effective business practices 101 (6/8): disruption and collaboration strategies
TRANSCRIPT
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Disruption & collaboration.How small businesses can stand up and win big against large corporations that control the market. And the importance of healthy, diverse marketplace.
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What you’ll learn.
• Understand how disruption and collaboration can help small businesses.
• Understand how you can leverage your community to create opportunities and the importance of maintaining that community and the environment you are operating in.
Outline for today’s and tomorrow’s lessons:
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Review.
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❶What is the competition?
❷What is the demand?
❸What are the costs?
❹What is the ROI?
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What tools can you use to research your decisions?
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What is diversification?
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Experiments.• Try your ideas on small scale
before going big.
• Learn from those test runs whether it is a good idea.
• Not the same as market research, your own opinion or prediction about what would happen. Experiments are actually you conducting the business on a small scale.
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Measure, individually.
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Things you can measure:
• Income.
• Costs.
• Amount of work required.
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Feedback is a gift.
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Collect & synthesize.
• Collect a good sample of feedback (at least 10 people).
• Sort your feedback based on opinions and suggestions.
• Think how it could apply to your business.
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Applying feedback.Evaluate each customer complaint, praise or suggesting:
• Is it feasible to make the changes?
• Does it align with your business objectives?
• Learn about your business from the customers’ perspective.
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Empathy exercises.
• Create a customer story for your business or product.
• Be your own customer. If you hate your product, your customer probably does too.
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Kinds of information.
• Data about the market: competition, demand.
• Operational data: costs, potential revenues, ROI.
• Customer data: feedback, average & ideal customer traits.
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Google Sheets.Have you downloaded Google Sheets? Did you start tracking your data? Don’t
forget to add more data every day. Any questions or problems with Google Sheets?
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Creating charts.Do you remember how to do it with Google Sheets?
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Disruption & collaboration.Lessons from some of the most successful businesses in
the world.
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Collaboration.
• Successful business collaborations could completely change the bottom line of an enterprise.
• Badly managed or non-existent ties with other businesses and agencies could damage your business. Big time.
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Collaboration.• A team of like-minded small
businesses have a potential to change attitudes and even laws.
• Together, small businesses might negotiate better prices from the suppliers.
• When businesses get together they can have a larger buying power to advertise, thus bringing more customers to their sector.
• It’s very common for businesses to partner with governments to mutually benefit each other.
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What are some examples of collaboration that you
know?
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Mini-assignment.
❶Pick a business/product.
❷ Think of how and whom/which org with could you collaborate.
❸Come up with at least 3 collaboration ideas and present in class.
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Disruption.• Disruption means finding new ways of
conducting a business.
• This method can “disrupt” or “break” the existing market or industry. The “old” way of doing things is no longer good enough.
• Companies who can achieve this often become very prosperous very quickly.
• Alternatively, those companies benefit or change the marketplace and are often good for the customer.
• Most often “disruption” is referred to in online business but there are examples in the real-world as well.
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Mini-assignment.
❶ Think of an example how an industry has got disrupted in the past. Example: cars replaced horses.
❷Present in class.
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Recap.Let’s list all the things we’ve learned so far that we have
to know and work on to have a successful business.
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The list.• Research.
• Diversify.
• Manage feedback.
• Apply empathy.
• Track everything.
• Collaborate.
• Disrupt*.
*Depends on your business objectives.
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Let’s make a plan.
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Assignment.❶Research your opportunities online.
Ex.: what is the most popular business type here? What can this community use more of?
❷Plan how you are going to diversify your business.
❸Create a strategy how you are going to collect data and which one (i.e.: customer feedback, earnings etc.)
❹Can you create meaningful, beneficial collaborations? Make your case.
❺ Is your business disruptive? If so, explain how.