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Business Thinking

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on 29 November 2016

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Transcript of Business Thinking

Business Thinking
C
R
I
T
i
C
A
£
ompetitive Advantage
eputation
nterest in Stakeholders
eam Motivation
ustomer Targeting
von
Profit
Key Business
Thinking Techniques
Thinking Broadly
You need to think about the CRITiCA£ factors
Think Efficiently
You need to Define Goals & Outcomes
Thinking outside of the Box
You need to Challenge Assumptions & Generate Alternatives
Weighing Up
You need to Asses Risks & Returns
Customer Targeting
Team Motivation
Reputation
Interests of Stakeholders
AVON
Competitive Advantage
Profit $
“Convention dictates that a company looks after its shareholders first, its customers next, and last of all worries about its employees. Virgin does the opposite. For us, our employees matter most. It just seems common sense to me that, if you start off with a happy, well motivated work force, you’re much more likely to have happy customers. And in due course the resulting profits will make your shareholders happy.”

Richard Branson

Team Motivation
“Like it or not, you’re in a war, and opting out is not an option.
If you choose not to fight, the only question then is when will a new-line company set its sights on your market… and destroy you.”

From ‘The 12 simple secrets of Microsoft Management’

Competitive Advantage
“…Each segment has its own issues… .Segmenting lets you tailor your programs to the customers’ needs. If you just lump diverse customers together, you can be sure that some of them will come last on some manager’s list…”

Michael Dell, Dell Computers

Customer Targeting
Senior Managers take into account a significantly wider range of factors in business situations

Senior Managers that are
consistenly successful
consider an even broader range of factors than their counterparts at the same level

Kaisen research findings on management effectiveness
What are Goals?
…end results to be achieved - less measurable (bigger picture)

What are Outcomes?
…what the end state will look like -more measurable (more detailed)

Key Principles
What is to be achieved NOT how it is to be achieved

Examples
Satisfied customers V's providing good levels of customer service
Confidence in brand V's maintaining visual image guidelines

Defining Goals & Outcomes
“We must have a clear sense of direction, a sense of priorities, a sense of mission – for IBM a whole and for the individual parts of IBM. Without strategy you fail, and without strategy in a rapidly changing industry, you fail rapidly.”

Lou Gerstner – CEO of IBM

Goals & Outcomes
Thinking Inside the Box
Thinking Inside the Box
Thinking Outside of the Box
What are assumptions?
…the ‘givens’ – what is taken for granted

Key assumptions to challenge
Senior people are right
The way things are done normally is the best way
Because we’ve put in a lot of time and effort we should carry on

Key principles
Make explicit what is taken for granted
Ask: - why?
does it really apply in this situation?

Challenging Assumptions
What alternatives are needed?
Alternative Interpretations
Alternative Perspectives
Alternative Ideas
Alternative Approaches
Alternative Options
Alternative Solutions

Key principles
Ask: - how else could we interpret / do / think about / see this?
Generating Alternatives
“A sure cure for seasickness is to sit under a tree”
Spike Milligan

“Money can’t buy you friends but it can buy you a better class of enemy”
Spike Milligan

“If at first you don’t succeed, remove all evidence you ever tried”
David Brent – The Office

“Avoid employing unlucky people – throw half of the pile of CV’s in the bin without reading them”
David Brent – The Office

Thinking Outside the Square
Develop the thinking which is needed for you to maintain a competitive position

Develop thinking skills which will lead to effective personal and business judgements and decisions

Learn how to avoid thinking errors which will result in flawed personal and business judgements and decisions

Learning Objectives
“If the goal is industry leadership, restructuring and re-engineering are not enough...

… it is not enough to get smaller and better; a company must also have the capacity to become different, a company must first ‘think differently’.”

Gary Hamel - Professor of Strategic and International Management at London Business School

CK Pralahad - Professor of Corporate Strategy and International Business University of Michigan

VW Emissions Scandal
When everybody else is doing it – don’t!
Too much quality can ruin you
Teamwork isn’t always good
Disruptive people are an asset
The customer isn’t always right
The primary purpose of business is not to make money
Financial controls are bad

From “Guts” by Bob Lutz
Lutz Laws
When everybody else is doing it – make sure you are too!
Total quality leads to success
Teamwork is always good
Cooperative people are an asset
The customer is always right
The primary purpose of business is to make money
Financial controls are good
Seven widely accepted assumptions in business
“A decision is a judgement.
It is a choice between alternatives. It is rarely a choice between wrong and right. It is at best a choice between ‘almost right’ and ‘probably wrong’”

Peter Drucker
Selective Perception:
The process of directing attention to what seems to be important or relevant in a situation and not attending to what else is going on.
Context Dependence:
The tendency to be influenced by how information is presented, who presents it and the context.
Confirmation Bias:

The tendency to seek confirming evidence in support of judgements and to discount disconfirming evidence
Entrapment:
The syndrome whereby rational behaviour starts to become irrational and turns into a “trap” if it is pursued beyond a certain point
Overconfidence:

The tendency to be overconfident in judgements particularly when accurate judgements are difficult to make
Selective Perception
Selfies more dangerous than sharks
The biggest risk is not taking any risk...
In a world that changing really quickly, the only strategy that is guaranteed to fail is not taking risks.

Mark Zuckerberg
Risk & Return
Risk & Return
What are Risks and Returns?
…Risks – all potential exposures
…Returns – all potential payoffs

Key Principles
Risks and Returns should always be evaluated together

Assessing Risks & Returns
Selective Perception
CRITiCA£
Context Dependent
Overconfidence
Entrapment
Confirmation Bias
Risk and Returns
Challenging Assumptions and Generating Alternatives
Goals and Outcomes
Challenging Assumptions and Generating Alternatives
Kodak misses the picture
No room for myspace
Lunch Time
Full transcript