Book Review: The Remedy

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The Remedy

There are few business concepts which are applicable across any company in any industry. From solopreneurs to multi-national conglomerates, the principles of Lean Management are a tool to improve the culture of a company.

I recently got the chance to read “The Remedy” by Pascal Dennis, which is a real life story about how lean was applied across a large car manufacturer.

Lean is predominantly known to be a process to decrease waste within manufacturing processes. Through the travels of Tom and his sensei Andy, stories are told on how Lean Management is applied within non-manufacturing settings.  The reader is taken through a journey where common obstacles of dealing with a company that is heavily placed into silos, non-communitive, and insular culture are dealt with. You get the opportunity to see how Lean Management can be applied in the non-manufacturing departments of Human Resources, Marketing, Product Development, and Accounting.

The reader is introduced to many of the basic concepts and terminology of Lean Management (for example the 8 types of waste) in the style where Tom, the plant manager of the shining star of Taylor Motors, is taken from his current role to lead the development and launch of a new car, originally known as the Defiant.

If you want to learn more about Lean Management, this would be an ‘average’ book to pick up. The Japanese terminology is used throughout the book which can make things confusing at time. There are great animations throughout the book, but at times, too many. It gave the feeling that you were reading a Pictionary book at times.

I personally don’t see this book as being a good starting point if you are a novice to Lean Management. Lean is best learnt within a manufacturing setting since the subject matter can be visibly seen. The author previously wrote “Andy & Me” which details the journey of transforming a manufacturing plant towards being Lean. This book would be a good starting point.

Do you have any books about Lean and Lean Management that you recommend?

Have an awesome week.

Kevin

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for the South Edmonton Business Association, the Fringe Festival, Goodwill Industries of Alberta and donates blood at the Canadian Blood Services.

United, Airlines, Airports, Viral

Volunteering at United

The newest corporate public relations blunder now belongs to United Continental Airlines (United). I am sure that Pepsi is very happy to pass the hat onto another corporate citizen.

What Happened

It is ‘commonly known’, in some circles, that airlines will oversell their flights to ensure that they are full at time of departure. United follows the same practice. This practice came to a head for a flight from Chicago to Louisville on April 10th. United staff asked for 4 people to voluntarily give up their seats to accommodate the airline. 3 people volunteered while the 4th person was violently removed from their seat. From a memo off the desk of the CEO of United, Oscar Munoz, the person was ‘re-accommodated’.

Airlines commonly overbook their flights, for multiple reasons. According to the US Department of Transportation, in 2016, less than 1 in 10,000 were involuntarily bumped from the major US airlines. In 2016, this happened to United passengers at a rate of 0.43 per 10,000. It happened on American Airlines at a rate of 0.64 and at Southwest Airlines to 0.99 persons per 10,000.

Why Did It Happen

Overbooking happens for a number of reasons. None, however, can explain the events that occurred.

Resource Allocation: A flight leaving from Louisville had 4 members of its flight crew in Chicago. This is a reason why 4 seats were required. Did United not have any flight crews in Louisville that they could have used? Are their flight crews centrally located in certain locations or based off flight schedule and needs? Overall, did the schedule of the flight crews have then in the correct place?

Leadership: The CEO of United, Oscar Munoz, sent out a memo to staff after the event blaming the passenger for actions which is not seen in any of the footage that was captured. The CEO mention in the memo that the passenger was violent and belligerent. A properly written memo could have helped the situation but instead, gas was poured on the fire. If an employee of mine treats a customer that way, I would take ownership of the situation right away. It can be assumed that staff were not properly trained. That is a responsibility of the CEO. I understand that it was Chicago Airport Police that removed the person but United staff should have been trained on various methods to help get passengers to volunterily give up their seat. I have seen it happen effectively.

KPIs: United is a publicly traded company. Shareholders are constantly looking at the numbers to see how their investment is performing. Revenue per Available Seat and Passenger Miles Flown are key indicators on the health of an airline. Why does this create overbooking? If there is no passenger in the seat, the miles flown per passenger are negatively affected. When travelling, I have waited more than once for a fellow passenger to board the place. By overbooking, airlines are ensuring that there is a person in every seat.

Sensitivity: Consumers are rarely loyal to a certain airline. They will change airlines to save $5. If you don’t have any loyalty to an airline or are constantly purchasing the cheapest flight possible, you are increasing your chance of getting bumped out of your seat.

Legality: Airlines are allowed to overbook their flights and they are also ALLOWED to remove someone from a plane. In the purchasing contracts of Canadian airlines, however, it does not state how a person could be removed from the plane. Based on this assumption, the acts which happened on United are allowed and legal.

Internet Reaction

As you can imagine, the reaction from the Internet, specifically Twitter, was very fast. Videos of the event were online hours after the event occurred. It is possible that videos were posted even before the plane departed Chicago.

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Some reaction from Twitter in regards to the United flight.

Stock Market Reaction

Shareholders of United firstly saw the event in a positive light by bidding up the price of the stock. When reading the headlines, the focus was most probably on the fact that United was overbooking their flights. A great problem for business is to have too many customers. As I am writing this the day after the event, United’s stock price has already decreased by 4%.

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United’s Stock increase after word of event spread

Operating in the airline industry is not an easy task. There is a high capital investment along with the fact that one of your largest costs, jet fuel and airport fees, are largely controlled by third parties. Overbooking of flights is not something that will stop in the near future. Airlines have lost their sensitivity to consumer demands and views…mostly because consumers have trained them to be that way.  Even after dragging a bleeding and paying customer off one of their planes, United is still flying today and will for some time.

Did you know that airlines commonly overbook their flights? If you were a CEO of airlines, would you look at stopping the overbooking of flights? How would you do it so your financials are not compromised?

Kevin

Kevin MacDonald is a Business Consultant at L6S Business Consulting (www.l6sbc.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for the South Edmonton Business Assocation, the Fringe Festival, Goodwill Industries of Alberta and donates blood at the Canadian Blood Services.

How Are You Competing – Operational Excellence

excellenceThis is part 1 of 4 blogs which will cover the different customer value propositions that a company can use to compete in the market place.

Every company competes, in one way or another. Either they are competing to get attention with a gorilla marketing strategy or to simply get new customers. Competition is a fundamental part of any marketplace. Unless there is a monopoly or duopoly in place, market forces are moving resources between companies.

The weakest of all modes for competition in business is operational excellence. In the eyes of the consumer, you offer the cheapest product of all solution providers within your space. Your business model is based on maximizing your capacity and selling as much of your product as possible.

There is one Fortune 500 sized company that comes top of mind when you think about a company that is operationally excellent….Walmart. Walmart, in the eyes of the consumer, is the cheap place to go, in general, when you need to buy something. They are not very innovative in their offering. Customer service, well, you have to be able to find someone on their store floor to consider customer service. Lastly, quality products is not something that rings with Walmart.

When you create your company with a business model of being operational excellent, you are more than likely to attract a large portion of consumers. Who doesn’t want to save money?

But in following this model, it becomes hard for your company to raise prices. You have to ensure that you stay top of mind for your consumer when it comes to buying something cheap. But what happens when someone else decreases their prices below yours? Well, if you are tried and true to your strategy, you will decrease your price too. This will only start a race to the bottom. In reflection, you have just commoditized your offering and your consumer will always go to the cheapest name, no matter who it is.

There are some circumstances where being the cheapest in the market is the best position. You may be focused upon an economically sensitive target group which is under served. Perhaps you are entering a new market with a new product and you want to help accelerate adaptation of your offering.

Does your company want to be the cheapest in its industry? What companies do you see fitting that bill?

Have an awesome and productive week.

Kevin

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for the South Edmonton Business Association, the Fringe Festival, Goodwill Industries of Alberta and donates at the Canadian Blood Services.

For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867. You can also follow Kevin on Twitter at @L6SBC or Facebook.com/L6SBC

Marketing In a Weak Economy

This article was originally published on the BusinessLink’s website.

Small Business Week (Oct 16-22) is an exciting time for entrepreneurs with great events across Canada offering small business owners multiple opportunities to learn and connect. One of the many events that I attended was organized by Business Link named “Ignite Small Business Week YEG: Marketing in this Economy!?”

The highlight of the event was to hear Randy Brososky from the Group of Rogues speak about how companies should market themselves during a period of weaker economic growth. I have heard Randy speak before and I knew that he would bring great knowledge to business owners to help them grow their business.

SOLVE A PROBLEM

When you are looking to market your company and its offering, remember: “To a fish, the universe is water.” In terms of your company, you truthfully have to look at yourself from the viewpoint of your customer. What problem(s) are you solving? Are you making the purchasing process logical or emotional? Are you tying these items together to make it easier for your customer to choose you?

WHAT ARE YOU REALLY SELLING?

Rolls-Royce is well known for selling cars but they also make jet engines. They understand from the view point of their end customer- the more time that a jet can be in the air, the more money airlines make. With that in mind, Rolls-Royce does not ‘sell’ a jet engine; they sell time in the air. They repair their engines for free. The only time that Rolls-Royce charge for their engines is when that engine is flying in the air.

FIVE TIPS FOR MARKETING IN A SLOW ECONOMY

Here’s what marketing guru Randy Brososky shared at the event:

1. CUSTOMER CONNECTION: Stay in touch with your customer but don’t sell to them. By keeping that connection open, when the economy starts to swing upwards, your customer will remember you and go to you first.

2. SHIFT HAPPENS: People shift their spending habits as times change, but are you shifting along with them? 10 years ago, Tim Horton’s coffee could only be bought within their locations. With the shift to home brewing and Keurig cups, Tim Horton’s coffee can now be purchased in grocery stores (or in their locations) in grounded bean format or within Keurig cups.

3. SMART DISCOUNTS: Offer 2 for 1 deals but the deal is only activated after you have involved your customer. For your customer to get a 2 for 1 deal, have them bring a friend. You can also have your customers become brand ambassadors. Offer them discounts when they speak to their community about you.

4. BEAT THE FEAR: Ask your customer what is holding them back from purchasing from you. Hyundai accepted vehicle returns if their customers lost their job during the recession of 2008. They gained market share and saw positive sales growth while other car manufacturers were going bankrupt.

5 NEW VALUE OFFERING: Look at how you can make your customer feel like the centre of the universe. Can you offer a lower cost item to your customer but still solve their problem and fulfill the same emotional desire? Can you sell what you are offering in a different fashion?

Even with a slower economy, companies still do want to increase their top line. At the very least, you can set yourself up for success during the upcoming growth phase by staying in touch with your customer, talking about the value you create, and tapping into your customers’ emotion.

Have an awesome and productive week.

Kevin

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for the South Edmonton Business Association, the Fringe Festival, and Goodwill Industries of Alberta and donates blood at the Canadian Blood Services.

For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867. You can also follow Kevin on Twitter at @L6SBC or Facebook.com/L6SBC

 

Lose-Lose Relationship

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Everyone in Canada pretty much knows about the latest saga which is currently happening between our federal postal service, Canada Post, and its unionized postal delivery workers. At the time of writing this, the union was holding back from any labour disruptions…for at least a day.

The first labour disruption will involve the union workers not working any overtime hours in Alberta and the North West Territories. This arrangement will slowly roll out across the country. Per a radio interview that I heard, that amounts to just over one hour per week per postal delivery worker. Not a large disruption but it also makes you wonder why they have to work that much overtime over the whole system. That would be the subject for another few blogs since it is a pretty big topic.

I was talking to the postal delivery worker who is in charge of my community postal box last week. To say the least, she is not impressed since she does not know what is going on. As of Friday afternoon, the union had told her that they would be calling all workers Sunday night in regards to their work arrangement for Monday.

In talking to her, she said something that got me thinking. ‘This is a lose-lose situation. We are going to lose income while Canada Post is going to lose clients and revenue”. Currently, Canada Post delivers the last 5 kilometers of a packages’ travels for 66% of online transactions. Online retailers will need to look for alternatives or allow revenue to go to other retailers.

As in the case of many government policies, a labour disruption at Canada Post can be a disruptive event which will cause business to change their operations for long term sustainability.

Would a labour disruption at a postal service affect your company? How would you deal with it?

Have an awesome and productive week.

Kevin

Update as of September 6, 2016: Canada Post and the postal workers have come to a 2 year tentative agreement. Traditionally, they develop a 4 year agreement but the major issues were not fully dealt with. Hopefully, over the next 4 years, Canada Post and its union will be talking about solving their differences.

Update as of September 26, 2016: To my understanding, the vote still hasn’t been called by the union to see if the membership accepts the deal.

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.

Kevin is hosting a workshop series known as Entrepreneurial Community Edmonton. The workshops cover different areas of business, including finance, human resources, and collections. You can find more information at http://www.l6sbc.ca/ecyeg.html

For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867. You can also follow Kevin on Twitter at @L6SBC or Facebook.com/L6SBC

Why Lean: Safety

Reasons for Lean: Safety

Lean management is a great way to get a better handle of your operations. As someone that helps companies put their processes on a diet to make them more manageable, I have heard just about any and all reasons why a company wants to implement lean.

Reasons I have heard go from their key supplier or customer is doing it, or they heard it is a great way to save money. Personally, I would consider those to be a weak reason for implementing lean. If the right reason and the right culture is in place, your company can avoid being on the bad side of a lean implementation statistic. I have heard from a number of sources that 80% of companies that implement lean revert back to their old habits after 5 years.

Few think safety when implementing lean. Safety of your employees can be a beneficiary of lean.

Re-work: If the amount of re-work you have to do decreases, it decreases the opportunity for a repetitive injury.

Hazards: With lean, and particularly the 5S exercise, you have a home for everything. When hoses are hung up or ladders are properly placed, it decreases the chance of someone tripping or having something fall on them.

Movement: When you are evaluating your processes during a lean project, there are some steps or movements that could potentially hurt someone. The review allows the evaluation and possible change of those steps so future injuries can be avoided.

What reasons can you think about why you should implement lean? I will blog about the reasons why I think a company should implement lean….and it is not about profit.

Have an awesome and productive week.

Kevin

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.

Kevin is hosting a workshop series known as Entrepreneurial Community Edmonton. The workshops cover different areas of business, including finance, human resources, and collections. You can find more information at http://www.l6sbc.ca/ecyeg.html

For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867. You can also follow Kevin on Twitter at @L6SBC or Facebook.com/L6SBC

Book Review: Five Key Principles of Corporate Performance Management

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As many of you know, I am constantly in learning mode. I am looking to learn the different perspectives of various items to not only help me, but my clients.

Recently, I finished reading ‘Five Key Principles of Corporate Performance Management’ by Bob Paladino. Mr Paladino is a specialist in helping companies to set up Corporate Performance Management offices (CPM). The CPM is a mechanism which can be used to link your corporate strategy, process improvement, and operations.

The strategic side of the CPM deals with the handling of the strategy map and the balance scorecard. The strategy map, as the name implies, maps out your strategy from the perspective of key operational processes to the higher level executive strategy. The balance scorecard is comprised of a set of Key Performance Indicators (KPI) for each step of the strategy map. Based off the two strategy tools, operational improvement projects are identified to be worked on.

Mr. Paladino takes the reader through a number of case studies of actual work he has done as an employee or consultant. It is much appreciated to see how all of these tools (Strategy Map, Balance Scorecard, Lean, and Six Sigma) are used together to help improve a company.

The concepts delivered from the book are great but the book is hard to read. Not because it is too technical but some examples lack certain pieces of information which will help to put the pictures together. In other portions of the book, there are some concepts which are revisited a number of times which make it hard to read due to boredom.

If you are a lover of strategy or process improvement, there are better books out there for you. If you are interested to learn how the two can be placed together, this might be the only book for you to read.

What is your most favorite business book?

Have an awesome and productive week.

Kevin

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.

Kevin is hosting a workshop series known as Entrepreneurial Community Edmonton. The workshops cover different areas of business, including finance, human resources, and collections. You can find more information at http://www.l6sbc.ca/ecyeg.html

For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867. You can also follow Kevin on Twitter at @L6SBC or Facebook.com/L6SBC

Is It Time to Start Now?

Thanks to the BusinessLink for the opportunity to write this blog a few weeks ago. You can find the original posting at:http://businesslink.ca/blog/now-time-start-business

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With the recent developments in the economic landscape, Albertans have experienced significant change. Companies have seen a decrease in sales and are right sizing their operations to be affordable, but yet meet the current demand. More than 70,000 Albertans have been affected by company restructuring and they are looking for their next opportunity.

In many cases, the next opportunity may lie in starting up their own business. But is it the right time? Everyone is cutting back.

A number of strong and vibrant companies started during an economic downturn. Microsoft, FedEx, Hyatt Hotels, and Smashburger are a part of a long list of companies that started during an economic downturn. Here are 5 suggestions on how you can make your startup a success.

Lean and Mean: Seeing that ‘times are tough’, your first priority should be to run your business within a strong and realistic budget. That skill will become valuable in the future.

Innovate: Are you stuck in a pattern of running your business the way you always have? This is the time to re-examine your strategies and processes.

Marketing: For many companies, their first reaction to a slowdown in sales is to cut their marketing budget. Look at this as an opportunity to get your message in front of your target market with less noise from the competition.

Relationships: Spend more time with your current clients and target market. Get to know them on a deeper level. Find out what their pinch points are and reverse engineer them.

Improvement: Listen to your customers and use that knowledge to improve your offerings. Maybe use that information to create a new product line or service offering?

Be realistic! Start a new product line because it is within your budget and it solves a problem for your target market. You have limited resources. Remember when you develop a new product or offering, you are taking resources away from your core product.

An economic downturn is a fruitful time to start up a new venture. This was my perspective when I started my business in the last recession of 2008-09. This is your opportunity to be open to new ways of thinking, and build on what you have.

Have an awesome week.

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (L6SBc.ca). L6S offers services in management consulting, Controller & CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.

Kevin is hosting Entrepreneurial Community Edmonton, a series of workshops with the goal of helping business owners/managers with their company. For more information, please visit L6SBC.ca/ecyeg.

For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867. You can also follow Kevin on Twitter at @L6SBC or Facebook.com/L6SBC

Leadership Part 6 of 6

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Over the last 5 weeks, I went over 5 of the most common reasons why companies are not successful, according to the Small Business Administration of the United States. You will see that there are some common elements to each of the 6. Feel free to look at the original article here.

Leadership is one of those terms used in business which can be considered a catch all. It is the reason why a project progresses or fails, why a product launch is successful or not, or why a company fails or doesn’t. Lack of leadership is the number 1 reason why a company fails.

In saying this, you don’t have to be the most charismatic, the best speaker, or the most visionary person to be a leader of a company. I won’t go into much detail of what is considered to be a strong leader. I am sure that you can find at least 1,000,000 articles on this subject to help you. But in terms of leadership and the success of the company, how does it have an impact?

Vision: Setting a vision for a company can be a scary task for some people. What if you set goals for your company? Setting those goals becomes a building block to what can turn into your vision in the future. Without that goal or vision, where are you going to be going? It becomes even more important when you have employees. Would you follow someone who is walking about in the great outdoors not knowing where they are going or why they are going for a walk? This ties in to having uniqueness with your company.

Plan:  Now that you have your goals set out, how are you going to reach them? Do you want to offer the best customer service? How are you going to do that? Is it scalable for when you grow? Offering a new product and/or service and believing that it will go viral is not a plan. A local businessman believed that his company was going to go viral once his product or services hit the market. He had no plan on how it was going to happen. To make a long story short, the company is just now starting to get traction in the market place, but nothing near as expected. Don’t forget: develop a budget with your plan.  You don’t want a lack of financial management to be the reason your company does not survive. The development of the budget will help to ensure that the business model which you will be operating under will be sustainable. Lastly, the plan will help to manage your future growth.

Execution: You now have a goal which helps you understand where you want to go and develop a uniqueness with your customer. You have developed a plan (including a budget) which tells you how to get there. Now, it is to sticking to the plan, wherever possible, to attain your goals. That plan, of course, will have some bumps in the road and may require change, especially if you are well connected with your customers and you are receiving feedback that change is needed.

As you can see, leadership or the lack of it is a bi-product of the other top 6 reasons why a company does fail.

Where have you seen strong leadership take a company through dark times to a profitable place? Have you seen leadership being the root cause of a failure? I would love to hear.

Have an awesome week.

Kevin

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.

Kevin is hosting three social media workshops at 14920 Stony Plain Rd NW, Edmonton, AB T5P 3X8 (Pura Vida Mind Body Soul). The March 29, 2016 workshop will be about Facebook, April 26, 2016 will be about Twitter, while the May 24, 2016 workshop will be covering LinkedIn. All session run from 6.00pm to 8.30pm. Food and refreshments will be available. Contact Kevin to register.

For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867.

Lack of Uniqueness Part 5 of 6

Victory Stick Figure Line Up

Over the last 4 weeks, I went over 4 of the most common reasons why companies are not successful, according to the Small Business Administration of the United States. You will see that there are some common elements to each of the 6. Feel free to look at the original article here.

In the world of corporate strategy, there is one place that all companies, at one time or another, would like to get to. At this place, competition becomes irrelevant. It is not for a lack of effort, but in most cases, it is a place that most companies don’t get to. During that time, you can build your brand and improve your business so you are always the one and only who is on the island.

With a complete Blue Ocean Strategy, a company is able to carve out a market space which is uncontested and establishes a new demand for a product or service where there is no equivalent.[1]  The most common company which has developed a Blue Ocean Strategy is Circle de Soleil. There is no alternative to going to an adult show which mixes opera, gymnastics, and the circus together. Overall, building a Blue Ocean Strategy is a means to developing uniqueness to your company which allows it to stand out.

What are the different elements of a unique company? What are different ways your company can stick out?

Business Model: Does your business fulfill a market need in a different manner than established competitors? A very current example would be Uber. The business model is based on saving time for the consumer and allowing the consumer to have greater control or transparency during their experience.

Product: Does your product look, feel, or act the same as your competitors? What level of uniqueness does your product bring to the marketplace? Does your product solve an unknown problem that the consumer is just getting at?

Experience: How is your customer experience different from others? Do you interact with your customer on a basic level in person or on social media? Do you develop an experience for your consumer where they are happy and wanting to deal with you again?

Uniqueness can be something very hard to define and develop. Depending on the industry and how hard it is to start a business in that industry, your uniqueness is constantly being challenged and has to be reinvented.

What makes your business unique? How do you protect that uniqueness?

Have an awesome week.

Kevin

Kevin MacDonald is a Business Consultant at L6S Business Consulting Inc (www.L6SBC.ca). L6S offers services in management consulting, Controller and CFO contracting, and lean management with either project work or teaching/mentoring of staff. Kevin has his CMA accounting designation along with a Black Belt in Lean Six Sigma.

Kevin is active in the community by volunteering for different groups and donates platelets at the Canadian Blood Services clinic on a bi-weekly basis.

For help with your business, contact Kevin at kevin@L6SBC.ca or 780-868-1867.

Kevin is hosting three social media workshops at 14920 Stony Plain Rd NW, Edmonton, AB T5P 3X8 (Pura Vida Mind Body Soul). The March 29, 2016 workshop will be about Facebook, April 26, 2016 will be about Twitter, while the May 24, 2016 workshop will be covering LinkedIn. All session run from 6.00pm to 8.30pm. Food and refreshments will be available. Contact Kevin to register.

[1] https://en.wikipedia.org/wiki/Blue_Ocean_Strategy

Victory Stick Figure Line Up