to industry outsiders. Below […]
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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 […]
Is Booze Muhkidney hiring?
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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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News or Noise
IF you are like most hard working professionals, then you probably make a habit of reading the news each day. The New York Times, The Boston Globe, The Sydney Morning Herald. The Wall Street Journal, the FT or The Economist. There are many titles to choose from. You scan the headlines for an interesting story and then […]
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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. […]
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Simple, Appealing and Delicious
Fish and chips at the Golden Union Fish Bar WHEN it comes to project delivery it is said that the customer always wants it “fast, good and cheap”, but they can only have two. A project can be delivered quickly and cheaply, but the quality will suffer. It can be shipped cheaply and to perfection, but it will take a long time. Or it can be supplied quickly and with quality, but […]
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You Don’t Have to be Interesting
You just have to be interested Interested in other people. Interested in what you can do for them. Interested in improving your approach. Interested in finding a new way forward. Interested in what’s next.
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Overcoming Hopelessness
Changing obstacles into opportunities – be thankful for what you have, if you don’t get a miracle you can be a miracle for someone else
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 […]