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Donald Mitchell's Articles in Business Show All|Display Category|Title|Newest|Oldest Learn How to Be Good at Adding Profitable Allies Successful companies need as many helpful allies as possible to add new insights and sources of profit. This article explains how to add such allies. Form Alliances with Matchmakers to Gain Even More Profitable Alliances Your choices of allies and partners determine the ease by which you will add other allies and partners. These choices will either open doors to profitable opportunities or close those doors. Being a Copy Cat Can Pay Off Big When Partners Show the Way to Success Everyone wants to know the inside word about how to succeed. Check to see if a partner can deliver that word to you. Look Sharp to Find the Most Profitable Answers When circumstances become adverse, you need to dig in to find solutions with the right expertise. Waiting to intervene is a mistake. Overconfidence About Irresistible Forces Can Bring Humbling Profit Drops People and organizations have exaggerated views of their effectiveness. Unchecked, those exaggerated views breed overconfidence and inaction with regard to dangerous potential trends. Add Breakthrough Solution Cost-Reduction Capability Spread knowledge of how to achieve cost breakthroughs and you'll be amazed at how much better you do. Boxed In: Which Way Are We Going? Leaders can easily define paths for growth that actually restrict the potential to expand. Wise leaders will be more careful to avoid getting boxed in. "Where Are We Going, and How Do We Get There?" -- The Directionless Stall A fundamental problem that most organizations have when encountering irresistible forces is the resulting confusion that stems from a lack of a clear understanding of what the enterprise itself is pursuing. This article explores that problem. To Appreciate a Trend Look Over the Curve of the Horizon A long perspective helps make the implications of irresistible forces clearer. With a clearer perspective, you can pick the right strategy. Play All the Parts If You Want to Prosper from Powerful Trends An internal perspective on trends is almost always wrong. You can overcome this problem by playing the roles of others who are affected by the trend. To Prosper Look for Causes and Continually Monitor Irresistible Forces Many mistake trends by failing to understand the trend's causes and by not tracking what's happening with the trend. Eliminate those errors and you'll be much more successful in exploiting trends. Look at the Worst Case to See All of Your Opportunities Many fear problems that they can easily avoid. Advance planning can permit pursuing higher-potential strategies when such problems are anticipated and prepared for. Check the Downside to Be Sure You Enjoy the Upside Most leaders forget to check out what can go wrong when they choose an action. This article looks at how to look at the unappreciated risks. Value Conflicts: Do Your Customers See Slashing Your Organization's Size as Good for Them? Value alignment works a lot better than value conflicts. Yet many profit-obsessed leaders and managers choose directions that cause such conflicts . . . making profit problems worse instead of better. Go to the Source for Your Fountain of Truth About Powerful Trends When something unexpected appears, track down what is the source of the unexpected to understand powerful new trends. Avoid the Wishful Thinking Stall If You Want to Enjoy Irresistible Growth Don't assume that you know what future conditions will be. You'll just make a fool out of yourself if you do and miss valuable growth opportunities. To Prepare for Future Challenges, Throw Away Your Hockey Stick Forecasts A common assumption about the future is that circumstances will be difficult for a while, but then a era of easy success will follow. Wrong! Learn from the Wishful Thinking of Others to Take the Potential for Change Seriously Wishful thinking makes companies vulnerable to competitors. The more success a company has, the more vulnerable it will be to wishful thinking paralysis. Are You on the Yellow Brick Road to Success? Each organization can find an optimal route to success after considering how irresistible forces will affect its activities. Are You Ready to Adapt to Irresistible Forces? It's not enough to know about irresistible forces; you need to be prepared to adapt to them. Check Your Organization's Values Before Launching into Improvement This article describes a self-assessment you can use to determine if your organization is employing appropriate values necessary to succeed. Use Breakthrough Solution Cost Reductions as a Management Development Tool You can expand the rate of cost reductions by making learning about breakthrough solution cost reductions a required part of becoming a more senior level manager in your organization. Expand Your Focus to Locate Previously Unperceived Targets for Cost Reductions Just when you think you've found all of the best ways to reduce costs, think again. You've missed most of them! Square the Benefits of Your Recent Breakthrough Cost Reductions By repeating the breakthrough cost-reduction process, you can double the size of the benefits you gain. Resist All Expensive and Slow-Developing Choices to Pursue Cost-Reduction Opportunities Slow development and large expense in cutting costs are usually signs of limited opportunity. Seek the fast-developing and low expense opportunities for cost reduction instead. For Best Results Repeat Cost-Reduction Steps It's easy to overlook cost-reduction opportunities. By repeating your cost-reduction reviews, you'll find opportunities you missed in the past. The Well-Aligned Enterprise Using the Right Operating Principle Goes Further When an organization can encapsulate a key principle in a way that everyone can understand and act on, that principle will guide everyone to accomplish more of the right things. Organizational Clarity--As Clear as a Bell The way to handle irresistible forces must be as clear as the proverbial bell to capture the attention of those in an organization. How to Put It All Together in Gaining Advantages from Irresistible Forces Think about irresistible forces before they change direction to check out how well you are ready for shuch shifts. Launch Redundant Searches for Cost-Reduction Solutions Pick one route to cut costs, and you are in trouble if that route doesn't work. Instead, look into several promising directions to be sure that at least one is likely to work well for you. Be Flexible with Selecting and Employing Resources Customers' needs and wants change. If you are flexible in serving those needs, you'll do better. Creating a process that flourishes with flexibility is a key ingredient in that success. Set Goals Beyond What Seems to Be the Theoretical Best Practice Limits mainly exist in the mind. Set goals that go beyond what you can conceive and you are likely to achieve the cost-reduction goals. Pick Critical Elements That Can Lead to Breakthrough Cost Reductions Reduce the cost of something unimportant, and you won't make much progress. Focus first on what will make the most difference in setting large cost reduction targets. Set Cost Reduction Goals to Move Years Ahead of Competitors by Seeking Worldwide Expertise While your competitor is trying to take 5 percent out of costs, you should be working on a cost breakthrough. Ask the World to Compete to Find Breakthrough Methods Expecting your organization to find all of the breakthrough methods that you could use is unrealistic. Expand your search and you'll enjoy more breakthroughs. Replace Expensive Outsourcing with Excellent Internal Solutions Outsourcing can be an expensive alternative that doesn't improve competitive position. Eliminate outsourcing when that's the case. Design Your Offering to Be Friendlier to Do-It-Yourselfers Doing things for yourself can be fun . . . or it can be threatening. Those who want to reduce costs should focus on providing the fun. Redo Your Business Model to Make Functions in Your Organization Obsolete Do fewer things in your organization, and you can eliminate a lot of costs while expanding profits. Follow the Rules of the Road for Helpful Do-It-Yourself Owners' Manuals Owners' manuals are often written to please defense lawyers rather than to help customers. Shift that focus and you'll slash more costs, including legal defense fees. To Erase Harmful Costs, Provide Hands-On Experiences Before Offerings Are Sold Extensive trials with offerings in everyday situations can spot and help you eliminate harmful costs. Get More Value from Your Values . . . By Walking Good Talk It's one thing to proclaim your values. It's far more valuable to follow those values. Have the Right Organizational Goals in Mind to Be More Successful Many leaders and managers make mistakes by seeking the wrong benefits. That error can undermine any improvement an organization might pursue. To Grow Rapidly, Don't Be Misaligned and Cast Adrift Values are helpful guides to action when they are known and appreciated. Many leaders make the mistake of not communicating what the organization's values are. Examine How New Processes Can Eliminate Expensive Outsourcing A simpler or revised process may allow you to stop outsourcing that isn't worth the cost. Hire an Expert Outsourcing Evaluator to Advise You on Do-It-Yourself Options Get expert help in evaluating your outsourcing options when your internal knowledge is limited. Encourage Your Staff to Find Do-It-Yourself Improvements over Outsourcing Let your people see what improvements they can come up with before you outsource. They will often see better choices. Keep Outsourcing Relationships Short Term Long-term outsourcing can be hazardous to your profits. You may miss a chance to switch to a better outsourcer. Eliminate Capital Drains with Outsourcing Use less capital and you can grow faster. Outsourcers often supply capital in serving you that you would need to add for yourself. Add Unique Capabilities with Outsourcing Most organizations are too small to attract and retain rare specialists. By outsourcing, such organizations can access such valuable skills. Use Scenarios to Retest the Need for Outsourcing Before Signing a Contract When circumstances change, outsourcing may be a bad idea. Scenarios can help you think through how circumstances might void the benefits of a long-term outsourcing contract. Avoid Incorrect Methods of Identifying Outsourcing Choices Outsourcing can be very helpful if you pick the right areas to look and locate the best suppliers. Otherwise, you make things worse by spending time on outsourcing. Purchase Outsourcing That Advances Your Most Important Tasks Outsourcing is often seen primarily as a cost-reduction method. But outsourcing is often more valuable as an effectiveness enhancement. Use Outsourcing to Learn How to Do-It-Yourself Outsourcing can be a tactical decision to gain strategic advantages, such as when you need to learn how to do something. Take Out Insurance: Check Your Cost-Reducing Solutions with Outsourcing Many people stop when they think they've found a cheaper way to do things. But their "great" solution may not match what an outsourcer can do better at lower cost. Add Desirable Do-It-Yourself Features to Lower Costs and Add Customers Everyone has had the experience of being waited on by a ham-handed person who made things worse. At such moments, most people have yearned to do it themselves. To Eliminate Harmful Costs Ask Beneficiaries, Customers, Users How to Avoid Accidents Those who design offerings often have tunnel vision concerning how the offerings can cause harm. But those with a fresh eye can deliver cost-slashing insights. Observe People Using Your Offerings to Reduce Costs Many products and services are used in ways that are harmful to people, pets, and the environment. By observing what your offerings are employed for, you can find ways to avoid the harmful costs that result. Support Cost Reductions Through Simplification with Processes Organized support for simplification through establishing processes is more effective than simply ordering simplification. Simulate Accidents to Create Self-Education in Avoiding Accidents Help customers eliminate accidents and you'll reduce costs that retard acceptance of your offerings. Simulating accidents is a good way to help customers educate themselves in this regard. To Eliminate Harmful Costs Help the Unskilled Avoid Accidents Costs don't end when you sell an offering. Those who use the offering incur costs that need to be avoided also. Accidents are often the most harmful and expensive of such costs. Challenge Your Organization to Do More After You've Simplified As Much As You Think You Can People quickly run out of simplification ideas in looking for cost reductions. But when they return to the task afresh, they find many more opportunities. To Lower Costs Through Simplification, Have a More Exciting Purpose Inspiration is valuable in reducing costs. With an exciting purpose, better ideas will be developed and implemented. Achieve the Lowest Costs -- Simplify Simplification What's better than simplification? Simplification that takes less time and effort is the answer to that question. For a More Profitable Business Model Focus on Those You Can Serve Well While Using Few Resources Rather than try to serve everyone, it works better and is more profitable to emphasize those who you can serve the most effectively with the least resources. Simplify Each Business Model Step for Customers, Users, and Beneficiaries Even a simple, effective business model can be made even simpler by taking each step that customers, users, and beneficiaries go through and making each step even simpler. Make It Simple To Grow Profits Faster Making it simple and satisfying isn't so simple. This article explores the leadership and management challenges. Extract the Annoyance and Add Enjoyment to Delight Customers and Gain More Profit As important as simplification is, sometimes steps cannot be avoided. But required steps can be made more palatable as part of an improved, more profitable business model. Create More Profitable Business Models by Determining the Needs of Beneficiaries, Customers, Most business models deliver the wrong benefits. Correct that misperception, and you will can have a strong foundation for a more profitable business model. For a More Profitable Business Model Add Complementary Partners for Achieving a Perfect Result Try to do everything that customers, users, and beneficiaries need and you'll have costs that are too high and you'll also make more mistakes than are necessary. Instead, seek partners who can improve performance and reduce costs. Customize to Simplify, Reduce Costs, and Be More Effective: Turn Ruby Slippers into Traveling Shoes Most people think of custom offerings as being more expensive to make and deliver. Today, the opposite is usually true. As a result, you can be more satisfying to customers while also reducing costs. Eliminate Mistakes and Delays and See What Else You Can Eliminate Speeding up action often reveals opportunities to save money. To Make Great Cost Reductions Start with a Global Perspective By only looking at your home country, you'll miss most of the good opportunities to eliminate unnecessary costs. Go from Thought Experiments to Testing Strategies for Exponential Growth Most strategies cannot be implemented. By starting with thought experiments, you can improve the odds but tests are still needed to confirm the validity of a strategy. Make It Automatic: Eliminate the Need for Solutions Thoughtful organizations should find ways to please customers automatically. This article looks at lessons that leaders and managers can apply for this purpose. Create a One-Step Solution for Purchasing Your Offering Make buying what you offer simple, and many more people will buy. This article explores lessons for leaders and managers. Simplify, Simplify Again, and Simplify Some More for Your Customers Complications add cost, create delays, annoy customers, and open the door to errors. Leaders and managers need to focus their organizations on operating as simply and directly as possible. Cancel Delays that Harm Customers to Create More Profitable Growth Most businesses operate for their convenience, rather than for the convenience of the customer. This article explores the importance of changing that focus. To Earn More, Create a One-Step Solution for Providing Your Offering Providing for customers needs to be simple. This article explores why and what the implications are for leaders and managers. Blow Away Movable Barriers to Rapid Profit Growth The best ways to grow profits are often barred. The wise leader realizes that such barriers need to be removed. This article describes why this is an important perspective. Expand Breakthrough Solution Capacity Among Your Stakeholders The people outside of your organization can make bigger cost reductions for you than your organization can. How can you gain more cost-reduction help from outside your organization? Establish New Brands That Have Emerging Market Authenticity Consumer products companies have a massive opportunity to explore emerging markets as the source for authenticity that fascinates consumers. This article explores this opportunity. Build Your Business Model to Expand the Market Faster Insights into cost reduction often come from market development. You also need to incorporate those insights into your business model in order to gain the most cost reduction. Step Up to Serve Customers as They Become More Affluent and Educated Global cost reductions often come from serving those in underdeveloped countries as they emerge into the money-based economy to buy and use global offerings. Plan for a Global Base That Will Obliterate Costs Expanding a global market and establishing a supply and customer chain globally provide the opportunity to make huge cost reductions. To Lower Your Costs the Most, Start with Growing Your Market This article explores ways to stimulate a market to develop faster than it would otherwise do. Publish a New Route Map and Erect New Road Signs to Direct Everyone to Rapid Profit Growth Successful growth strategies depend on excellent execution. Before anything can be done, people need to know what the new directions are. Make Costs Breakthroughs by Visiting Other Countries to See How People There Do What You Do Complacency over costly ways of operating can often be successfully challenged by seeing the solutions that others have employed throughout the world. Experience Your Own Process and Challenge Those Who Operate It to Improve and Reduce Costs It's easy to become complacent about the way you serve customers and other stakeholders. But put yourself in their shoes and you'll quickly see what needs to be improved. Challenge your colleagues then to improve performance and reduce costs. Create a Bias for Eliminating the Unnecessary Everyone sees wasteful activities. Most organizations make it unclear how to get rid of those wasteful actions. By changing that circumstance to encouraging everyone to eliminate the wasteful, great cost reductions will follow. An Online MBA Helps a Copy Cat Entrepreneur Become an Educational Leader Entrepreneurs can improve their chances of success by mastering the key perspectives of good business management rather than just copying what others are doing. This article contains an example of how one entrepreneur pursued this lesson. Ask Your Customers, Users, and Beneficiaries What's Needed and What's Unnecessary To make exponential cost reductions, you need to check first with those who will be most affected. Find out what they don't want or need . . . and eliminate those elements. Reasons for and Methods of Exponential Cost Breakthroughs Most people don't believe that exponential cost breakthroughs are possible. Among those who do believe, there is often a failure to appreciate the activities involved. This article explores both dimensions. To Make Exponential Cost Reductions, Start by Eliminating the Unnecessary You want to reduce costs by 96 percent. Where do you start? Eliminate the unnecessary. Study Your Instructions Carefully Before Launching into Exponential Cost Reductions Many cost reduction efforts are a disaster. Why? They cause costs to rise. Enjoying Exponential Cost Reductions Can Be as Easy as Learning a New Language This article provides a description of how exponential cost reductions can be accomplished through business model innovation. Observe, Correct, Observe, and Correct Your Profit-Improvement Directions . . . and Keep Repeating One person's clear path to profit increase is another person's puzzle. This article looks at the need to monitor and adjust communications until everyone gets the message. Start Sooner on Developing Your Profit-Expanding Communications Instructions for creating a profit-expanding opportunity are usually left until the last moment. The result is often a confusing mess that leaves lots of profit unachieved. Embed Your Essential Profit-Expanding Messages into Your Offerings Choose a new profit-expanding direction, and most people either won't get the word or will be confused. Trying in your messages about profit expansion into your offerings, and you'll do a lot better in profit growth. Make Explaining Your New Profit Growth Route Your Top Priority Explaining how to expand profits is usually the last item on the list for a profit-expanding new strategy. As a result, this important activity receives short shrift and is usually botched with expensive consequences. Learn Lessons about How to Grow Profits from How Disease Has Spread Ignorance is a great barrier to profit growth. Even when life itself is at stake, ignorance too often reigns. This article proposes that leaders and managers explore what they do not know to grasp rapid profit growth. 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