Track your monthly net profit to see if your business is healthy. If profits drop for too long, figure out why.
Know your Monthly Recurring Revenue (MRR) to understand how stable your income is. This helps you plan for the future.
Focus on a few key metrics for marketing and sales, like the cost per lead and conversion rates, to make better decisions. Don't get lost in too much data.
Business offerings can be classified as painkillers (address immediate problems) or vitamins (guard against problems over time).
Painkillers may provide quick revenues, but vitamins are stickier, build better relationships, and offer stable income over the long term.
In the legal operations world, the focus should be on diagnosing and providing practical advice, rather than just masking problems or offering generic solutions.
It's important to focus on outcomes, not just outputs. Companies should ask themselves if their efforts really make a difference for customers.
Measuring success by outputs can lead to short-term wins but might miss real problems. Companies should aim for quality and value instead of just quantity.
Shifting to an outcome-driven approach means redefining success metrics. Businesses should prioritize customer satisfaction and engagement over just the number of tasks completed.
Customer centricity is vital for businesses to succeed by focusing on customers' needs and expectations.
Amazon's example shows the power of customer-centricity in driving innovation and improving customer experience.
To become more customer-centric, businesses can start by defining what it means for them, exploring current examples, envisioning future scenarios, and drafting guidelines.
Improving the OKR process can enhance team development by focusing on effective goal setting methods.
Investing in data quality and transparency and promoting communication can address challenges in working with others and ensuring alignment on goals.
Striving for consistency, promoting learning communities, and guiding teams in OKR implementation can lead to successful adoption and use of OKRs across the organization.
Focus on improving your team's acceleration instead of just hitting short-term goals. This will help you achieve better long-term outcomes.
Hiring more people won't solve issues caused by technical debt or poor processes. Instead, it can actually make problems worse.
Identify and address real obstacles to progress, like code complexity or support issues, so you can change direction effectively and make real progress.
It's important to notice when something isn't working in your organization. Ignoring these signs can prevent progress and improvement.
Sometimes organizations stick to a plan just because they believe hard work will eventually pay off. This can lead to repeated failures instead of trying new approaches.
Listening to small, offhand comments can reveal bigger problems. These 'neon signs' can show the need for a change in strategy or direction.
Companies can make plans for change, but it's really the people who need to adapt for those changes to happen. If the changes aren't good for people, they won't work.
While technology like AI is important, it's the people using it that will truly make a difference in a business. Great talent and leadership can help a company reimagine itself successfully.
Transforming a company takes time because people change slowly. Companies need to start preparing early for any big shifts in their industry.
Businesses like subscriptions because they provide steady income and build customer loyalty. This makes business planning easier.
NFTs can change how subscriptions work by offering unique ownership and access. This could make subscriptions more attractive to consumers.
Traditional views on NFTs and subscriptions might be missing the bigger picture. There are new opportunities to explore that could benefit both businesses and customers.
Xiaomi aims to rival Porsche and Tesla in the automotive industry and be among the top five global car manufacturers within 15 to 20 years.
Lei Jun, the Founder, Chairman, and CEO of Xiaomi Group, took inspiration from a meeting with Elon Musk in 2013, which led to Xiaomi's venture into car manufacturing.
Xiaomi has made continuous investments in the automotive field since 2014, covering everything from auto components to complete vehicles and aftermarkets.
Framing problems well is important to find good solutions. It helps to balance being open to many ideas while also being clear about what is acceptable.
Good problem framing encourages innovative thinking. A broad question can lead to more varied solutions than a narrow one.
Making tradeoffs clear in problem framing helps focus the search for solutions. It saves time by pointing us toward the best options while avoiding distractions.
NPS (Net Promoter Score) measures customer loyalty based on likelihood of recommendation. Responses are categorized into Promoters, Passives, and Detractors.
To make the most of NPS, ensure it is measured properly by defining target audience, using standardized surveys, analyzing data regularly, and avoiding biases.
Despite NPS limitations, leverage its open-ended question for uncovering user pain points, recruiting research participants, involving all team members, complementing with other metrics, and using it strategically.
Different venture funds have unique strategies. Some focus on raising large amounts of capital for many investments, while others prefer to make fewer, more targeted investments.
Success in venture capital isn't guaranteed, no matter how fancy the fund. It's crucial for firms to find their own style and approach to increase the chances of success for their startups.
Having a clear focus can be a big advantage. Smaller funds can compete effectively by honing in on specific areas and being selective about their investments.
Mother of Frankenstein: Volume One is a tabletop puzzle game that feels weightier due to its subject and length.
The game features puzzles that are well-designed and include elements of wordplay and narrative storytelling.
There is a lack of urgency in the story's pacing and the game's marketing does not effectively explain why players should care about the secret being unearthed.
When facing uncertainty, it's better to run small and cheap experiments instead of committing to a big strategy. This keeps you flexible.
A good experiment must have a clear hypothesis, provide useful insights whether it fails or succeeds, and be designed to be sneaky so organizations don’t resist it.
Experimenting helps you learn and get clarity when things are unclear. It's a practical way to tackle problems without getting stuck.
Startups thrive on uncertainty. It's not something to avoid; it's actually what helps them find new opportunities and grow.
Traditional management practices from established companies can slow down startups. These practices often don't fit their need to adapt and pivot quickly.
To be successful, startups need to embrace an 'uncertainty mindset.' This means understanding the difference between risk and true uncertainty, allowing them to create better strategies and operations.
The Blue Ocean Strategy helps you differentiate yourself in your career and business by finding a less competitive niche with high growth potential.
Effortless at its core, the Blue Ocean Strategy offers the path of least resistance to success, but still requires hard work.
To find your 'Blue Ocean,' look outside for unique ideas, seek diverse feedback, and explore different groups and communities for growth and innovation.
Developing a strong strategy is crucial for small businesses to focus efforts, overcome challenges, and achieve goals.
A good strategy involves diagnosing challenges, formulating guiding policies, and taking coherent actions.
It's important to differentiate between goals and strategy, address core challenges, conduct business reviews, focus on strengths, avoid reliance on motivation, and set achievable objectives in business strategy.
Conventional hiring methods lead to rigid organizations. Instead, using open-ended roles helps companies adapt better to uncertainty.
Open-ended roles allow employees to shift responsibilities and roles over time. This flexibility helps organizations respond quickly to changing situations.
Organizations need to adopt different strategies for addressing true uncertainty, rather than just managing risk. This means being more open and adaptable from the start.
Companies today need to handle both Fragmentation and Integration to succeed. They should adapt to different types of workers and resources while ensuring everything works together smoothly.
Fragmentation comes from having diverse employee types and many ways to reach customers, making it important for companies to simplify how they manage these aspects.
To compete effectively, companies should create seamless services and use data smartly to combine insights, while also offering some customization without overwhelming customers.