My Weekly quote

1 May

Without a genuine commitment, promises and hope are merely empty words. Only when one is truly committed to a goal can a concrete plan be developed and put into action. It is commitment that provides the necessary motivation and drive to transform mere promises and hope into tangible results.

My weekly quote

24 Apr

Details are an essential component of any business, and executives cannot afford to neglect them. Dismissing details can lead to overlooking critical elements of the business, which can ultimately lead to its failure. Success is built on paying attention to and addressing the nuances and intricacies of a business, as they collectively shape its overall outcome.

Competition at your heel

19 Apr

Despite accounting software not being a product that lends itself to flashy marketing campaigns, Intuit QuickBooks, the leader in small business accounting software, is taking a unique approach by linking itself to the silver screen. 

QuickBooks launched a social media campaign, “Small Business Spotting,” to highlight real-world small businesses that have appeared in this year’s Oscar-nominated films, and also produced a small business movie guide that uses Google Maps to track businesses featured in films and trailers. 

Meanwhile, FreshBooks, a rival company that reached unicorn status two years ago, is teaming up with SurePayroll to allow users to sync payroll expenses and liabilities to their FreshBooks accounts. Although FreshBooks faces competition from QuickBooks, which holds 80% of the small business accounting market, the company has experienced significant growth and has plans for strategic acquisitions, sales and marketing, and research and development. As FreshBooks continues to grow and meet market needs, it may just have its own storybook ending as an underdog in the industry.

My weekly quote

17 Apr

True confidence, much like art, does not stem from having all the answers. Rather, it arises from being receptive to all the questions and being comfortable with the uncertainty that comes with them. It is the willingness to explore and embrace new perspectives that fosters genuine confidence.

Do you know your audience

12 Apr

Marvel rose to the top of the TV comic world by understanding their audience and delivering engaging content. They focused on character-driven stories that were grounded in reality and had a diverse set of heroes that people could relate to. 

Meanwhile, DC struggled to find its footing and relied too heavily on their iconic characters, leading to repetitive storylines and a lack of innovation.

Marvel’s approach paid off as they quickly gained a loyal fanbase and critical acclaim for shows like Daredevil, Jessica Jones, and Luke Cage. DC, on the other hand, faced backlash for their over-reliance on dark and brooding heroes, leading to failed shows like Gotham and Constantine.

Marvel’s strategy was summed up perfectly by President of Marvel Television, Jeph Loeb, who said, “Our goal was always to make shows that stood out from the competition. We wanted to give our fans something they hadn’t seen before and create an emotional connection between the audience and our characters.”

DC has since attempted to pivot and find its footing, but it may be too late to catch up to Marvel’s success. Marvel’s strategy of understanding their audience, delivering fresh content, and creating a connection between the audience and characters will continue to be a model for success in the ever-evolving TV comic world.

How well do you understand your audience?

My weekly Quote

10 Apr

Having a plan is not enough, but the process of planning itself is crucial. While plans may change or be subject to unforeseen circumstances, the act of planning helps to clarify goals and strategies, anticipate challenges, and develop contingencies.

Innovate fast or die faster

5 Apr

In the 1980s and 1990s, Kodak was the world leader in photography. However, in the early 2000s, the company was struggling to stay afloat due to the advent of digital photography. Despite having invented the digital camera in 1975, Kodak failed to embrace the technology and capitalize on its potential, ultimately leading to its downfall.

According to a New York Times article from 2012, Kodak’s leadership was hesitant to invest in digital technology, believing that film would continue to dominate the market. As a result, competitors like Sony and Canon overtook Kodak in the digital camera market. In 2003, Kodak was still selling 70 million film cameras per year, while digital cameras had become the norm.

The company’s late response to digital photography led to a significant loss of market share and revenue. A Forbes article from 2015 stated that Kodak went from being one of the most valuable brands in the world to filing for bankruptcy in just a few short years. The company’s inability to adapt to changing consumer preferences and technology advancements ultimately led to its downfall.
In the words of former Kodak CEO George Fisher, “We were always thinking long term, but the problem was the long term caught up with us.” Kodak’s reluctance to invest in digital technology and their dependence on film ultimately led to their demise. The lesson to be learned is that companies must be willing to adapt and evolve to stay relevant in a constantly changing market. As Fisher stated, “If you’re not changing, you’re going to be left behind.”

My weekly Quote

3 Apr

If someone desires to achieve only a small amount, then they won’t have to make significant sacrifices. However, if someone wants to accomplish a lot, then they must be prepared to make significant sacrifices along the way.

Are you playing the long game?

29 Mar

In the competitive world of tech startups, it’s easy to get caught up in the race for short-term success. But for one company, thinking long-term proved to be the key to winning the industry.
This company, called Stripe, started as a way to simplify online payments, but co-founders Patrick and John Collison had bigger ambitions. They wanted to build a platform that would make it easy for businesses of all sizes to transact online. 

As Patrick Collison put it, “We want to build the economic infrastructure of the internet.”
To do this, Stripe focused on building a platform that could handle more than just payments. They expanded their services to include billing, fraud detection, and even loans. And they did all of this with an eye towards the future, as John Collison explained, “We’re really focused on building a business that will be around for decades.”
Their long-term thinking paid off. 

Today, Stripe is valued at over $95 billion, making it one of the most valuable private companies in the world. And as their CEO, Patrick Collison, recently pointed out, “We’re still in the early days of the internet, and there’s so much more commerce to be done online.”
The success of Stripe serves as a reminder that, in business, thinking long-term can pay off in a big way. 

As Harvard Business Review noted, “Leaders who focus on the long term are more likely to make investments in innovation, which can keep a company ahead of its competitors.” And as the co-founders of Stripe have shown, sometimes the biggest rewards come to those who are willing to play the long game.

Weekly quote

27 Mar

In life, there are only two outcomes: results and reasons. However, reasons alone are not sufficient and do not hold much value. It is the results that ultimately matter.