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Archive for the 'business' Category

The Importance of Live Strategic Documentation

Thursday, June 20th, 2019

There is a benefit from making a Business Plan that is greatly diminished if you are just jumping through a hoop and that plan is thrown into a drawer that you’ll never open again. The same goes for a Strategic Marketing Plan, an Electronic Marketing Plan and your Financial Budget, if they get pushed into that same drawer. What most small businesses fail to consider is the competitive advantage of keeping these as a live strategic business tool.

Strategic Documents are about Planning not to Fail

I know it’s tedious to create strategic documents – Business Plan, Strategic Marketing Plan, Electronic Marketing Plan and a Financial Budget. And there isn’t a small business owner who does not cringe at the idea these might need to be opened and and rewritten. I get that; they are tedious and painful to make in the first place. If they’re made at all – only 3-5 per cent of small businesses even make a business plan. Especially if they’re made honestly and critically. An awful lot of business owners just make rubbish up and call that a plan and that’s self-serving assurance that the task was completed.

The question to ask yourself is why do we make these documents in the first place? The answer is because they are about scoping out the business environment that you want to operate in and understanding as much about your competitors, your operations and the customers as possible. While, of course, understanding that you can’t control most of these things. Understanding, as well, that the more you know about the environment enables you to effectively compete and sustain your success.

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The Gamber’s Fallacy & The Hot Hand Fallacy

Tuesday, June 13th, 2017

The Gambler’s Fallacy and the Hot Hand Fallacy are two poles of the same flawed paradigm. They are reverse images of the tendency for our brain to believe in a storied, or patterned, outcome. As opposed to the probabilistic reality that individual events may have zero bearing on the preceding or following events. They are human biases.

The Gambler’s Fallacy

The Gambler’s Fallacy says that the longer you sit at a slot machine or roll a dice, events with entirely unrelated outcomes, the chances of winning increase. In the classic description of the Gambler’s Fallacy the player believes that if a coin has flipped three heads, the chances are increased that on the next go it is inclined to flip a tail. It’s the idea that averages even out the odds. But, unfortunately for the gambler, each toss of a coin is entirely independent of probabilistic outcome and there is just as much a reason to expect a head or a tail at 50/50 odds after 10,000 coin flips of heads.

The number of preceding outcomes has no relationship to the next. Read the rest of this entry »

Post-Diversity & Missing the Diversity Dividend

Sunday, March 13th, 2016

In these days of ultra-right-wing politics and the proud bigotry of a rebranded National Front it shouldn’t be surprising to find business jargon like post-diversity in serious conversation. Post-diversity is the idea that we’re past diversity; that we are beyond paying attention to equality of pay, conditions and opportunity for groups perceived as disadvantaged.

What post-diversity means is that an organisation with post-diversity values will employ people who are a cultural fit. People with the same values, who look and speak the same language.

By a cultural fit they often mean – white, entitled and probably young. What cultural fit means is educated like us and thinks like us and comes from where we arose.

In everyday application, this post-diversity recruitment landscape dictates that non-normative prospective employees (ethnic, indigenous, female, or other group outside the cultural fit), with the same qualifications or greater, will be intentionally passed aside for a normative prospective employee who fits a predetermined cultural image that matches existing employee profiles.

Here’s the hard truth about post-diversity. OK, there may be a small benefit to having everyone in an organisation belong to a certain cultural fit. These employees like the same things and share common fundamental values. They go to the same church; or not. And they are cultural clones of each other. However, any small benefit of hiring to a cultural fit is so infinitesimally small that it’s hardly worth mentioning. Let’s say, at best, it’s not a direct negative if all the employees get along.

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About the Author

Steven Clark Steven Clark - the stand up guy on this site

My name is Steven Clark (aka nortypig) and I live in Southern Tasmania. I have an MBA (Specialisation) and a Bachelor of Computing from the University of Tasmania. I'm a photographer making pictures with film. A web developer for money. A business consultant for fun. A journalist on paper. Dreams of owning the World. Idea champion. Paradox. Life partner to Megan.

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