Tag Archives: business thinking

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 8, 2016 · 9:42 am

Waste Not

Foodie Friday, and the topic this week is a better bottom line. I went out for breakfast this morning. As I ordered, the server asked me if cinnamon toast was OK. I replied that I didn’t care for any toast at all, thanks. When my breakfast showed up a few minutes later, the toast was parked right on the plate along with some apple butter. I’m sure it would have been delicious but it went uneaten.

Toast, toasted

(Photo credit: Wikipedia)

The obvious business point is that food – and therefore margin – was wasted. No business can afford to throw resources away. There are some less obvious points as well. I looked at the check – there was no notation on it to hold the toast, so clearly the blame lies with the server and not with the kitchen. Was the server paying attention? What if the customer had expressed a concern about a food allergy and that concern wasn’t passed along to the kitchen?  While my server was quite attentive, refilling the coffee as it disappeared and providing milk as requested instead of the prepackaged cream, she didn’t handle the single most important part of her job – getting the order right.

I don’t mean to blow what is a relatively minor error into an indictment of this server.  I do want to use it as an example of how minor errors can have an impact on the bottom line if they persist.  Wasted resources, inattentive sales reps, and unhappy customers are the kiss of death in any business.  Who knows how many other orders of toast or grits or potatoes went out of the kitchen, only to come back untouched and tossed.  How often does something similar happen in your business?

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April 6, 2016 · 10:44 am

The Long Run

I see that the Rolling Stones have plans to release a new studio album this year. They last released new material 11 years ago. Then again, since they’ve been making records for almost 55 years, it’s not as if there isn’t a lot of their music to which you can listen while you wait. I saw the Stones last year. It was one of the best shows I’ve ever seen them play, and I’ve seen them regularly since the 1970’s. They’re the epitome of what every business should be doing: focusing on today but doing so in the context of the long run.

English: Keith Richards, live in Hannover

(Photo credit: Wikipedia)

Yes, I’m familiar with the famous Keynes quote that “in the long run, we are all dead.”  Some people – economists and others – take it to mean that we should enjoy today and not worry too much about the future.  In fact, he was arguing exactly the opposite (which is often what happens when quotes are taken out of context – another screed for another time).  Clearly, one can look at Keith Richards‘ lifestyle and not see a great deal of concern about the long run.  Don’t let the lifestyle confuse you.  Keith and the other Stones began as a band the took older music – blues, mostly – and placed it into a new context, thereby carrying it forward (some might say stealing!).  Their musical styles have always adjusted to the tastes of the time – they did disco (“Miss You“), they did country (“Wild Horses“, “Sweet Virginia“), they did many other types of music.  All of it was designed to stay relevant and to keep the band – and the business – healthy for the long term.  Think about how many bands had incredibly short life spans.  Sometimes it was due to internal disagreement, but usually it was that the band wasn’t thinking long-term, refusing to change (and no band leaders fought more than Mick and Keith!).

So how about your business?  I see quite a few founders who are thinking about ramping up and making a quick exit.  The “long run” is next year.  I’d rather be there for the long run like The Stones.  You?

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