Jonathan Byrnes sat down with us at Future Thinkers to discuss his award winning book, Islands of Profit in a Sea of Red Ink: Why 40% of Your Business Is Unprofitable and How to Fix It. Most companies get it wrong when it comes to analysing their customers. Jonathan says ‘traditional methods don’t cut it’ and explains these days, ‘the locus of value creation is shifting from product innovation in mass markets to account management/supply chain process innovation in precision markets.’The push by consumers and indeed the taxi drivers themselves for drastic reform to the industry has resulted in a backflip, from many calling for the complete ban of the ride-sharing service to a move towards integration and equalisation of the marketplace. New laws reportedly set to be announced next month will require Uber drivers to pay for a licence for the first time, while taxi owners will be compensated for losing control of a previously competitor free market.The nine-year research project behind this book started in 2002 around a simple question: Why do some companies thrive in uncertainty, even chaos, and others do not? When buffeted by tumultuous events, when hit by big, fast-moving forces that we can neither predict nor control, what distinguishes those who perform exceptionally well from those who underperform or worse?
The research method rests upon having a comparison set. The critical question is not “What did great companies share in common?” The critical question is “What did great companies share in common that distinguished them from their direct comparisons?”
Comparisons are companies that were in the same industry with the same or very similar opportunities during the same era as the 10X companies, yet they did not produce great performance.
To be a successful business leader, you need to develop a love for reading.
Bill Gates, the Microsoft founder and philanthropist whose net worth is nearly $US80 billion, is known to read 84 books a year. Business investor and author Warren Buffett is also a voracious reader. Recent Growth Summit speakers Jim Collins and Verne Harnish are also advocates of ploughing through business books.
When some of the greatest business leaders in the world say to read, it’s advice worth following.
Contract workforce experts CXC Global is a $30 million business. Australian and New Zealand revenue alone is $20 million. Director Peter Oreb shares CXC’s leadership tactics.
Studies indicate businesses will slash 50 percent of their workforce in the next 10 or 20 years. The other 50 percent will be contingent staff: contractors, temporary workers and consultants. It’s a trend that Oreb is paying attention to.
Harvard Business Review ranked author and executive coach Marshall Goldsmith as its number one business thinker in 2012. Goldsmith spoke to Future Thinkers about his latest book, Triggers, last month. He spent an extra half-hour sharing insights into his 2007 business classic: What Got You Here Won’t Get You There: How Successful People Become Even More Successful.
Patrick Thean, author of Rhythm: How to Achieve Breakthrough Execution and Accelerate Growth, spoke to Future Thinkers this year to share the three rhythms that will accelerate business growth.
Thean started software company Metasys, growing it to $25 million in revenue then selling it in its seventh year. He now runs Rhythm Systems to help people execute strategy more effectively, using lessons he learned as an entrepreneur.
Tough times can shape your best business decisions. Modoras Financial Performance Group has discovered what it takes to grow during its 30 years in financial services, accounting and business advisory.
“In good times you never get tested to see if your business strategy is working,” says Jita Sarai, associate director of the Modoras Group. “Cracks are covered over quite easily and comfortably when times are good.” It’s the tough times that determine the strength of your business and prove the best time to make corrections, he says.