T.O.O.D
  • Assessments
  • CTO Hire
  • Research
  • Training
  • Company
  • Contact us
  • Blog

The T.O.O.D blog

“How do you settle on a start-up strategy when what you need to know in your start-up changes every day?”

21/10/2020

0 Comments

 
Today we answered your question:

“How do you settle on a start-up strategy when what you need to know in your start-up changes every day?”
 
I understand your dilemma completely and you are not alone. Since 2015 I have worked with start-ups and established businesses of all sizes to scientifically identify and develop capabilities and big picture strategies that include both consistency and adaptability.  However, without a solid business foundation or blueprint from which to launch, an effective strategy can appear elusive.   
​

Each business day is...

Read More
0 Comments

“How is a business model different from a business level strategy?”

14/10/2020

0 Comments

 
The quick answer is the business model(s) informs the business strategy.
​
A business model is a scientific concept model turning the key elements in any business into a graphic model. Key elements present in any business are the target market, how you reach your target market, what value you are providing them unique to what’s on the market already (what problem you are solving), how the business will bring in revenue, the key activities of the business required to deliver the value, and the expenses. Combined, these elements drive strategic decision-making in the business. The decisions are turned into planned actions with expected outcomes and deadlines as a strategy. Business level strategies would be more focused on the delivery of the key elements of unique value, increasing reach and expansion of target segments.  
 
If you like, you can learn more about business and technology management here. 
Published in:
Picture
Picture
0 Comments

"What book is informative for starting and growing a business with examples?"

24/9/2020

0 Comments

 
Today we answered your question:
​
“What is a book recommended about the foundation of a company which is aimed to grow as a large corporate with small capital and without making loans, by reference to (a) real successful preferably recently founded corporate(s) experience?”
 
A very informative book, read as part of a recent postgraduate OU university course, about starting, managing, and growing a business with real examples is:

Exploring Entrepreneurship practices and perspectives by Richard Blundel and Nigel Lockett.

If you like, you can learn more about business and technology management here from T.O.O.D

Published in:
Picture
Picture
0 Comments

“What are the common business strategy mistakes?”

31/7/2020

0 Comments

 
Today, I answered your question:
 
“What are the common business strategy mistakes?”
 
Four common mistakes I have come across in businesses formulating strategies are:
  • thinking a strategy is a To Do list, or a list of goals or objectives. Rather than a carefully planned, scheduled, accountable action plan with progress measures in place that takes into account many aspects of the business such as resources, processes, and capabilities.
  • not correctly diagnosing the problem/situation so the strategy is ineffective.
  • taking into account relevant guiding policies before formulating strategies so, again, the strategy is ineffective.
  • not taking into account human behaviour, that is, the impact on the people who may be affected by the strategy, which may lead to difficulties executing the strategy.

Richard Rumelt’s book “Good strategy, bad strategy” is an old but good read and discusses in length about what is a good strategy and what is a bad one, and why template-based strategies are so bad. 
Published on:
Picture
Picture
0 Comments

“What are the most common business models used today in 2020?”

14/7/2020

0 Comments

 
If you are currently looking at adopting a popular business model, whether it be for a new business idea or innovating or updating an existing business, a strong strategy would be to familiarise yourself with today's popular business models. Then adopt one (if possible) that will be widely adopted over the next 5 years. That way you can get ahead of your competition. Here is some useful information and a resource to get you started:
Business models:
A strong, precise business model(s) can be a powerful tool for innovation, competitive advantage, decision-making, and culture development.  Business models (BM) can either be explicit, written/drawn out, or implicit, unspoken/ undocumented, yet no less powerful.  A business model can be a graphic, template, or text heavy document in the form of a business plan.  Often businesses have more than one business model (BM). For example, a business may have one BM for each of the following:
Innovation
Change
Technologies
Building and developing strategic partnerships
Acquisitions
There are over 50 types of BM’s that most businesses fall into (Gassmann et al, 2014). Some of the most common today are:
Freemium (18) - use some of the service for free, upgrade for additional functionality;
Subscription (48) - pay a monthly fee starting at an affordable price point with the option to increase or decrease over time;
E-commerce (13)- sell products/services online;
Performance based (38) - the client pays on results.
Resource:
St Gallens Business Model Navigator (Gassmann et al, 2014)
Published in:
LinkedIn
Quora
0 Comments

“What are some of the ugly truths about entrepreneurship?”

8/6/2020

0 Comments

 
(2) Control: Research shows most entrepreneurs fear losing control of their business. Entrepreneurs have the need to control every aspect of the business. The ugly truth is no one person can be an expert at every aspect of a business. Controlling everything in a business stunts the success and growth, and makes an entrepreneurs life miserable and stressful. Identify what you are good at and outsource the rest to experts who do know.

(3) Customers come first: The ugly truth is that your customers always come first. Apart from being the source of revenue for your business, your customers provide valuable insights into your business. For example, insights show the direction your business should be taking, whether you are satisfying the needs of your customers in a way they need to be satisfied, whether you need to increase your product line/ range of services to satisfy your customers.

(4) Adaptability: Research shows that to survive as a business in today’s technology driven world, a business needs to be very adaptable to changes that are occurring every 18 months (Moore’s Law). The ugly truth is most entrepreneurs do not have the skills or the time to learn which aspects of their business can be continuously adapted to changes. This is a good aspect of the business to outsource.
​

(5) Plan ahead: Most of what entrepreneurs experience in their business has happened before and other businesses have found a very good way around it. The ugly truth is entrepreneurs need to keep up to date with developments in business management and technologies and to use successful companies solutions as a guide to plan ahead up to 5 years. This requires time and specific skills. If you are not an expert at future planning, or do not have time to keep up with the latest developments in business and technology, this would be a good function to outsource.
Having started various businesses over the past 35 years and studied entrepreneurship at postgraduate level, research shows there are a number of ‘ugly truths’ to entrepreneurship. In no particular order I will focus on 5.
​
(1) Mindset: Having a good idea, passion, and a desire to help people with your service/product is not enough for success. The ugly truth is entrepreneurs require the mindset of finding a way forward regardless of the situation,drive and determination to succeed no matter what, and persevering even when things feel hopeless no matter what. 

Published on Quora.
0 Comments

    Topics

    All
    Book Recommendations
    Business Capabilities
    Business Culture
    Business Management
    Business Models
    Business Plans
    Change Management
    Chief Technology Officer CTO
    Competitive Advantage
    Complexity Management
    COVID 19
    Culture Management
    Customers
    Entrepreneurship
    Growth
    Innovation
    Innovation Management
    Managing Change
    News
    Pricing Model
    Process Automation
    Research Papers
    Social Needs
    Strategic Capabilities
    Strategy
    Technology Management
    TOOD Article Readership
    Transformation

    Archives

    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020

    RSS Feed

Services

Assessments
CTO on subscription
Research
Services Roadmap
Training

Company

About us
Blog
Careers
Client feedback video
Governance
Partnerships

​Legal
Privacy Policy
Services Terms and Conditions
Terms of Website Use
FSB Member logo

Contact

+44 (0)1858 456 165
tood@technologyofficers.co.uk
TOOD logo
© 2021
  • Assessments
  • CTO Hire
  • Research
  • Training
  • Company
  • Contact us
  • Blog