top 5 business learnings - december 11, 2014
TRANSCRIPT
OUR TOP 5 BUSINESS LEARNINGSTO TAKE INTO 2015
WHAT WE DO
• Hands-on general management
• Financial analysis and management
• Systems - cloud platforms
• Business strategy + process
• Project implementation
• Income tax compliance
• IT consulting
• Recruitment
• Business coaching
WHAT WE DON’T
WHERE WE FIT
Project-based advice and services
Client business
Bank
Lawyer
Accountant
OUR TOP 5 BUSINESS LEARNINGSTO TAKE INTO 2015
Technical vs Business
“You’re great at what you do. All your problems are business problems”
Business Learning #1
Business Systems
and Capability (Secondary focus)
Expertise (Core focus)
Business Systems and Capability
Expertise
2 DISTINCT SKILL SETS
TechnicianExcellence
in your profession or field of expertise
ManagerExcellence in driving strategy, systems, processes
Excellence in both is not common.
WHAT DOES THIS MEAN FOR YOU?
Usually one of three things:
- train yourself to be a good manager
- employ a good manager
- outsource your management
Technical vs Business
“You’re great at what you do. All your problems are business problems”
Business Learning #1
The Cloud
“Cloud accounting means radical change to business - the emerging two speed
business model will mean that late adopters are left behind”
Business Learning #2
WHAT IS THE CLOUD?
WHY THE HYPE IS NOW REALV
isb
ility
Tech trigger
Maturity
Peak of inflated expectations
Trough of disillusionment
Slope of enlightenment
WE ARE HERE
Plateau of productivity
EFFICIENT PAYMENTS
Receive invoice
Traditional
Data entryPrint off
payment runManual
approvalSet up
paymentPay
Manual receipt entry
Cloud
Payment authorised
Approval
FAST JOB MANAGEMENT
Traditional
Cloud
FAST JOB MANAGEMENT
(See post for links to GeoOp clip)
4 BIG ADVANTAGES
1. Work efficiency, collaboration, BYOD
2. Location of work is irrelevant
3. Visibility - immediate and widespread
4. Cost and risk reduction
Business Learning #2
The Cloud
“Cloud accounting means radical change to business - the emerging two speed
business model will mean that late adopters are left behind”
Business Learning #3
Digital Disruption
“One-third of the Australian economy faces imminent and substantial disruption by
digital technologies and business models – what we call a ‘short fuse, big bang’
scenario. This presents significant threats, as well as opportunities, for business”
Deloitte - Sept 2014
DIGITAL DISRUPTION?
(See post for links to Digitial Disruption clip)
TEN 3D PRINTED HOUSES IN 24 HOURS
(See post for links to 3D house printing clip)
WHY YOU WILL - AND WHY YOU WON’T
“Unlike large businesses, small companies can be more flexible. Unfortunately, “small business owners are so gut-driven and reactionary,” says Michalowicz “they are prone to throwing on blinkers in the face of big change.“
Risk and Reward: How Small Business Owners Can Manage The Unforeseen - Forbes magazine
WHAT DOES THIS MEAN FOR YOU?
Business Learning #3
Digital Disruption
“One-third of the Australian economy faces imminent and substantial disruption by
digital technologies and business models – what we call a ‘short fuse, big bang’
scenario. This presents significant threats, as well as opportunities, for business”
Deloitte - Sept 2014
Business Learning #4
“High quality niche expertise has never been cheaper or more available”
9.3 MILLION EXPERTS…
Joseph and Ezi teamPhilippines
Joy - VAPhilippines
Galloway PartnersMukesh - SEO
IndiaLauren - analyst
South Africa
Stelios - StrategistGreece
Veronica - DesignRomania
US expensive but good for educated
specialists
OUR VIRTUAL TEAM
6 PEOPLE, 5 COUNTRIES (+ PROJECT WORKERS)
WORK VISIBILITY & SECURITY
WHAT CAN THIS MEAN FOR YOU?
- Immediate access to highly skilled people
- Lower fixed costs
- Fixed costs directly related to fee-earning
Business Learning #4
“High quality niche expertise has never been cheaper or more available”
Business Learning #5
“Focus is not the act of saying yes to something - it is the act of saying NO to
everything else”
CAUSES OF FAILURE FOR BUSINESSES WITH ASSETS OF LESS THAN $500K
Inadequate cash flow or high cash use
Poor strategic management
Trading losses
Other
0 12.5 25 37.5 50
Business Systems and Capability
Expertise
POTENTIAL OPPORTUNITIES
Cloud accounting
Outsourcing adminContract SEO
Strategic planning
External project management
Cloud workflow
Advisory partner
Do nothing
Online marketing
Disrupt ourselves
THE IMPORTANCE OF STRATEGY
A clear strategy allows you to focus and say “NO”.
The Galloway 2014 Top 5
1. All your problems are business problems
2. Radical change from cloud accounting
3. Digital disruption - short fuse, big bang
4. Expertise is available and cheap
5. A clear strategy is critical for focus
