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Posts tagged Failure
Strategy As A Solution - what you can learn from the Roman military

I help my clients do one thing: save time and make more money.

Sounds simple enough? But the reality is that businesses, however small, are a complex ecosystem of competing priorities. The real skill in running a business comes from understanding how to balance all those nuances to maximum effect.

I call that Strategy As A Solution

The word strategy actually takes its roots from Roman military; the plans of war and battles designed to achieve a long-term aim of world domination.

Perhaps your business isn’t trying to take over the world, but it probably is trying to compete with others to find a space it can occupy. So the roots still hold true that it’s about the smaller battles you succeed in to achieve your overall long term aim.

The problem I often encounter in SMEs is that this planning (the how we will achieve domination?) is the starting point for them. But to me, there are two steps before the strategy is formed that if not well defined will undoubtedly result in wasted time and reduced profit.

How can I be so sure? Because the conflict between competing priorities paralyses decision making, which causes wasted time, that in turn costs more money or loses opportunity for sales.

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Toys ‘R’ Us and how NOT to manage your management consultant

Today established retail giant Toys ‘R’ Us filed for bankruptcy protection in the US.

So you can understand why every time I speak to a business owner that says, “we don’t need help” it breaks my heart just a little bit more (and it’s not because they’re not hiring me!)

I sincerely believe that businesses large and small are missing out on opportunity, and at worst potentially damaging their organisations by failing to identify risk. Personally, I think there are two issues (a) we don’t like to admit weakness/ask for help and (b) because of our relationship with management consultants and other professional advisers.

And I get it, management consultants are *the worst* - they’re just pushy, aren’t they?

Particularly if you're a smaller business management consultants can make you feel like the business equivalent of a hit-and-run victim. They come out of nowhere, hit you fast, tell you how to run your business, deposit an unintelligible report, and dump one heck of an invoice. You’re left injured, feeling dazed and confused.

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Monzo: Lessons for a start up

If you haven’t heard of Monzo, they’re a high profile fintech start up – a challenger bank – rising to consumer fame by offering a fee-free pre-paid card service.

Like most start ups in this category, they’ve experienced massive growth in a short time. At the beginning of July this year it hit 240,000 customers, they are projecting between 500,000 and 800,000 accounts by the end of the year, and their business model is as old as time:

  1. Begin as a loss leader: buy the market to build a massive customer base as an innovative new thing, pile ‘em high and sell ‘em cheap

  2. Bring new products online: grow the portfolio of products with profitable revenue streams

  3. Sell, sell, sell: trade on your unique and different brand to convert customers to these new products.

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