MBA Geek

One thing that is starting to annoy me recently is the new policy that some UK retailers are adopted whereby they charge for plastic bags. It’s not that I have a problem paying for the minimal charge for the plastic bag, but the fact that they are using an environmental concern to boost their profits.

The money they charge for the bags might really go towards an environmental cause; but the reality is that they’re passing on one of their costs to the customer. This reduces their cost of servicing a client, and those savings should be passed on to a customer, not retained by the company. If I spend a nice wad of cash buying myself a Patek watch; the last thing I expect is to help the retailer cover their cost by paying for my plastic bag.

And where’s the option for paper bags? Wouldn’t that be more environmentally friendly?

Is your brand on Twitter yet? If not, you might want to grab is to stop squatters taking it over. Reading through a blog post on squatted brand username on Twitter it’s quite clear that there’s an increase in people taking up brand names without really being out there to represent the brand. Whether they’re being used to hold the brand owner at ransom; or whether they will try and sell products through affiliate links is anyone’s guess. The reality is, they’re not owned by the right people though.

Twitter can be an excellent medium to promote your brand on; so stop worrying about your office furniture and start thinking about how to engage with your customers, suppliers and other stakeholders.

I came across a post on a website or an Orange County tech support firm called Defining You, in which they talk about the importance of establishing your identity online. I think I want to take their article one step further though. They talk about the importance of getting a domain name that reflects who you are and your brand but nowadays that’s not enough.

The reason is the rise of social networks. It’s not just enough to get your domain name, but you also need to stake your claim on most of the well known social properties out there. Networks like Facebook, Twitter and LinkedIn all have thousands of people passing through every day and your name may ring a bell for them.

You also need to do this to avoid someone trying to take advantage of your name and leveraging your brand capital. Having a corproate account means you cannot take advantage of something like your driving license or social security disability details to prove who you are; your brand name says it all; and if someone has camped on it, it can be rather hard to pry them off.

So keep an eye on where people are hanging out and make sure you have a presence in those spaces. You never know when it may be important.

Strategic planning is a valuable exercise for most businesses, however it is also laced with risk due to the scope of the activity. I came across a great article that talks about the four most common fatal flaws in this process and wanted to share it just to spread the word. Here are the most common fatal flaws in strategic planning:

• Skipping Rigorous Analysis: Performing incomplete analysis (or skipping the analysis step) is a sure recipe for disaster. Make sure you examine your problem, your landscape and your organisation from all sides otherwise you can miss what later on will seem exceedingly obvious.
• Believing Strategy can be built in a day: Strategies evolve, there’s no two ways about it. A strategy is not an idea that everyone can get behind, but is the product of thought, deliberation and experience. Give the process the time it deserves.
• Failing to Link Strategic Planning with Strategic Execution: A common problem is to come up with a great strategy, but mess up the execution. A strategic plan needs to be carried out by the whole organisation, so make sure you communication strategies are in place, as well as control mechanisms to make sure everyone “get’s it”.
• Dodging Strategy Review Meetings: It is terribly easy to focus entirely on the forumation of a strategy and try to avoid reviews and checkpoints that are set up after. Remember, a strategy is only as successful as it’s execution and review meetings are there to provide a feedback loop as to it’s success (or failure).

I thought the article was a great read and a reminder for anyone working in a strategic capacity. Once you get into the swing of things it’s easy to stay on the treadmill, but strategy in itself involves taking time out to take an external look at what you’re doing. Make sure your benchmark rings true and you’re in for a treat. Omit that important follow-through and in time, everything will come crashing down.

Read the article here: Four Fatal Flaws of Strategic Planning

I came across a great article the other day called So, You want to be an Entrepreneur. It raises the question of what sort of person you need to be to be a successful entrepreneur. Given that a number of people are being made redundant based on the current climate, it’s only natural for people to apply themselves to the possibility that they may be able to set out on their own. But there are a number of questions that one should pose to oneself before going down that path. If it’s something you’ve ever considered, have a look at these questions:

• Are you willing and able to bear great financial risk?
• Are you willing to sacrifice your lifestyle for potentially many years?
• Is your significant other on board?
• Do you like all aspects of running a business?
• Are you comfortable making decisions on the fly with no playbook?
• What’s your track record of executing your ideas?
• How persuasive and well-spoken are you?
• Do you have a concept you’re passionate about?
• Are you a self-starter?
• Do you have a business partner?

There are some interesting questions there and a good way to focus your brain on the task at hand. The great thing about them is that they can be applied to any business, from a consulting firm specialising in high-end IT systems, to a web enterpreneur selling magformers on eBay; from reselling holidays at extended stay hotels to setting up a network of nannies across the country.

So, are you ready to take it on? What would your answers be?