Tag Archives: Business and Economy

April 19, 2016 · 9:52 am

In Control

One of the interesting parts of The New York Times’ editorial makeup is the public editor. In addition to writing a few times a month, the public editor‘s role is to “handle questions and comments from readers and investigates matters of journalistic integrity. The public editor works independently, outside of the reporting and editing structure of the newspaper; her opinions are her own.” Margaret Sullivan is leaving that role and penned her last column over the weekend. In it she cautioned the following:

The New York Times logo

 (Photo credit: Wikipedia)

The old business model, based on print advertising and print subscriptions, is broken. A new one — based on digital subscriptions, new advertising forms, and partnerships with other businesses and media platforms — is in the works. There are hopeful signs, high ambitions and lofty plans, but certainly no guarantee of success.

I think we all recognize that. It’s interesting that the Times seems have reinvented itself as a digital media company that publishes a newspaper. That paradigm change affects everything – how content is created, the speed with which it’s made available, and most importantly, the business model. The Times isn’t the only organization to have done this. Major League Baseball Advanced Media (MLBAM), for example, has always seemed to think of itself as a digital services company that has Major League Baseball as its primary client, and not just as Baseball’s digital arm. Having run a similar organization for a league, I can tell you that the differences in how business is done based on that thinking are stark. Perhaps it’s time you stepped back and had another think about your paradigm?

Ms. Sullivan also struck a cautionary note:

As partnerships, especially with Facebook, the social media behemoth, become nearly impossible to resist, The Times shouldn’t let business-driven approaches determine what readers get to see. In dealing with Facebook and other platforms and potential partners whose businesses revolve around algorithms, it’s critical that the paper makes sure the news that readers see is driven by the judgment of editors concerned about journalism, not business-driven formulas that may only reinforce prejudices.

In other words, be who you are and service your readers.  Don’t let others control you and broaden your thinking about the best way to solve your customers’ problems. I think that’s a good mantra for any business.  You?

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April 18, 2016 · 11:55 am

It’s Not Just The Great Idea

I attended a workshop last week. It was through an organization that works with veterans of our military, teaching them a number of the skills they’ll need to succeed as entrepreneurs. I was pleased to be asked to participate and I was also pleased that a number of others were there to lend their support and knowledge to the vets who attended.

One point that I think became clear as the conversation progressed was that a great idea is not necessarily a great business. It also became clear that skills beyond hard work were key to turning a good (or great) idea into a wonderful business. While it was very evident that no one was going to outwork the vets in the room who had begun their business journey, it was also very evident that a bit of guidance could make those journeys more productive.

A few of the budding entrepreneurs presented their ideas to the group.  They were given only 2 minutes, which is a challenging amount of time even for very experienced presenters to make their case.  One person began with the problem and explained the solution his product provided, which is a spot on way to attack this challenge.  Another told a dramatic story and told how she came up with the product but didn’t expand what was her compelling problem into a much broader need.  The last presenter was just confusing.  While he has a fantastic product that could revolutionize small farms, he couldn’t explain the problem and I was left (along with the rest of the audience) wondering what exactly it was he was selling and to whom.  As an aside, the more senior folks in the room helped him craft his pitch to make all of those things more clear.

It’s not just a great idea nor is it a willing attitude and hard work.  Passion is a prerequisite but it’s not enough.  These vets were smart enough to know that and were taking the time to learn the skills required.  They weren’t embarrassed to say “I don’t know” or “I need help.”  Are you?

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April 15, 2016 · 9:09 am

Mirror, Mirror

This Foodie Friday let’s take a good look in the mirror.  What follows is a sad look at some of the deceptive business practices discovered by investigative reporters in two cities.  It might be easy to write them off as some aberrant behavior on the part of a badly-run business except that the investigations found that the practices were widespread.  One can only wonder if rather than being deviant behavior these practices are the norm, and if they’re occurring in your town.  There is a broader business point as well. 

The first of these stories came out of San Diego last summer. You can read the entire article here, which describes how many chefs in the “farm to table” movement are deceiving customers:

Like any good movement, farm-to-table has now been severely co-opted. The stories of restaurants deceiving their customers—or flat-out lying to them—have increased. Multiple San Diego restaurants claim to serve Respected Local, Organic, Sustainable Farm X when in fact they’re serving nameless commodity produce that could be from Chile, for all they know.

Call it farm-to-fable.

So the chefs claim to be using locally-sourced, organic ingredients but are using the same jetted-in, pesticide-laden stuff as your local diner.  One can only wonder how their customers, who pay a premium for these ingredients and to protect their health, felt when they read this.  It is happening in Tampa too, as this piece from the Tampa Bay Times found.  They also explained the rationale behind the deception:

People want “local,” and they’re willing to pay. Local promises food that is fresher and tastes better; it means better food safety; it yields a smaller carbon footprint while preserving genetic diversity; it builds community.

Scummy? You bet.  I’d call it fraud, and one can only hope that each and every place named in these two pieces is out of business shortly.  But as I started today’s screed: we should each look in the mirror.  What are we doing that is at best a bit of hyperbole in our marketing, a little white lie that attracts customers or at worst outright fraud as committed by these restaurants?  What do we tell our customers and is it really what we’re giving them?  Do we use words like “unique” or “hand-made” when our product is neither?

It might be farm-to-fable in the food business but just maybe there is a similar tale being told in yours?

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