I think of cars in terms of how useful they are in my life, and how easy or hard they make it. And that can be a useful lens to inspect your company strategy as well. Is your business plan working well? Or is it due for a service and MOT? Or even an upgrade to a better model? Cars don't last forever, and neither does your first shot at a business plan. Which of these types of car does your current business planning most resemble?
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Small changes? Is that really an adequate response to the world today? Many businesses do not want the risk of radical action, so the power of one uses the theory of marginal gains to deliver cumulative growth through ongoing small changes at much lower cost and risk.
Accountability with big rewards or penalties can drive counter-productive behaviours. Instead, create a culture where mistakes can be admitted without negative consequences and where everything is seen as an opportunity for learning and continuous improvement.
Business finance can be daunting, but it all comes down to three things: profit, cashflow and business value. Which matters most to your business right now?
The before and after story from my first job, where I learned the difference it makes when management share a clear target KPI and justification.
Net profit is the measure that analysts typically use to compare companies. But it is not the most helpful measure when compared to two others that will shed more light for your management team and board of directors.