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100
Great
Business
Ideas
from leading companies
around the world

Jeremy Kourdi

100

GREAT
BUSINESS
IDEAS
FROM LEADING COMPANIES
AROUND THE WORLD
Jeremy Kourdi

Copyright © 2009 Jeremy Kourdi
First published in 2008
...
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London RC1N 8FH, UK • Marshall Cavendish Corporation
...
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Shah Alam, Selangor Darul Ehsan, Malaysia
Marshall Cavendish is a trademark of Times Publishing Limited
The right of Jeremy Kourdi to be identified as the author of this work has been asserted by him
in accordance with the Copyright, Designs and Patents Act 1988
...
Requests for permission should be
addressed to the publisher
...

All reasonable efforts have been made to obtain necessary copyright permissions
...

A CIP record for this book is available from the British Library
ISBN 978-0-462-09960-6
Designed by Robert Jones
Project managed by Cambridge Publishing Management Ltd
Printed in Singapore by Fabulous Printers Pte Ltd

CONTENTS
Acknowledgments
Introduction

vi
1

The ideas
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

Building customer trust and loyalty
Scenario planning
Making your employees proud
Using customer information
The rule of 150
Information orientation
Franchising
Eliminating waste (muda)
Customer bonding
Psychographic profiling
Understanding demography
Mass customization
Leading “top-down” innovation
Social networking and transmitting company values
Achieving breakthrough growth
Deep-dive prototyping
Market testing
Empowering your customers
Cannibalizing
Increasing competitiveness
Clustering
Highlighting unique selling points (USPs)
The experience curve
The employee–customer–profit chain
Measuring employees’ performance

3
5
7
9
11
13
17
19
21
23
25
28
30
32
34
37
40
42
44
46
48
50
52
54
60

100 GREAT BUSINESS IDEAS • iii

26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58

Brand spaces
Being spaces
Increasing accessibility
Partnering
Bumper-sticker strategy
Valuing instinct
Building a learning organization
Reinvention
Corporate social responsibility
The tipping point
Outsourcing
Keeping your product offering current
Experiential marketing
Information dashboards and monitoring performance
Flexible working
Redefine your audience
Vendor lock-in
Turning the supply chain into a revenue chain
Intelligent negotiating
Complementary partnering
Feel-good advertising
Innovations in day-to-day convenience
Lifestyle brands
Being honest with customers
Instant recognizability
Managing a turnaround
Diversity
Balancing core and the context
Business process redesign
Convergence
Cross-selling and up-selling
Kotter’s eight phases of change
Business-to-business marketing

iv • 100 GREAT BUSINESS IDEAS

63
65
67
69
71
73
75
78
80
82
85
87
89
91
94
96
98
100
102
104
106
108
110
112
114
116
118
120
122
125
127
129
132

59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91

Employee value proposition
Built-in obsolescence
Avoiding commoditization
Developing employee engagement
Managing by wandering about (MBWA)
Precision marketing
Branding
Empowerment
Rethinking the budget
The buyer’s cycle
Direct selling
Age-sensitive management
Three-factor theory
Developing Islamic products
Support and challenge groups
Clear strategy
Six-hat thinking
Building business relationships
Learning together
Microfinance
Surviving a downturn
Innovation culture
Resource building
Building trust
Emotional intelligence
The balanced scorecard
Developing a sales culture
Market segmentation
Audacity
Silo busting
Selling online
Value innovation
Talent management

134
136
138
140
142
144
146
149
151
153
155
157
159
162
165
167
170
172
174
176
178
180
182
185
187
189
193
195
197
199
201
204
206

100 GREAT BUSINESS IDEAS • v

92
93
94
95
96
97
98
99
100

The leadership pipeline
Hardball
Web presence
Viral marketing
Coaching and supervision
User-centered innovation
Internal promotion and succession planning
Developing knowledge and intellectual capital
Decision making and the paradox of choice

Bibliography

208
210
212
215
217
220
222
225
228
233

Acknowledgments
This book is the result of the support and encouragement of several people, and
while the execution, style, and shortcomings are my own, their expertise and help
must be acknowledged
...

Also, I have been very fortunate to work with some of the most stimulating, professional,
and exceptional businesses, several of which are featured in this book
...

Finally, my gratitude goes to my wife Julie and son Tom, for their constant support,
encouragement, and inspiration
...
Some
are simple—sometimes almost embarrassingly so—while others
are based on detailed research and brilliant intellect
...
What unites these
business ideas is their proven power and potency
...
The ability of the people who conceived and
applied these ideas should be applauded
...
They produced a result at the time, but if this book has any
general lessons it is that new ideas and energy are needed constantly—
in many ways and at varying times—to ensure success
...
These include a willingness to experiment and take a risk
...
This is often coupled with an ability to
understand the root causes of an issue, opportunity, or challenge,
and do something distinctive, rather than merely tinkering with
the status quo
...

Some ideas, however, do result from extensive study and research
...
Clearly,
sometimes one aspect is more important (depending on the idea),
but both are significant
...

A word of guidance: if you are thinking of applying these ideas
in your organization it may help to understand a little of the way
that ideas are transmitted
...
For example, in his excellent award-winning book Guns,
Germs, and Steel: A History of Everybody for the Last 13,000 Years,
Jared Diamond cites the development of an alphabet as an idea that
arose independently probably only once and was then copied
elsewhere
...
So, use these ideas to
stimulate your thinking and make the specific adjustments needed
to ensure success in your situation
...

Jeremy Kourdi

Please note that the ideas outlined in this book are listed randomly, for
interest, rather than being grouped or ranked in a specific order
...
This misunderstanding leads to
inappropriate behaviors
...
Selling
and influencing depends on getting behavior right, by moderating
openness and assertiveness with warmth and competence
...


The idea
Harley-Davidson overcame a turbulent past by building customer
loyalty—one of its most enduring assets
...
Harley-Davidson improved quality
using the production techniques of Dr
...
Edwards Deming
...

Knowledge of customers’ needs and appealing to customers’
emotions helped Harley-Davidson to build trust and bond with
customers
...
Advertising reinforces the
brand image, to promote customer loyalty
...


100 GREAT BUSINESS IDEAS • 3

Significantly, Harley-Davidson ensures customers receive benefits
they value
...
Rich Teerlink, former chair, commented, “perhaps the
most significant program was—and continues to be—the Harley
Owner’s Group (HOG)
...
[And] capturing the
ideas of our people—all the people at Harley—was critical to our
future success
...

Be clear about the value proposition—what you are offering
customers
...

Reward loyalty for established customers
...

Make the customer’s experience as easy and enjoyable as
possible
...

Continuously improve the process, based on customer
feedback
...


4 • 100 GREAT BUSINESS IDEAS

2

SCENARIO PLANNING

Scenario planning enables organizations to rehearse the future,
to walk the battlefield before battle commences so that they are
better prepared
...

Their value lies in helping businesses understand the forces that are
shaping the future
...


The idea
In the 1960s, Pierre Wack, Royal Dutch/Shell’s head of group
planning, asked executives to imagine tomorrow
...

Pierre Wack wanted to know whether there were other factors in the
supply of oil, besides technical availability, that might be uncertain
in the future
...

Many oil-producing countries did not need an increase in income
...

When the 1973 Arab–Israeli War limited the supply of oil, prices
rose fivefold
...
It knew
which governments to lobby, how to approach them, where to
diversify, and what action to take with each OPEC member
...
Above all, scenarios help firms to understand the dynamics
of the business environment, recognize new opportunities, assess
strategic options, and take long-term decisions
...
What matters is not knowing
exactly what the future will look like, but understanding the
general direction in which it is moving—and why
...

Discuss possible futures (usually by working back from a possible
view of the future)
...

Analyze the scenarios: why they might occur, what you would do
if they did
...


6 • 100 GREAT BUSINESS IDEAS

3

MAKING YOUR
EMPLOYEES PROUD

A company with a positive self-image and sense of pride
will be more unified and efficient, with a stronger “employer brand
...


The idea
Are your employees proud of working for your business? This sense
of pride may result from the organization’s purpose, success, ethics,
the quality of its leadership, or the quality and impact of its products
...
It collects, analyzes, and interprets information
for clients, provides research on business and market issues, and
conducts social and political polling
...
Consequently, employees were
often more loyal to their local “in-country” TNS business than to
the group, which seemed remote or foreign
...
This altruism brought the company together, as
employees were pleased to be working for an organization with
values that they respected
...


In practice

•
•
•
•
•

Carry out acts of corporate social responsibility—such as
donation, fundraising, or simply enacting more compassionate
business practices
...

Ask employees what they value—what would they like their
employer to do?
Provide opportunities for employees to engage in fundraising
and volunteering activities
...
Employees will be less
motivated to work within an organization that is viewed negatively
in society
...


8 • 100 GREAT BUSINESS IDEAS

4

USING CUSTOMER
INFORMATION

Seamlessly gathered information can be used to save costs,
to provide a tailor-made service to individual clients, and to sell
more—often using the internet
...
com has redefined
bookselling
...
To minimize risks by analyzing information from millions
of customers to see how and when they purchase, enabling
Amazon
...

2
...

3
...

4
...
Amazon believes that, to rival its competitors, an
innovative approach is essential in order to improve the value
and service offered to consumers
...
Interestingly,
many other retailing companies have now followed Amazon’s

100 GREAT BUSINESS IDEAS • 9

lead
...


In practice

•

•
•
•

Treat each customer as an individual
...

Use the internet to provide information for the individual—even
if your business does not carry out its primary operations online
...

Smaller businesses and freelance workers may be able to
research more in-depth information on each client
...

If your organization is unable to seamlessly track consumer
trends, use incentives such as free products for customers who
volunteer their information
...


10 • 100 GREAT BUSINESS IDEAS

5

THE RULE OF 150

Coworkers find socializing, teamworking, and associated
activities (such as innovating, collaborating, and sharing knowledge)
much easier to achieve when they are placed in groups of less than
150
...


The idea
A fascinating example of an organization that clearly understands
the benefits of collaboration is Gore Associates, a privately held,
multi-million-dollar high-tech firm based in Delaware
...

Gore is unique because of its adherence to the rule of 150
...
However,
there is a limit to the bonds people can make, and this is reached
at around 150
...

Consequently, Gore limits the size of each office so it is below 150
...
This approach emphasizes the benefits

100 GREAT BUSINESS IDEAS • 11

of collective management such as communication, initiative, and
flexibility, and it has enabled a big business with thousands of
employees to retain the attitude of a small, entrepreneurial startup
...


In practice

•
•
•
•

Divide your workforce into groups or branches of under
150 people
...

Encourage a sense of community and teamwork within groups
...

Develop a sense of team across groups of 150
...


12 • 100 GREAT BUSINESS IDEAS

6

INFORMATION
ORIENTATION

Given that billions of dollars are invested each year in IT
software and hardware, we might expect managers to know exactly
how information technology improves their organization’s results
...


The idea
Professor Donald Marchand together with William J
...
These three
capabilities contain 15 specific competencies
...
Information behaviors and values
...
Managers need to promote integrity,
formality, control, transparency, and sharing, while removing
barriers to information flow and promoting information use
...
Information management practices
...
Managers set up processes, train their employees,
and take responsibility for the management of information,
thereby focusing their organizations on the right information
...

3
...
IT infrastructure and
applications should support decision making
...

Several companies have successfully implemented major IT
projects, including Banco Bilbao Vizcaya Argentaria (BBVA) and
SkandiaBanken, Sweden’s first branchless bank
...

This was accomplished by getting the right information to people
in the branches, enabling them to successfully cross-sell their
products
...
Although a pure internet and
telephone bank, SkandiaBanken’s managers attribute their
success to a business model that integrates simple IT infrastructure
and web solutions, easy information access for customers and
employees, and a company culture stressing transparency, personal
responsibility, and action
...


100 GREAT BUSINESS IDEAS • 15

•
•

Assess, develop, and improve the processes to manage
information and knowledge
...

Find out more about information orientation from Professor
Donald Marchand or IMD business school, or read about it in
detail online (www
...
com) or in print in his book
Making the Invisible Visible
...


The idea
The number and variety of franchises is large, and is a technique
employed by companies ranging from McDonald’s fast food outlets
to the Hyatt luxury hotel chain
...
The franchiser sells
its reputable brand and expertise to the franchisee, who then
establishes and manages the business
...

The benefit to the franchisee is, many believe, a reduced level of
risk
...

Although the idea of franchising is an old one, it was invigorated in
the late twentieth century, with an increased desire for decentralized
business structures
...
5 minutes of each business day
...
Founded in
1971 with a single store in Seattle’s Pike Place Market, it embraced
franchising and, by 2006, had 8,000 locations in over 37 countries
and profits nearing $3 billion
...

Setting up new franchises too close to existing ones can risk
one of the operations being “cannibalized” and losing trade
...

Allow franchises to achieve a higher degree of independence,
differentiating them from passive investors or conglomerates
...
The key to success is to
have the right business product or service, to be clear about the
details, and to agree and work together
...
Put another way, businesses that strive to remain
streamlined and well organized have a significant advantage over
those that lack efficiency
...
Western
companies mirrored the success of this “Japanese Miracle” of
the 1970s and 1980s
...
The idea of process analysis is to think of business
activities as a chain of events, perhaps from the beginning of the
manufacturing process through to the end, and to break down
the chain of activities into very discrete, yet identifiable, tasks
...

The difference between Honda’s facility and Harley-Davidson’s
was dramatic in terms of layout, production flow, efficiency, and
inventory management
...
Production operations
were brought together, reducing the amount of resources required
for material handling
...

This also reduced the space required for manufacturing, which
liberated additional space to increase production
...
During the 1980s, Caterpillar’s
cost structure was significantly higher than that of its principal
competitor—the Japanese firm Komatsu
...
It undertook a significant plant rearrangement
initiative called PWAF (Plant With a Future)
...
In some cases, cycle time was reduced by as much as
80 percent
...
Ask
the people who run the processes how they could be improved
...

Create a clear, workable plan for reducing areas of inefficiency
and replacing them with streamlined operations
...

Be cautious when introducing the new plan
...


20 • 100 GREAT BUSINESS IDEAS

9

CUSTOMER BONDING

As business competition becomes increasingly fierce, firms
should not only focus on attracting new customers, they should
also use rewards to retain existing clients and get more out of
them, which will also attract more clients
...

An example of using information to enhance customer bonding
and improve competitiveness is customer loyalty schemes
...
There has been a large growth
in the number and type of firms offering loyalty programs
...
For MCI, this
single measure, undertaken with relatively modest advertising
expenditure (5 percent of the market leader, AT&T), resulted in its
market share growing by 4 percent despite fierce competition
...
For example, Virgin Atlantic introduced an ingenious
loyalty scheme for customer bonding, to reduce the time that it takes
to get new customers
...
This has the added advantage of reinforcing perceptions of
the Virgin brand as being dynamic and flexible
...

Focus on your competitors when creating a loyalty program
...
It is an area with many possibilities for innovation—
take advantage of them
...


22 • 100 GREAT BUSINESS IDEAS

10

PSYCHOGRAPHIC
PROFILING

To improve sales efficiency, customers can be divided into “groups”
according to their personal needs and preferences; new customers
can then be assessed and assigned to the appropriate group
...
” This enables the business to cater to
customers’ specific needs and preferences in a seamless and efficient
way
...


The idea
“The Key to Happiness” was a self-diagnosis tool developed for
Club Med customers
...
For example, a family would unwittingly choose a
resort designed for single people, while a couple wanting to discover
the local customs would mistakenly visit an empty island
...

Celebrators, who like to party
...

Cultivated guests, who like to discover the country—its culture,
history, and charm
...


100 GREAT BUSINESS IDEAS • 23

“The Key to Happiness” was a self-service system designed to help
customers
...
As a result of this system, business grew both in the
short term, as customers found what they wanted, and in the long
term, as satisfied customers kept returning
...
Who are they, and what do they want
from your business? Customer feedback and surveys are useful
sources of information to help you gather this information
...
Divide your customers into meaningful
groups based on their personality, demands, and other relevant
factors
...

Assess each new client, to decide which of the “customer groups”
they belong to—and then provide them with a more personalized
service
...

Ensure that people in your business understand, value, and
tailor their work to satisfy each type of customer
...


24 • 100 GREAT BUSINESS IDEAS

11

UNDERSTANDING
DEMOGRAPHY

The world is changing fast, and one of the greatest changes
in human history has taken place without many of us even
noticing—the changes that result from demographic developments
...


The idea
The idea is simple: by understanding demography, future
opportunities and threats will be revealed
...
” Understanding the composition of populations, how
they will change, and what each group in society will want is vital for
long-term success if you are running a wide range of businesses—
and especially financial services
...
yourpointofview
...
Do you agree with 57% of Indonesians
who see retirement as a time for rest? Or, like 58% of
Canadians, do you see it as the start of a new career? With
more of us living longer these days, it’s an issue that needs
serious consideration
...

HSBC is developing a dynamic business in life, pensions, and
investments, but that is just the start
...
For example, HSBC has responded
to migration from Eastern Europe to Britain by recognizing that

100 GREAT BUSINESS IDEAS • 25

there is a demand among migrant workers for bank accounts
and loans, even among people without a credit history in Britain,
and immigrants also want to send remittances back to their
families
...

The twentieth century saw unparalleled demographic change
...
6 billion in 1900
to 6
...
This was combined
with unprecedented declines in mortality and fertility, significant
international migration, and increased urbanization—resulting in
the emergence of mega-cities
...
The fastest-growing populations are in India, China, Pakistan,
Nigeria, Indonesia, and Bangladesh
...

Within ten years, Italy will have more than 1 million people aged
over 90
...

America is the only major developed country with a population
that is increasing, largely due to migration
...
Despite this, population
growth is concentrated almost entirely in “developing” regions
...


26 • 100 GREAT BUSINESS IDEAS

•
•

Populations will be older than ever before, with profound
implications for welfare policies, pensions, taxation, employment,
and spending throughout the affected economies of the developed
world
...
In 2006, for the first
time in human history, global urban population exceeded global
rural population
...


In practice
Understand how demography might be affecting your key markets
...

By adding value to your product, you can shut out competitors and
ensure repeat business
...
The Ritz-Carlton strategy was quite simple:
to differentiate itself from its competitors by offering distinctive
service and customer value at a competitive price
...

These principles included:

•

•

A vision of an efficient, personalized service
...
IT systems were standardized throughout the business,
and an organizational culture was developed that emphasized
the need to capture and disseminate useful information about
each individual customer
...
To achieve

28 • 100 GREAT BUSINESS IDEAS

this, Ritz-Carlton spent years accumulating in-depth knowledge
about its work processes, then combined technology with
individual skills and innovation, which has enabled Ritz-Carlton
to track individual customer preferences
...
This
enables other employees to reuse the information and provide
the most personalized service available, leveraging their contact
with the customer to shut out competitors
...

The Ritz-Carlton approach is a great example of the power of
mass customization—the ability to deliver rapidly, efficiently, and
profitably a range of products and services satisfying each individual
customer
...

Store information on clients in an easily accessible way, to ensure
that a distinguished level of personalized quality is provided
...


100 GREAT BUSINESS IDEAS • 29

13

LEADING “TOP-DOWN”
INNOVATION

Direct action should be taken by senior management to harness
the knowledge and ideas of employees to ensure consistent and
high-quality innovation
...
The innovation
literature abounds with stories of serendipitous discoveries and
independent-minded champions doggedly pursuing an idea until
they hit the jackpot
...
The archetypes of such
innovators are Art Fry and Spence Silver, the 3M chemists who
turned a poorly sticking adhesive into a billion-dollar blockbuster:
Post-It notes
...

However, to ensure consistent and high-quality innovation, the role
of management is vital
...
The commercial development of the
credit card is an example
...
This development was augmented later by seven bankers
at Citibank who added further key features, including merchant
discounts, credit limits, and terms and conditions
...
This included market-sensing abilities, understanding
of customers, information and forecasts about economic and social
trends, experience with similar product ideas (such as installment
loans), and knowledge about new developments in technology
...

This type of innovation is markedly different from bottom-up
innovation:

•
•
•

Senior management support was essential: they set up the unit,
helped to develop its features, and gave it the support needed to
take root and grow
...

Information was at the heart of this top-down innovation
...


In practice

•
•
•

Encourage senior management to become directly involved in
the innovation process
...

Create a “culture of innovation” within your organization by
giving employees a forum to discuss and evaluate their ideas,
and rewarding innovation
...
The improved
“transparency” that results will make it easier to identify crucial
areas of strength and weakness
...
The resulting company
was considerably less bureaucratic, underlying the CEO’s message
of simplicity, candor, and transparent learning across boundaries
...
As a result, there were fewer
and fewer places to hide in GE’s global managerial ranks throughout
the 1980s
...

Most of Welch’s social networking took place at GE’s corporate
university at Crotonville, where he reputedly spent over 50 percent
of his time constantly coaching, and learning from others
...

Identify key employees across the business, and organize regular
meetings to share ideas, report problems, and devise strategy
...

This may involve bringing representatives from a wide range of
“departments” to meetings
...
This will give them a
clearer idea of the challenges faced by the company as a whole
...
Also, encourage global managers to meet
with members of their business unit to inform them of the
company initiative
...


100 GREAT BUSINESS IDEAS • 33

15

ACHIEVING
BREAKTHROUGH
GROWTH

Established businesses often struggle to achieve industry-leading
growth rates because their sector is mature or highly competitive,
or because they become stuck in the rut of incrementalism
...
There is another way: fundamentally reconceive
what drives your profits, build a better business model, and achieve
breakthrough growth
...
MacMillan highlights how companies in a range
of industries achieve exceptional growth (see Marketbusters:
40 Strategic Moves That Drive Exceptional Business Growth,
published by Harvard Business School Press)
...

It is essential to be flexible and creative, and to understand what
customers value
...
It has
outperformed its international rivals, Holcim and Lafarge, in share
price, operating margins, and return on assets
...
Delivery was what mattered to customers: getting
the right amount, in the right place at the right time, without
workers waiting or the concrete spoiling
...

Now, Cemex uses GPS technology to guarantee delivery of readymix cement within a 20-minute window
...
This required a proactive approach to meeting
commitments, developing new ways of serving customers, and
ensuring efficient operations
...
One approach is to compare your offer with
competitors’ by sorting product attributes into three categories:
basic, differentiated, and exceptional
...

Change your performance metrics so you can monitor and improve
your customer offer
...
For example, some lawyers

100 GREAT BUSINESS IDEAS • 35

departed from the traditional method of selling their time to
selling services on a “no win, no fee” basis
...
For example, Amazon
...

Also, HSBC bank was the first to recognize that immigrants in
Britain had specific banking needs (eg to repatriate funds from
overseas) and circumstances (no banking history in Britain), and
offered products tailored to suit this market
...
It is intended to harness
the ideas of everyone in a team in a creative, stimulating, focused,
energetic, fun, and useful way
...
This
is an approach that anyone leading a change initiative can use to
identify actions that can move a business forward
...

The main stages in the deep-dive process are:

•
•
•
•
•
•
•
•

Building a varied team
...

Visiting experts
...

Brainstorming and voting
...

Testing and refining the prototype
...


100 GREAT BUSINESS IDEAS • 37

In practice
IDEO, a prominent American design company, believes that there
are several stages in deep-dive prototyping (for further information
see The Art of Innovation: Lessons in creativity from IDEO, America’s
leading design firm by Tom Kelley and Jonathan Littman)
...

Observe people in real-life situations
...

Visualize: this often involves intensive brainstorming and
discussion
...

Prototyping is next, and this involves building ideas and physical
brainstorming
...
Again, brainstorm ways to
improve the prototype and overcome obstacles, and narrow and
focus your concepts
...


Other valuable aspects of creative problem solving that may be
applied when time is tight include:

•
•
•
•

Trying first (and asking for forgiveness later)
...

Ensuring that teams are as varied and diverse as possible
...


38 • 100 GREAT BUSINESS IDEAS

•
•
•
•
•

Reducing, and virtually eliminating, hierarchy
...

Being flexible about working arrangements
...

Imposing a deadline, while allowing people the time to be
creative
...
Lessons can be taken directly from the market and your
customers to give you an instant guide on what is working—and
what isn’t
...
It has gained
substantial profits, been credited with “reinventing the sandwich,”
and become familiar in Britain, New York, and Hong Kong
...
” However, they soon realized this was not a
winning formula
...
” By listening to
clients and having a bold readiness to drastically alter the customer
offering when necessary, they became successful
...
Because any marketplace will always have
a degree of unpredictability, the best way to learn the formula for
a high-profit business is by “learning as you go
...
In late
2006, when preparing to launch the Hoxton, an innovative “budget

40 • 100 GREAT BUSINESS IDEAS

luxury” hotel in central London, he commented, “The Hoxton is an
experiment
...
There’ll be things that we need to
change, and we’ll listen to our customers if we need to do so
...
No matter how much abstract preparation is
done beforehand, there will always be lessons that can only be
learned on the “shop floor
...
View
them not as obstacles or failures but as invaluable opportunities
for learning
...

Be prepared to make drastic changes to your business
...

Combine abstract learning with hands-on experience
...


100 GREAT BUSINESS IDEAS • 41

18

EMPOWERING YOUR
CUSTOMERS

The importance of providing information to the client should not
be underestimated
...
Conversely,
businesses should be eager to accept information from the consumer
in the form of customer satisfaction and feedback surveys
...
To address this problem,
Ryder recognized the need to use information more effectively to
serve customers
...
The need to help customers buy: for example, by producing a
brochure explicitly explaining why they should buy Ryder’s
insurance, as well as providing another brochure offering other
supplies and accessories
...

2
...

3
...
These included information about
the advantages of using Ryder’s towing equipment and details of
longer-term discount rates
...
Apart from checking customer satisfaction, they
highlighted Ryder’s renewed commitment to service, enhancing
future sales prospects
...


In practice

•
•
•

Ensure that existing and potential customers have easily
available information about the various services and benefits
your company offers
...

Enable customers to use your product—provide them with
instructional information, ideas, online guides, people to talk
with—anything that will empower the customer and help them
adapt your product to their needs
...
This may sound like suicide, but handled expertly it allows
you to remain on the cutting edge and ahead of the competition
...
A possible response
to counter this is cannibalization—bringing in new products
to compete with your existing offering
...

Starbucks’ well-known tendency to open branches within minutes
of each other represents a fierce desire to keep competition at bay
...

Manufacturers of computer hardware and software, such as
Apple, Intel, and Microsoft, are other well-known examples of
cannibalization
...
This works well
in fickle markets with limited loyalty (for example, Starbucks may

44 • 100 GREAT BUSINESS IDEAS

feel that people wanting a coffee may be prepared to get it from
anywhere)
...


In practice

•

•
•
•

Judge market conditions in order to decide precisely when to
cannibalize a particular product
...

Cannibalize when it is anticipated that a competitor will introduce
a potentially popular new product
...

Do not be afraid of competing with yourself
...
Also it will force
you to innovate and overcome complacency
...

There are a number of tactics and techniques that can help guide
an organization through troubled times
...

Among notorious examples of companies that have been unable to
cope with such challenges, the case of Air France is a refreshing
success story
...
In common with other established carriers in Europe
and North America, it found traditional markets threatened by
increasing security concerns, the downturn in the airline industry,
and the rise of low-cost carriers
...

Acting collectively: the board meets to react quickly, considering
how best to respond to events and how to coordinate its response
...
In France, there has been
an established lower-cost competitor since 1981—the TGV
high-speed train
...

Using all available resources: competing has meant employing all
of the assets and advantages that a big industrial carrier has in
order to counter low-cost operators—including brand, market
position, and operational strengths
...
An active and patient approach can help to reduce or
remove the threat of competitors
...

Benchmark your business against other organizations
...

Understand, strengthen, and preserve the causes of success in
the business
...

Review competitors’ strengths and weaknesses regularly
...

Develop and refine products and the tactics used to sell, taking
into account your understanding of the competition
...


The idea
The idea of clustering seems counter-intuitive
...
Although there are many businesses that prefer
cheaper real estate further from the threat of competitors, clustering
is surprisingly common in many industries
...

The benefits of clustering are particularly relevant to new
businesses
...
It can also
help build reputation—it encourages customers to associate
your organization with the other respected and long-established
businesses in the area
...
While it remains easier for customers
to choose your rival over you when it is positioned next-door, a
company with a truly superior, competitive offering has little to
fear from this
...
Further north there is the example of
Silicon Valley—a cluster of technology companies benefiting from
the pool of talent in nearby universities
...


In practice

•
•
•
•
•

There are often a number of industry centers for a particular
product; use careful research to decide which one best suits your
business
...

Highlight where you are and emphasize how your products are
superior
...
”
Remember that clustering is not suitable for all companies—
consider your overall business plan and the nature of your
business before deciding where to locate
...


The idea
The idea of a “unique selling point” seems to underpin the very
nature of competition
...
Yet surprisingly
few businesses have actually employed this idea, content merely to
meet the industry standard without surpassing it, relying solely on
market momentum for profitability
...
It took the decision to remain
open 24 hours a day, becoming the first British supermarket to do
so
...

As well as “practical” USPs there are “emotional” USPs
...
These reactions include the desire for status or a feeling
of success
...
Although its cars feature many practical advantages,
it is arguable that its mainstream success is due to people with

50 • 100 GREAT BUSINESS IDEAS

limited knowledge of cars and a desire to project a certain image of
themselves in society
...


In practice

•
•
•
•

Recognize that your USP may well have to be dynamic and
quickly changing
...
Innovate to find new USPs and remain
ahead of the competition
...
This may
be the product’s benefits to them, its price, or the service they
receive
...

Offer the widest choice—this can involve specializing and
segmenting your market
...


The idea
In the mid-1960s, Boston Consulting Group (BCG) noticed that a
manufacturer of semiconductors was able to cut unit production
costs by 25 percent every time it doubled its production level
...

A slight variation of the traditional “economies of scale” principle,
the idea’s emphasis on employee experience has a range of broad,
strategic implications that should be taken into consideration when
deciding which workers to hire and how much to produce
...
Although it is generally estimated that a
cost reduction of 20–30 percent will occur when experience doubles,
there are many firms that deviate from these figures, with some only
gaining a cost reduction of 5 percent
...
It is also not feasible for many firms to drastically
increase their production levels when there is a fi xed demand for a
product or when the production process is highly time-consuming
and complex
...


52 • 100 GREAT BUSINESS IDEAS

Nevertheless, the experience curve has valuable lessons for every
company, even those that cannot actually increase production
...

Alternatively, firms can hire workers that are already experienced
veterans of their industry (although it is usually necessary to pay
higher salaries to such workers)
...


In practice

•
•
•
•

Encourage employees to view their job as an active learning
experience
...

Avoid high employee turnover by finding out why people leave
...


100 GREAT BUSINESS IDEAS • 53

24

THE EMPLOYEE–
CUSTOMER–PROFIT
CHAIN

Sears provides one of the best examples of employee practices
connecting directly with organizational performance
...
By
enabling employees to see the implications of their actions, it can
change the way people think and the results they achieve
...
However, this data is
historical
...
Of these value drivers, employee retention, employee
satisfaction, and employee productivity significantly affect customer
satisfaction, revenue growth, and profitability
...

In the early 1990s, senior executives at American retailer Sears
realized that future performance was not going to improve simply
by developing a different strategy or adjusting marketing plans
...

How employee
experience
...
This is
more difficult to define, but they
directly influence your future
...


Sears asked 10 percent of its workforce how much profit they
thought was made for each dollar of sales
...
This highlighted
the need for employees, especially those at the front line, to better
understand the issues determining profitability
...
Because employees
were better able to see the implications of their actions, it changed
the way they thought and acted
...

The Sears approach to creating an ECPM (which is a specific version
of the service profit chain) started by devising a set of measures
based on objectives in three areas: making Sears a compelling
place to work, a compelling place to shop, and a compelling place
to invest
...


•
•
•

One-third on employee measures—attitude about the job and
company
One-third on customer measures—customer impression and
retention
One-third on financial measures—return on assets, operating
margin, and revenue growth
...
3 unit increase in customer
impression, which drives a …

Value

Merchandise

Helpfulness

Service

A compelling place to shop

Note: rectangles are survey information, ovals are hard data, shaded
areas are the Sears Total Performance Indicators
...
5% increase in revenue

Revenue growth

Operating margin

Return on assets

A compelling place to invest

•
•
•
•
•
•
•
•
•
•
•
•

Customer service orientation
...

Business knowledge and literacy
...

Developing associates and valuing their ideas
...

Two-way communication skills
...

Empowerment skills
...

Change leadership
...


These are grouped into three areas—the three Ps: passion for the
customer, performance leadership, and people adding value
...
HR has data about what motivates and
engages people, while marketing has insights about external
customers’ needs
...

Blend intuition and common sense with sound statistical
analysis
...
Awareness of these issues
and how they can be applied provides HR with another essential
role in ensuring the firm’s commercial success
...


100 GREAT BUSINESS IDEAS • 59

25

MEASURING
EMPLOYEES’
PERFORMANCE

Recent research suggests that the average company spends
40 percent of its revenues on people-related expenses (human
capital costs), and 92 percent of financial directors think human
capital has a “huge” impact on customer satisfaction and profitability
...
The solution is to measure
the direct return on your investments in people
...
According to General Electric’s former CEO,
Jack Welch: “The three most important things you need to measure
in a business are customer satisfaction, employee satisfaction
and cash flow
...

Executives typically encounter one or more problems with
performance measurement
...


60 • 100 GREAT BUSINESS IDEAS

•
•
•
•
•

Measures are disconnected, unrelated to the firm’s strategy and
business priorities
...

Rewards are not in line with measures of performance;
consequently, the desired behaviors are not encouraged
...

Short-termism is encouraged, as measurement leads to an
intense focus on improving the next quarter’s results
...
Total rewards and accountability
...
Collegial, flexible working place
...
Recruitment and retention
...
Open and honest communications
...
Focused HR service technologies
...
” This prioritizes employee engagement and customer
loyalty
...

As a result, employee turnover reduced from 35 percent to 28
percent (each percentage point of attrition costs at least £1 million),
and profits increased, with turnover per employee rising from

100 GREAT BUSINESS IDEAS • 61

£87,000 in 1998 to £106,000 in 2002
...
Other features of the program include close
liaison between HR and retail operations, objective measurements
directly focusing actions on enhancing performance, and staff
commitment to the program
...
There is a connection between
strong people practices, increased customer satisfaction, and
financial results
...

Ensure top-level commitment to finding out and using this
information
...

Recognize the importance and impact of discretionary
behavior
...


The idea
One of the trendiest new ideas in marketing, brand spaces advocates
creating stylish spaces—perhaps a bar, art gallery, lounge, or
exhibition hall—that may not be directly related to your main product
but where individuals are immersed in your brand image
...

French car manufacturer Renault uses brand spaces with a high
level of commitment and panache, running four brand spaces in
Buenos Aires, Bogota, Mexico City, and Paris
...
”
Occupying prime real estate in global cities and offering gourmet
cuisine, art galleries, and seamlessly blended marketing, the Renault
brand spaces are characteristic of the concept
...
”

100 GREAT BUSINESS IDEAS • 63

The innovative design of brand spaces includes Nokia’s “silence
booths” for people seeking temporary quiet and calm at music
festivals; Coca-Cola’s “Red Lounges” designed to provide multimedia
experiences to teenagers in malls in Illinois and Los Angeles; and
Microsoft’s Xbox 360 Lounge in Tokyo incorporating VIP rooms,
multimedia opportunities, and even Xbox-themed mixed drinks
...
Brand spaces help
sell directly and indirectly
...


In practice

•
•
•
•
•
•
•

Consider where your target demographic market would choose
to go to enjoy their free time and use your brand space to create
an idealized version of it
...

Remember that the aesthetic and physical design of the brand
space is usually vital
...

Provide a range of activities for visitors to enjoy
...

Choose your location carefully—whether you choose an airport,
shopping center, music festival, or simply a city street to be home
to your brand space, is the first step to ensuring the project is
a success
...


The idea
At first glance, this concept appears similar to “brand spaces
...

Being spaces are particularly popular in cities where cramped
apartments, claustrophobic offices, and sometimes unsafe public
areas prompt people to seek a more relaxing change of scene
...
urban dwellers trading their
lonely, cramped living rooms for the real-life buzz of commercial
living-room-like settings, where catering and entertainment aren’t
just the main attraction, but are there to facilitate small office/living
room activities like watching a movie, reading a book, meeting
friends and colleagues, or doing your admin
...
Paragraph NY is one such company
...


100 GREAT BUSINESS IDEAS • 65

Members can work in library-style cubicles or relax and socialize
with other members—a modern home from home
...

Provide opportunities for both socializing and relative privacy
within the space
...
While you should not allow advertising to compromise
the aesthetic feeling, sophisticated, cutting-edge, and carefully
placed adverts can enhance customers’ perceptions and be
useful
...


66 • 100 GREAT BUSINESS IDEAS

28

INCREASING
ACCESSIBILITY

By offering flexible opening hours, businesses can differentiate
themselves and attract customers with varying lifestyles
...
An
increasing demand for convenience and freedom has overtaken
the market in recent years, providing competitive advantage for
corporations that cater to the demands of the 24-hour consumer
...
Slightly less obvious is the advantage
of building a perception among your customers of being different,
customer-oriented, and convenient
...
These new clients may then continue
visiting your business even when other competitors are open
...
The only British supermarket to remain open 24 hours a
day, it broke from its close rivalry with other chain stores to gain a
convincing lead within the market
...
Don’t be put off by a lack of a “standard schedule”
for your customer—use it as an opportunity to prosper in the
“24-hour society” by becoming a 24-hour business
...

Using a skeleton staff and minimizing operations can cut costs
during times you are open but not conducting much trade—
such as late at night or early in the morning
...
The quality of their experience will
decide whether they return in future
...

Offering 24-hour opening can be challenging for smaller firms,
but it is possible to accommodate complex customer schedules
by simply offering flexible opening hours
...


The idea
By organizing a corporate partnership it is possible to use your
competitor’s resources—such as transport networks, physical
structures, raw materials, knowledge, and customer reputation—to
realize the full potential of an ambitious idea that would otherwise
rely on your acquiring an unfeasibly large number of new resources
...

Oneworld Alliance—a partnership between ten major airlines
(British Airways, Cathay Pacific, Finnair, Iberia, LAN, Qantas,
Japan Airlines, Malév, Royal Jordanian, and American Airlines)—
utilizes corporate partnerships to offer a service they could not
provide separately
...
Because customers can travel
on any airline within the Oneworld Alliance, the scheme offers
the customer the opportunity to travel to over 600 destinations
in 135 countries
...


100 GREAT BUSINESS IDEAS • 69

In practice

•
•
•
•
•

Avoid any unethical or illegal business practices that can be
associated with corporate partnerships, such as price fi xing
...
Will your partner get more out of it than
you, and is it worth your while?
Be wary of forming partnerships in situations that will allow
your rival to benefit at your expense, gaining the resources to
out-compete you in other areas of the industry
...

Be ready to expand the alliance to a range of other companies
when desirable to do so
...


The idea
Quick and effective communication is viewed by many as a
cornerstone of modern business
...
Notable examples of organizations that
use this tactic include:

•
•
•

Virgin: “Debunk the establishment, business as fun
...

BMW: “The ultimate driving machine
...

Federal Express: “Guaranteed overnight delivery
...


The benefits of a good bumper-sticker slogan are not just in
winning over customers—it can be useful for communicating
with employees too
...

This helps teams work together toward a common goal, as well as
clarifying complex sales campaigns so they can be fully understood
...

Customer-focused taglines cement your brand’s image among your
consumer base, capture their attention, and remind them of the
quality of your services
...


In practice

•
•
•
•
•
•

Decide which specific aspects of your product offering or
corporate strategy should be emphasized in the tagline
...
It
should come to be symbolic of your firm’s values and services
...

Promise value
...

Ensure employees are committed to the goal and take it
to heart
...


The idea
Market research is often hailed as the main factor that should drive
decision making
...

This was recognized by Bob Lutz, who, as president of Chrysler
during the late 1980s, found sales in America and abroad
weakening
...
Bob Lutz believed the answer was to
develop an innovative, exciting car
...
Many advised that
no American-made car would become popular at such a high price,
and that the investment would be better spent elsewhere
...
He had to overcome considerable
internal opposition, as this approach to decision making was
not typical at Chrysler
...
It changed the public’s perception of
Chrysler, halted the company’s decline, and boosted morale
...


100 GREAT BUSINESS IDEAS • 73

Arguably, though, the decision was entirely rational
...


In practice

•
•
•
•

Differentiate yourself from competitors by basing decisions on
personal experience and instinct rather than typical market
research or other rational methods
...

Talk with people—colleagues, customers, commentators, and
people in other industries
...

Ensure the idea is executed methodically and efficiently
...
It is also a common feature of a
successful, dynamic organization—but what does it really mean?

The idea
Beware organizations that feel a need to proudly tell you about their
character: they may be speaking too soon, or just too much
...
Similarly, when a
politician (or anyone) says “Trust me,” that’s usually the last thing
you would want to do
...
Pearson has a host
of impressive, world-class brands (including the Financial Times
and Penguin), and this ensures it can invariably attract the
brightest and the best
...
Working with
Pearson is a little like working with an Olympic athlete: it is good
and it knows what it can accomplish, but it is still striving hard to get
even better and do even more
...


100 GREAT BUSINESS IDEAS • 75

Being a learning organization, however, means more than just
wanting to improve
...
”

In practice
Senge believes that five disciplines are central to learning
organizations
...
Systems thinking is the ability to comprehend and address the
whole, understanding the interrelationship between the parts
...
We tend to
focus on the parts rather than seeing the whole, and fail to see
organization as a dynamic process
...

2
...
People with a
high level of personal mastery are continually learning, they
are acutely aware of their ignorance and their growth areas, and
yet they are also deeply self-confident
...

3
...
Using mental models starts with looking in
the mirror: learning to unearth our internal pictures of the

76 • 100 GREAT BUSINESS IDEAS

world, bringing them to the surface, and holding them rigorously
to scrutiny
...

4
...
Such a vision has the power to be uplifting, encouraging
experimentation and innovation
...
What is needed for success, however, is an
ability to translate a vision into a clear, practical set of principles
and guiding practices
...
Team learning is the final aspect of organizational learning,
and is defined by Peter Senge as “the process of aligning and
developing the capacities of a team to create the results its
members truly desire
...

When teams learn together, Senge suggests, not only can there
be good results for the organization, but members will develop
their skills more rapidly
...
In this way, old
services can be reinvented, and consumers can be kept longer and
sold more
...
A healthy dose of
reinvention can drastically alter a market and change customers’
expectations
...

This spirit of reinvention is evident in a project by the Vauxhallsponsored group of experts in style, design, and technology—known
as the VX Collective
...
This marks a clear departure from traditional UK roadside
service stations, visited mainly for their “greasy spoon” food outlets
and restroom facilities
...

Although this project is still in its early stages with many practical
hurdles to overcome, it highlights the idea that a new approach

78 • 100 GREAT BUSINESS IDEAS

and new style can breathe new life into an old and long-established
formula
...

Decide whether you wish to alter the formula to appeal to a
new target market, or whether you wish to simply make it more
attractive to the existing market
...

Market research can be a rich source of ideas for reinvention
...


100 GREAT BUSINESS IDEAS • 79

34

CORPORATE SOCIAL
RESPONSIBILITY

By making decisions that take into account potential social
and environmental issues, companies can increase their popularity
and revenue while decreasing hostility from regulators and local
communities
...

Organizations such as the Co-operative Group and cosmetics retailer
The Body Shop have built their businesses on a foundation of CSR
...
Other companies
such as oil firms and tobacco companies that have traditionally been
associated with issues such as pollution or ill health have engaged
in overt ethical initiatives
...

CSR can provide companies with a “license to operate
...
It has become an essential element
of risk management strategy—a well-respected brand cultivated over
decades can be destroyed rapidly by a CSR scandal
...
It is
also a powerful tool to ensure employees have a strong personal
commitment to your organization, as well as providing a competitive
edge when recruiting new workers in a competitive job market
...
However, CSR is not a quick fi x: firms should
not do it for narrow commercial gain, they should do it because they
believe in it, and in the end we all benefit
...

If you are unable to make large and grand gestures in the
name of CSR, remember that even small initiatives can still be
surprisingly valuable
...

Carry out general research of your industry and location—remain
in touch with the concerns of governments, local citizens, and
the current social climate
...
It may be
possible that you are causing harm to society without intending
to do so (or even realizing that you are)
...
What some societies consider
to be an ethical practice, other cultures may find questionable
...
If your organization talks
about being socially responsible, it is essential to follow through
...
Writer Malcolm Gladwell has developed the
idea of the “tipping point”: a compelling theory about how an idea
becomes an epidemic
...


The idea
Malcolm Gladwell likens rapid growth, decline, and coincidence to
epidemics
...
” Gladwell explains how
a factor “tips”—when a critical mass “catches” the infection,
and passes it on
...
”
Advertising is a way of infecting others
...
The law of the few
...
This is apparent with the spread of disease:
it is the few people who socialize and travel the most that make
the difference between a local outbreak and a global pandemic
...
There
are three types of people: connectors, mavens, and salespeople
...
They are key agents in the spread

82 • 100 GREAT BUSINESS IDEAS

of epidemics, as they communicate throughout different
“networks” of people
...

– Mavens—information specialists—also connect with people,
but focus on the needs of others rather than on their own
needs, and have the most to say
...

– Salespeople concentrate on the relationship, not the
message
...

2
...
With products or ideas, how attractive they are
matters as much as how they are communicated in determining
whether they spread
...
” (If something is unattractive, it will be
rejected irrespective of how it is transmitted
...
To create
epidemics, it is essential to make sure the message is not lost in
this clutter, and to ensure the message is “sticky
...
The power of context
...
Given that people’s circumstances, or context,
matter as much as their character, a tipping point can be
controlled by altering the environment they live in
...

An example of the tipping point is “broken windows theory
...
In this way, small crimes invite more serious

100 GREAT BUSINESS IDEAS • 83

crimes, spawning a crime wave
...
The “zero
tolerance” approach that targeted minor crime (eg fare-dodging and
vandalism) led to a dramatic fall in crime overall
...


In practice

•
•
•
•

Choose a compelling, attractive proposition or idea to spread
...

Identify and develop links with key contacts—people with
connections (“connectors” or networkers); people with knowledge
and influence (“mavens” such as teachers or journalists), and
people with influence (“salespeople” such as celebrities)
...

Read The Tipping Point by Malcolm Gladwell
...
This can be costeffective and allow firms to take advantage of a specialist company’s
expertise and its economies of scale
...
Out-tasking is slightly narrower—with
very small segments of the production process being taken over,
often on a short-term basis—but still requires mutual knowledge
and communication
...

A specialist company will usually be able to complete the service
more cheaply by negotiating supplier contracts and economies of
scale
...
Quality
can also improve, as the specialist company should know how best
to carry out the task
...
Strict quality management, diligent
research, and attention to ethics are important when deciding which
company to outsource to
...


100 GREAT BUSINESS IDEAS • 85

In practice

•
•
•
•
•
•

Research the people you are outsourcing to—are they trustworthy
and capable? What advantages do they offer?
Be clear about the terms of the arrangement, and put in place a
clear “service level agreement” (SLA) specifying the tasks that
will be performed, how, when, and payment terms
...

Communicate frequently to ensure both parties agree on targets
and strategies
...

In some cases of international outsourcing, research the
economy of the country where you are outsourcing, to ensure
you are paying a fair and living wage to outsourced employees
...
Even if you are not in direct control of them,
you are associated with their organization
...


86 • 100 GREAT BUSINESS IDEAS

37

KEEPING YOUR PRODUCT
OFFERING CURRENT

Maintaining awareness of the latest market news, consumer
concerns, and cutting-edge technologies will stimulate sales and
build a loyal client base
...
Understanding your customer is vital to good business,
but clients are not fi xed in their desires
...

Subaru’s 2006 marketing strategy is an impressive example of
this—every buyer of selected new Impreza, Forester, and Legacy
models received £3,000 worth of free fuel vouchers
...
This deal, not offered by any of its competitors,
connects with the widespread global concern of rising fuel prices
...
By
blending innovation with a willingness to react to the latest market
developments, it is possible for businesses to prosper in volatile
environments
...
What do they
value? What are their concerns? What do they want?
Find out what businesses in other industries are doing to attract
customers
...

Plan a series of product enhancements and sales initiatives
...

Be prepared to test a range of ideas and initiatives
...


88 • 100 GREAT BUSINESS IDEAS

38

EXPERIENTIAL
MARKETING

Holding gatherings to celebrate and promote your product can
be a lively, effective way to get customers involved with and attached
to your brand and services
...
By actively involving customers in an “experiential”
advertising event you differentiate your brand and build strong
customer loyalty
...
Two famous examples of this tactic
are Avon beauty parties and Ann Summers parties, where customers
are invited to become salespeople and sell products to their friends
in the context of a party
...
This creates a feeling of kinship and
humor among customers rather than a feeling of being targeted by
marketing—making them more receptive to purchasing products
...
Branded parties
can simply be an opportunity to create awareness of your brand,
create a buzz around your company, and entice people into buying at
a later date
...


100 GREAT BUSINESS IDEAS • 89

Whether you are using branded parties to build an awareness of
your company, or simply to sell products, they provide an enjoyable
and effective marketing solution
...

Ensure the event is as enjoyable and stress-free as possible, to
allow attendees to form positive associations with your product
...

Be original
...

Consider the tone of the event, taking into account the desires
of the demographic group you are appealing to and the purpose
of the event
...


90 • 100 GREAT BUSINESS IDEAS

39

INFORMATION
DASHBOARDS
AND MONITORING
PERFORMANCE

One of the biggest challenges in business is to avoid information
overload, focusing instead on finding and using the right
information, at the right time
...


The idea
An information dashboard is simply a set of key business
indicators highlighting daily (or weekly) trends in performance
and productivity
...
They enable people to know exactly
where they are compared with the plan, and why
...

HSBC has become more focused on customers and sales, rather
than maintaining a traditional focus (common among banks) on
processes and internal issues
...


100 GREAT BUSINESS IDEAS • 91

Sales dashboards highlight key issues: the number of leads and
their sources (highlighting what to continue leveraging and what
to fi x); the quality of the leads; the effectiveness of salespeople at
using leads and making appointments with customers, and ability
to convert appointments to sales
...

It promotes a sales-driven culture and focus within the team
...


The information provided by dashboards means that managers
know where to focus their support
...

Information from the dashboard approach can be communicated
widely, providing a common language and focus in an organization
...
As well as presenting key messages, themes, and news,
they highlight sales information, which both informs and creates
competition between individuals and teams
...

– What restrictions are there? For example, whether some or
all of the information is confidential
...


•
•

•

•

Generate the right data—find out the best way to acquire
information (eg surveys, telephone calls, meetings, and
interviews)
...
Decisions come down to
judgment, but quantitative statistical methods will highlight
trends and anomalies, while scenario planning, modeling, and
simulation are useful techniques for generating and assessing
the right information
...
It needs to be relevant and
up to date
...
The system
and processes for storing and retrieving information need to be
cost-effective
...
Three tactics are useful: monitor decisions,
act methodically, and manage the constraints (in terms of time,
resources, and other pressures)
...


The idea
Sophisticated laptops, wireless internet, a post-baby boomer
generation demand for a healthier work–life balance, and possibly
a shortage of alarm clocks, have resulted in the demand for flexible
working becoming ever louder
...

Telecommunications company Vodafone made the move to mobility
in 2004, when it revolutionized its headquarters, creating a large,
campus-like design with “break-out spaces where meetings can take
place with laptops and notepads out
...

Vodafone commented, “people can even sunbathe with their laptop
while they work
...
” The Vodafone
scheme has generally been met with company-wide approval, with
improvements in productivity and performance
...
It is
sensible to adapt your organization now to let the social, legal, and
cultural shift toward flexible working begin working for you
...

Flexible working does not mean sacrificing important deadlines
or performance
...

Job sharing, where two or more people are employed in one role
part-time, can provide increased flexibility
...
This can
be met by resistance from senior managers
...
Many workers may be wary of change,
and others may be unsure of how to cope with the new challenges
it brings
...

Flexible working is not suitable for everyone
...

Use it as an opportunity to decrease costs and reduce transport
expenses by holding meetings via telephone and IM (instant
messaging) technology
...


The idea
Do you think you know who the best people are to target with your
marketing? Think again
...

The Polish division of the brewing firm Carlsberg decided to create
a beer to be marketed primarily to women
...
This was a
bold move in an industry that typically focuses on selling to a male
clientele, with advertising campaigns usually centering around
sports sponsorship deals and scantily clad models
...
Marks & Spencer decided to expand into a younger, more
style-focused market, and launched Per Una, a new range of clothes
designed to appeal to women in their twenties and thirties
...


96 • 100 GREAT BUSINESS IDEAS

In practice

•
•
•
•
•

Seek an external view of your market—for example, by talking
to customers, by benchmarking with other businesses, or by
appointing new employees from outside the business
...

Maintain the core principles of your product—while you should
add new selling points to appeal to new audiences, do not discard
your original ones
...

Remember that it can be difficult to move into a new market,
especially if that market is crowded
...


100 GREAT BUSINESS IDEAS • 97

42

VENDOR LOCK-IN

Developing products that are only compatible with other products
in your range shuts out competitors and ensures repeat business
from customers
...
By using vendor lock-in—ensuring
customers are dependent on your products and unable to move
to another vendor without substantial switching costs—you can
achieve this
...

Its razor blade handles are only compatible with its brand of razor
blades; consequently, its razor blades are the primary source of
income
...
Its toothbrushes have an electronic base
that requires a Sonicare replacement toothbrush head, ensuring
customers will return to Sonicare and preventing them from
switching to another manufacturer
...
The higher the switching cost, the less
likely a customer is to switch
...
Many businesses do this: printer
manufacturers like Hewlett-Packard, camera companies such as
Canon, coffee retailers such as Nespresso, all provide proprietary,
reusable components for their products
...
Where many attempts at vendor lock-in fail is viewing the
reusable component as just an add-on
...
It is the product, the
benefit for the customer, and the profit for the business
...

Alternatively, consider making the “base product” expensive to
persuade customers they have made an investment in your brand
and deter them from switching to another company
...

What would they value most?
Offer a range of add-ons compatible with the base unit
...

Be aware that demand for your products will be interrelated—
if demand for one decreases, demand for the partner product
will decline
...
It can be enough simply to persuade your customers
that it will be inconvenient or costly to switch to a new vendor
...
Clearly, this
strategy works best for products that need to be regularly
replaced
...


The idea
In the 1990s, the leader of the video rental market, Blockbuster,
found itself frustrated by never having enough copies of popular
movies in stock to satisfy demand at peak times
...
Consequently,
Blockbuster could not justify purchasing more than ten copies of
a movie, leaving many customers frustrated at being unable to rent
the latest videos
...
Blockbuster was able to break even on a
video more quickly, and able to purchase more copies to satisfy
demand—ensuring high standards of convenience for customers
...
By turning a supply chain into a revenue
chain, Blockbuster had satisfied the movie companies, the customer
base, and its own bottom line
...

Administrative costs should be low so they do not use up the
increased profits from the scheme
...

Use sharp negotiating skills when deciding how much revenue
to share with the supplier
...

Employ reliable market research to gauge consumer demand
when deciding how many units to purchase, following a revenuesharing agreement
...


100 GREAT BUSINESS IDEAS • 101

44

INTELLIGENT
NEGOTIATING

By learning where the pitfalls lie in negotiations, it is possible
to sidestep them and ensure satisfying results that last for all
involved
...
In 1993, HBS made
negotiation a required course in its MBA program, and created a
negotiation department within the school
...
By avoiding them you can negotiate your way to
success
...
If you do not understand the
problems your negotiation partner is trying to overcome, you
will not be able to offer the best solution
...
It is easy to focus exclusively
on price
...

Letting positions drive out interests
...
Rather
than trying to persuade someone to abandon a particular
position, it can be more productive to develop a deal that satisfies
a diverse range of interests
...
Common ground can help
negotiations, but different interests can allow both sides to get
something out of the deal
...
This refers to the “best alternative to a
negotiated agreement”: the options you will be faced with
if the deal falls through
...

Failing to correct for skewed vision
...
Role bias
(the confirming evidence trap) is the tendency to interpret
information in self-serving ways, overestimating your chances
of success, while partisan perceptions (the over-confidence trap)
is the propensity to glorify your own position while vilifying
opponents
...
”

In practice

•
•
•
•

An understanding of others’ desires and perspective is crucial
to being able to persuade them why they should agree to your
proposal
...

Research an individual or company before negotiation
...

Do not feel the need to be overly aggressive
...

Conduct a full analysis of potential agreements that allow both
sides to win, without either party having to accept a loss
...


The idea
A “complementary good” is a product that is often consumed
alongside another product
...
When the popularity of one product
increases, the sales of its complementary good also increases
...

Some products enjoy perfect complementary status—they have to be
consumed together, such as a lamp and a lightbulb
...
For example, although
motorists may seem obliged to purchase petrol to run their cars,
they can switch to electric cars
...
Producers of video games have to ensure
their games are compatible with the latest consoles, while technology
firms have to ensure their software programs are compatible with
the latest computers and operating systems
...
This was taken to a new level in the 2006 World Cup,
when FIFA officials demanded that Netherlands supporters
remove trousers bearing the logo of Dutch beer “Bavaria,” as it was
a rival company to Budweiser, which was a major sponsor
...


In practice

•
•
•
•

•

Be aware of possible future trends in a market
...

Consider timing the release of a new product or marketing
campaign to coincide with an increase in the popularity of a
complementary product
...
If you stop delivering
high standards and reasonable prices, customers will often
develop ingenious ways to find an alternative
...
For example, pretzels go
with beer, but so do many other products
...

Your product does not have to simply complement another
consumer good; it can complement a social event, seasonal
weather, or other factors
...


The idea
It can be tempting when creating an advertising campaign just to
focus on why your product is superior and how you can persuade
customers to purchase it
...
Consequently, they have little interest in an unsolicited,
short statement about why your product is better
...
Creating a marketing
campaign that potential customers find amusing, fascinating, or
heart-warming will help you reach even the most jaded consumer
...
The short clips showed movie
stars unsuccessfully attempting to pitch ideas to an “Orange Film
Commission,” only to be shot down because the movies did not do
enough to promote Orange cellphones
...
” These non-traditional adverts
satirized advertising, while subtly attempting to win customers and
form positive brand associations
...
” Straying from the typical approach of cosmetic companies
using attractive models, Dove encouraged customers to feel happy
about the way they look naturally
...
British
newspaper The Times commented on the campaign: “Dove presents
a refreshing antidote to the jaundiced narcissism of the professional
supermodel hired to sell beauty products
...

So don’t just make your customers feel better about your product:
make them feel better about themselves
...

Consider involving entertainers in your ad campaigns to provide
a memorable comic edge
...

Do not feel pressured to fit your product into conventional
advertising
...


100 GREAT BUSINESS IDEAS • 107

47

INNOVATIONS IN DAY-TODAY CONVENIENCE

Everyday life provides people with a large number of small
challenges
...


The idea
Creating innovative products for day-to-day convenience combines
the financial benefits of being a first mover with the reward of
creating a product that is used every day by many people
...
He worked
with his brother, the chemist Georg Biro, to produce a pen with
a rotating socket that picked up ink as it moved
...

Another example of the drive for everyday convenience is the
BlackBerry device
...
An impressive participant
in the all-in-one convenience trend in modern technology, the
BlackBerry is now a common reference in popular culture and a
favorite of businesspeople across the world
...
Regardless of this, both
Biro and BlackBerry provide an important lesson: push creativity to
its limits and find a way to provide simple, ubiquitous convenience
...

Focus on the time-saving potential of the idea
...

Don’t view things as impossible—consider how you can achieve
things, not whether you can
...

Ensure you patent your inventions as soon as possible
...


The idea
It is one thing to have a well-respected brand
...
Brands that achieve this are known as “lifestyle
brands
...
They can also reinforce consumers’ esteem and
perception of themselves
...
Lingerie retailer Victoria’s Secret sought in its early
marketing campaigns to evoke the British upper class
...

Subcultures—particularly in music and sport—lend themselves
well to lifestyle brands
...
Retailing clothes, wetsuits, surfwear,
and sunglasses, it has created sponsorship deals with 500 board
sport professionals
...
All of this
effort has paid off: it is a market leader in the surfing industry, a
trendy fashion label for surfers and non-surfers, and a member of

110 • 100 GREAT BUSINESS IDEAS

the Fortune 1000
...
Your product need not be sold just
for its functional use: it can be marketed as an entry fee to the life
your customers desire
...

Placement of marketing is vital
...

Sell a range of products involved with the culture—this will
broaden your appeal and increase credibility
...

Elite cultures are also suited to lifestyle brands
...
If you want to market your organization as
an elite sporting brand, remember to actually sell quality
sporting equipment that matches the needs and perceptions of
the target market
...


The idea
In the early 1980s, soft drinks giant Coca-Cola was concerned by
its decreasing market share and rivalry with the soda multinational
PepsiCo
...
Coke was being outperformed
by Pepsi in a series of “blind taste tests
...

It launched “New Coke” with a new and improved taste
...

Thousands of calls were received from people wanting a return to
Coke’s classic product
...
The original Coke was brought back, Coke apologized, and
the lessons were learned
...

Making decisions based solely on the actions of competitors, without
first researching what matters most to customers, can lead to serious
corporate blunders
...

Talk with customers and take every opportunity to engage
with them
...

Use trial launches before significant changes to your product;
this reveals potential customer complaints
...


The idea
How to successfully differentiate your product is a much-debated
issue in marketing and product development departments
...
Consequently, packaging
your product in an appealing and instantly recognizable way
provides a valuable head start in the battle for differentiation
...
It can be recognized without having to see the
product name on the bottle
...
Should customers wish to buy the product
again, they can find it quickly and easily in an array of cleverly
packaged choices
...
By taking design seriously,
it pushed itself further toward pole position in its market
...

Possessing a distinctive design allows people to form emotional
attachments to your product and to use it as a status symbol
...


In practice

•
•
•

•

Pay attention to small details in product design: well-crafted
lines and curves have a subtle impact
...
Products with a design that loosely
mirrors the shape and form of the female body (such as a Coke
bottle) are supposedly more appealing (they may make a talking
point, providing an added dimension to marketing)
...
Managing the
customer experience and designing offices and marketing
campaigns are activities that benefit from good product design to
make these products and services more eye-catching, enjoyable,
and memorable
...


100 GREAT BUSINESS IDEAS • 115

51

MANAGING A
TURNAROUND

Undergoing a corporate transformation is fraught with danger,
but guidelines can be used to make sure that it goes to plan and your
organization gets the most out of the change
...
Amid soaring profits in 1999,
the US Postal Service made an attempt to revolutionize its business
technologically to allow it to compete in a new “wired” era
...
In 2001, the
company was facing a $3 billion loss, motivation was falling, and
the General Accounting Office described the turnaround as having
a “high chance of failing
...
Not missing your moment
...

2
...
Make
sure employees understand how the changes are relevant to the
mainstream operations of the company
...
Telling the difference between incremental improvements and
strategic transformation
...


116 • 100 GREAT BUSINESS IDEAS

4
...
Creating unrealistic expectations is
detrimental to the motivation of employees and managers, and
distracts from the goals that can be achieved
...


In practice

•
•
•
•
•

Help employees deal with the stress they face during the
transformation
...

Create lists of what needs to be done, communicate priorities,
and implement the changes
...

Take control of the situation by asking productive, practical
questions on how to make the transition succeed
...

Diversity is about difference; companies that bring to bear different
experiences and perspectives stand a greater chance of success in an
increasingly global market than those that cannot
...
Embracing a diverse approach helps attract
and retain the most skilled employees, and will allow your company
to benefit from a varied pool of ideas and experiences
...
Diversity also has
strong links with increased productivity, innovative thinking, and
lowered risks
...
J
...
Childs, vice president of the Global
Workforce for Diversity, commented, “Leadership for diversity at the
top remains an IBM tradition
...


118 • 100 GREAT BUSINESS IDEAS

In practice

•
•
•
•

If you have a diverse workforce but a homogeneous group of
top-level decision makers, your organization will not benefit
fully from diversity
...

Find ways to encourage a culture of inclusion, respect, and
communication among all employees
...

Recognize the difference between superficial diversity (eg
differences in gender and ethnicity) and deep-level diversity
(eg differences in knowledge and differences in values)
...


100 GREAT BUSINESS IDEAS • 119

53

BALANCING CORE AND
THE CONTEXT

Core activities are the unique skills that differentiate an
organization from its competitors and persuade customers of its
superiority
...
Getting the balance
right between the two is essential for keeping focused on the right
things—it is surprisingly tricky
...
For example, a core activity for
Microsoft might be its ability to develop new software, whereas
context (hygiene) factors include its ability to process orders and
dispatch products
...

Shareholders typically want to concentrate on core activities, as
these tend to raise share prices
...
Catering to context activities is vital
for remaining in a market, while focusing on core activities grows
business and increases competitive advantage
...
In this way,
you can ensure context activities are being handled competently,
are cost-effective, and are enjoying the economies of scale of a
specialist company
...


120 • 100 GREAT BUSINESS IDEAS

Many companies, including Cisco, Dell, General Motors, IBM,
and Kodak, have outsourced their context processes to allow their
organizations to cope with both core and context demands
...
” Instead of
devoting key employees to working in IT and HR infrastructure,
Sabrix was able to focus talented employees on reaching new levels
in tax research, software development, and customer support: the
core activities for Sabrix
...
Recognize that
some of these activities might be dynamic, moving between
categories
...

Delegate core activities from top management to middle
management, as they will have a better view of market trends
...

Encourage top-level support to outsourcing and managing
context activities
...


The idea
Michael Hammer and James Champy, who helped introduce
business process redesign (BPR), described it as “the analysis and
design of workflow and processes within and between organizations
...

General Motors, one of the world’s largest car manufacturers,
underwent a three-year BPR program to consolidate its multiple
desktop systems into one efficient system
...
Hedeen,
director of desktops and deployment at GM and manager of the
upgrade program, stated that the BPR “laid the foundation for the
implementation of a common business communication strategy
across General Motors
...
GM also
gained heightened efficiency by overcoming incompatibility issues
by using only one platform throughout the entire company
...
This has resulted in a
negative reputation among some, but it is possible to carry out a
BPR program that is sensitive to employee needs and effective for
the business
...


In practice

•

Successful BPR typically includes five stages:
1
...
Analyze
the scope and resources that a redesign requires, and the
structural and organizational challenges that are likely to
be encountered, to decide whether a redesign is appropriate
and viable
...
Creating a comprehensive and structured strategy for your
BPR before undertaking it
...
Redesigning the structure of your primary processes, with a
focus on efficiency
...
Putting in place a management team to direct the process,
oversee the transition, and measure success
...
Implementing and integrating the BPR, successfully
managing the changes that result
...
They are in charge of the success of the project and
are the most unpredictable factor
...
”
Create contingency plans should the BPR have unintended
consequences
...

Do not create unrealistic expectations—be practical about what
BPR can accomplish
...


The idea
As companies grow and establish themselves, they typically acquire
a significant number of assets
...
In this way, a valuable competitive edge can be gained when
entering new markets
...
They
put their large number of core competencies—including call
centers, advanced metering and billing services, and maintenance
vehicles—to full use in a variety of markets, increasing their
efficiency and turnover
...


100 GREAT BUSINESS IDEAS • 125

In practice

•
•
•

Customer loyalty and a trusted reputation are valuable resources
that can ensure your success when deciding to offer new
services
...

Hire specialists with expertise in the market you wish to enter;
just because your firm is successful in one industry does not
guarantee success in another
...
Cross-selling helps to increase the customer’s reliance
on the company and to decrease the likelihood of the customer
switching to a competitor
...
For example, if customers trust a
firm to provide them with health insurance, they may also trust it
to provide car insurance
...

Internet-based travel agent Expedia offers an impressively seamless
and effective example of cross-selling
...
Lowcost European airline easyJet uses cross-selling on its website, for
example, by offering travel insurance to customers in the process of
purchasing a ticket
...
Simple integrated sales pitches can be just as effective
...

Cross-selling is similar to up-selling, although there are some key
differences
...
Up-selling
usually involves marketing more profitable services or products
...


In practice

•
•
•
•

Ensure the profit from the extra items covers the cost of the time
spent selling them
...

Plan which products to offer to which customers
...

Only attempt to sell products that are clearly linked to a specific
purchase the customer has made
...


128 • 100 GREAT BUSINESS IDEAS

57

KOTTER’S EIGHT PHASES
OF CHANGE

An organization undergoing significant changes should
pay attention to eight key steps to avoid the problems that
typically occur
...
By analyzing their triumphs and pitfalls, he identified
a number of commonly made mistakes
...

1
...
Organizations frequently allow high
levels of complacency to develop during times of transition
...
Executives underestimate how
hard it can be to drive people out of their comfort zones
...

2
...
A group of strong, unified
leaders should drive the change process and establish support
throughout the entire organization
...
Create a vision
...

4
...
The strategy and vision for change
must be communicated to everyone involved
...

5
...
If old procedures and
obstacles remain in place during change, it will be demotivating
for employees involved in the effort
...

6
...
Find ways to start the
process and work hard to generate momentum, even in small
ways
...
Accentuate the positive aspects of
the transition
...
Consolidate improvements and maintain momentum
...

8
...
Anchor the changes firmly
in the culture of the organization
...

When planning a change process with these steps in mind, it is
important to allow enough time for the full sequence of events and to
carry them out in the correct order
...
Making critical mistakes in any of
the phases can have a devastating impact, slowing momentum and
negating hard-won gains
...

Create a clear vision of the process, as well as a sequence of
events that will occur, and communicate this throughout your
organization
...

Understand that different types of change processes will require
different skills and attributes, at different times
...

Even successful change processes are messy and do not always
go according to plan—be ready to deal with the unexpected
...


100 GREAT BUSINESS IDEAS • 131

58

BUSINESS-TO-BUSINESS
MARKETING

An organization marketing products or services to other
businesses (to use either in the production of their final products or
to support their operations) is known as business-to-business (b2b)
marketing
...


The idea
Business marketing may appear to be a small niche within the
larger field of advertising
...
Arguably,
the potential of business marketing exceeds that of consumer
marketing: the purchases made by businesses, government agencies,
and institutions account for more than half of the economic activity
in industrialized countries
...


In practice
To achieve success in business marketing, it is useful to understand
how its methods differ from those of traditional consumer
marketing:

132 • 100 GREAT BUSINESS IDEAS

•
•
•
•

With b2b marketing, you are likely to be much more effective
at every stage of the sale if you understand, in detail, your
customers’ priorities, strategy, and business
...

A higher level of specialist industry knowledge is required when
orchestrating a business marketing campaign, to target and
appeal to the individual needs of a niche market
...


100 GREAT BUSINESS IDEAS • 133

59

EMPLOYEE VALUE
PROPOSITION

The struggle to attract bright, talented workers is increasingly
challenging
...


The idea
The balance of power has shifted from employers to employees
...
The internet has made it easier for
potential employees to search for jobs, check expected salary levels,
and find out what it is like to work within a particular organization
...
They no longer provide financial
stability, with many firms unwilling or unable to offer job security
...
An EVP is the benefits an employee can expect to
gain from working with an organization
...
Surprisingly, they were also able to
decrease the amount they paid to employees—organizations with
successful EVPs paid 10 percent less
...
Remember, talented people need organizations
less than organizations need talented people
...

Emphasize the stimulation and value of the work your
organization does, as well as the rewards and opportunities
...

Encourage current and former employees to champion your
organization
...

Fine-tune your EVP for different sections of the job market
...


100 GREAT BUSINESS IDEAS • 135

60

BUILT-IN
OBSOLESCENCE

Before you release a product, create a plan for when and how it will
become obsolete
...


The idea
The theory of “built-in obsolescence” can be described as “instilling
in the buyer the desire to own something a little newer, a little
better, a little sooner than is necessary
...

Obsolescence is the point where a product has become useless—
from being out of fashion, outmoded, incompatible with other
operating systems, or simply expired
...
These two
types are not mutually exclusive—they are often interrelated and
lead to each other
...
It is also possible to trigger
obsolescence to stimulate sales and ensure you remain ahead
of competitors
...
Technology firm Apple
provides an impressive example of this; it frequently develops new
MP3 players that are upgraded in both style and technical features,
making its older products stylistically and technically obsolete
...
For example, by releasing a popular new computer chip
you can trigger the obsolescence of your competitors’ operating
systems
...


In practice

•
•
•
•

Avoid triggering the obsolescence of products too frequently,
as this is often an unnecessary investment and may cause a
consumer backlash
...

Offer long-term warranties on products that will soon become
obsolete—this will reassure customers and it is unlikely the
guarantees will be claimed
...


100 GREAT BUSINESS IDEAS • 137

61

AVOIDING
COMMODITIZATION

When a product becomes easily interchangeable with other
products of the same type, it is said to become a “commodity
...
While
it is believed to increase overall economic efficiency, it can be
difficult for individual companies to handle
...


The idea
A famous example of commoditization is the microchip industry
...
This commoditization altered the nature of
the microchip industry, increasing competition and decreasing
profit margins
...
It decided that the most effective way to avoid
becoming an interchangeable commodity would be to establish
an increased level of customer communication and gratification
...
Harrah’s CEO Gary Loveman commented, “When

138 • 100 GREAT BUSINESS IDEAS

I started, this business was commoditized—you have a big box and
gaming tables
...
”
While commoditization is viewed as the largely inevitable fate of
many products, companies can increase their chances of avoiding it
by differentiating themselves, recognizing when commoditization
is about to occur, and taking steps to ensure their product remains
on the cutting edge
...

Ensure that some aspect of your product remains specialized,
unique, and valuable for your customers
...

Utilize intellectual property protection laws, and create products
or services that cannot be easily mimicked by competitors
...

Researchers at Gallup identified several variables that, when
satisfied, form the foundation of strong feelings of engagement
(see www
...
com)
...
These questions, known as the Q12, measure those factors
that leaders, managers, and employees can influence
...


In practice
To succeed, it is best to work with a business that possesses
experience of administering and delivering Gallup’s Q12 and can
advise on the key issues
...
Consider them either for you or for your
team, and rate your response to each question on a scale of 1 (low)
to 5 (high)
...


The idea
A personable and hands-on style of management, MBWA advocates
walking around departments, talking with employees, and casually
observing the process of work
...
While
it normally accompanies an “open door” management approach,
MBWA involves many more proactive elements, such as seeking
problems through casual observation and discussion rather than
waiting for employees to report them
...

MBWA revolutionized the “ivory tower” approach of many managers
and was soon adopted as part of the Hewlett-Packard (HP) Way—the
open management style of successful technology business HewlettPackard
...

Care should be taken to ensure that employees do not view efforts
at increased socialization and observation as an attempt to “spy on”

142 • 100 GREAT BUSINESS IDEAS

or pick fault with their work
...
The solution is simple: be
genuine in your interest and involvement
...

Blindingly obvious common sense? Yes
...
Frequently
overlooked and neglected? Yes
...

Take advantage of natural opportunities to socialize, such as in
communal office spaces and over drinks
...

Provide practical support and be dependable, fulfi lling any
promises
...

Use MBWA as an opportunity to communicate, explain,
encourage, discuss, and decide
...
They
are responsible for enacting company policy and it is important
to be aware of their strengths and weaknesses when deciding on
company strategy
...
Use this information to target
them precisely at key points in their everyday lives
...

ABN, a bank wishing to court wealthy Dutch customers, created
a lounge at Amsterdam’s Schiphol Airport for the exclusive use
of its Preferred Banking clients (account holders with savings or
investments exceeding €50,000, or a monthly income exceeding
€5,000)
...

With this project, ABN showed a clear understanding of precision
marketing:

•
•
•
•

Who its customers were: comfortably wealthy individuals traveling
from the Netherlands
...

When they wanted it: between 6 in the morning and 10 in the
evening, when the majority of flights depart and arrive
...


144 • 100 GREAT BUSINESS IDEAS

What makes precision marketing special is its ability to reach its
target audience and to meet their preferences in a memorable way,
promoting a robust product that can withstand competitors
...
Precision is
the vital element of precision marketing!
Hold brainstorming sessions where each of the “four questions”
of precision marketing are considered in depth
...

Find ways to enhance your marketing and your offer
...


100 GREAT BUSINESS IDEAS • 145

65

BRANDING

The creation of a powerful and well-respected brand is the
key to increasing market share and company value
...
Their features include reputation, trust, loyalty, and
understanding among customers
...
Customers
know they can expect certain values associated with brands
...

Brands are complex assets
...
” This concept of brand
personality highlights their power
...
The advantages of
trusted brands are clear:

•

Pricing
...
This derives from the element
of trust that a brand provides
...


146 • 100 GREAT BUSINESS IDEAS

•
•

•
•
•
•
•
•

Distribution advantages
...
Distributors are more
receptive to a new product from an established brand
...
The RollsRoyce brand has a stately identity and is associated with values
of craftsmanship, tradition, and prestige; Volvo has a different
brand identity, with associated values of safety, functionality,
and family orientation
...

Brands help to build customer loyalty, because of the trust and
affection they generate
...
”
Brands provide opportunities to open up new market segments
...

A strong brand enables products to overflow from one geographic
market into another
...

Brands can extend the life of a product
...
For example, Danish
toy maker Lego produces toys linked with movies
...
The brand manager is often
directly responsible for what the product offers, as well as how it
appears to the customer
...
Is it to provide
reassurance, to enable a premium price, or to create a desire to
buy? Understand what benefits the brand offers customers, and
how reliable and trustworthy it is
...
Ensure the tone of marketing is commensurate with the
brand values and target market
...

Conduct an audit of the brand to determine how strong it appears
to customers
...

Ensure there is sufficient investment in the brand, and
discover how the brand can be strengthened
...


148 • 100 GREAT BUSINESS IDEAS

66

EMPOWERMENT

When employees at all levels of a company are empowered to make
the decisions they feel are necessary, individual job satisfaction,
corporate efficiency, and productivity soar
...
Such
empowerment releases the creative power of a team; given the right
work environment and level of responsibility, people will make a
much greater positive contribution
...
Leaders need to set a clear, unambiguous
direction and to ensure that people remain on course, by offering
support without taking over
...

Letting those team members closest to customers take decisions
themselves
...

Encouraging and enabling people to put their ideas for
improvement into practice
...


100 GREAT BUSINESS IDEAS • 149

Employees were trusted to use their initiative and to access a small
budget to ensure customers’ specific needs and preferences were
met
...


In practice

•
•
•
•
•
•
•
•

Understand what you mean by empowerment and what you
want to achieve
...

Communicate your ideas and win support
...

Ensure that your people have the necessary skills, resources, and
attitudes to take control
...
Empowerment is
not about dumping work on people and leaving them: it requires
support and agreement
...

Try to secure early “wins” and successes that highlight the value
of the process
...


The idea
Diageo was created following the 1997 merger between Guinness
and GrandMet FMCG
...
Overwhelmingly, the response was
to “blow up the budget
...

There was little benefit for the shareholders in this detailed process
(which is typical of many corporations)
...

There was a feeling that something had to be done—people were
wasting too much time and money
...

Move to an integrated strategic and annual planning process
built around key performance indicators (KPIs) and, crucially,
rolling forecasts
...


This ensured that people at every level and position had relevant
metrics—measures of their individual and team performance—
while giving the board the right information
...

Diageo preferred performance indicators that were externally oriented
and forward-looking, rather than historical or internally focused
measures
...

The previously unsung talents of finance experts made this
inevitable: they had more to offer than simply tallying past events
...


In practice

•
•
•
•

Consider moving to a rolling budget, rather than a massive
annual upheaval
...
Regularly review the issues
that have a major impact on your business, such as number
of customers acquired or lost, marketing effectiveness, and
employee engagement and productivity
...

Look outside the business for information, ideas, and insight
...


152 • 100 GREAT BUSINESS IDEAS

68

THE BUYER’S CYCLE

To understand how to influence someone or to sell an idea,
it is essential to know how people buy
...


The idea
One of the factors behind the success of businesses such as Dell is
their ability to understand their customers
...
Understanding buyers’ attitudes will enable you to
influence behavior more easily and effectively
...


In practice
Focus on each of the stages in the buyer’s cycle
...
Increase awareness
...
This provides
a feeling of familiarity, comfort, or intrigue
...

The potential market size at this stage is 100 percent
...
Provide information
...
Their interest may vary from a passing
100 GREAT BUSINESS IDEAS • 153

willingness to find out more, to a passionate need to explore
the offer
...
Inevitably, the
market size will have shrunk as some “aware” customers fail to
pick up the information, through either choice or circumstance
...
Help customers prioritize
...
For example, they may
consider whether this is something they want to buy now, at
this price, and in this form
...

Clearly, some people will not make the move from having the
information to making a purchase
...
Help customers purchase
...
It is important to
enable the buyer to move as easily as possible through the process
...

5
...
This is a stage that is
often forgotten, hidden in the shadow of the purchase
...
If they don’t, then the product may be
returned, customers may stay away in future, and the resultant
poor publicity and a declining reputation are likely to adversely
affect future sales
...
Promote reuse
...
This generates additional revenue
at a higher margin (without the cost of customer acquisition)
and highlights customer loyalty to the product, resulting in a
stronger sales process
...
Encourage advocacy
...
Advocacy increases awareness of the product or
business and feeds back to the first stage of the process
...
Dell rose to be the best-selling computer supplier in the
world by tailoring products to each individual need in a way that
customers valued
...


The idea
Dell believes that by selling computer systems directly to
customers it can best understand and meet their needs
...
The direct
model also allows the company to build every system to order at
competitive prices
...
Dell’s strategy was to provide
good-quality personal computers at low (but not the lowest)
prices, backed up with friendly and reliable aftersales service
...
Large
amounts of advertising were placed in new (and unfashionable)
magazines read by computer experts, raising the business’s
profile with this key group
...
The Dell phone representatives were highly skilled,
trained to ask questions and to listen to customers, recording

100 GREAT BUSINESS IDEAS • 155

their preferences and requirements in detail, and then acting
on them
...


In practice
Adopt a singular focus on the customer by following four
principles
...
Finding the most efficient path to the customer
...
Also, organize your
business around customers who share similar needs
...
Making things easy—and being accountable
...

3
...
The result is less
cost for you, and potentially more business from your client
...
Being a low-cost leader
...
The result is improved
customer service, a better price for the customer, and higher
margins for you
...


The idea
Tesco, one of Britain’s most successful retailers, employs people of
different age groups so that their workforce is more representative
of society as a whole
...

The contemporary workplace contains four age groups:

•
•
•
•

Silent veterans over 64 years old
Baby boomers aged 45–63
Generation Xers aged 30–44
...


Age-sensitive management suggests that these different groups have
different expectations, and therefore require different management
techniques and performance-based incentives
...
With an
aging workforce and shifting demographics, the manager who can
motivate regardless of age has a significant advantage
...
The key is certainly
not to discriminate on the basis of age, but rather to be sensitive to
the attitudes of all your employees
...


•
•
•

•

Silent veterans tend to have the most traditional ideas of
interaction, favoring formal contact and face-to-face meetings
...

When managing baby boomers, clearly define goals and break
down the process into a series of individual targets
...
Rewards should
be public, with noticeable displays of recognition
...
Keep channels of communication open to
allow ideas, opinions, and feedback to be discussed in a candid
and honest way
...

Generation Y should be given plenty of opportunities to build
their skills and experience—view yourself as both an instructive
guide and a boss
...

Communication should be informal and positive
...
Creating an environment in which these needs are met
results in enthusiastic employees
...
This research suggests that
there are three primary sets of goals for people at work (this is known
as “three-factor theory”): equity, achievement, and camaraderie
...
Also, these
goals have not changed in recent times, and cut across demographic
groups and cultures
...


In practice
Meeting the goals of equity, achievement, and camaraderie is the
key to high morale and engagement, and is a condition for longterm success
...

Equity
...
These basic conditions are:

100 GREAT BUSINESS IDEAS • 159

•
•
•

Physiological—such as having a safe working environment or
manageable workload
...

Psychological—being treated consistently, fairly, considerately,
and with respect
...

For example, people ask themselves, am I being treated fairly in
relation to my peers and colleagues?
Achievement
...
Sirota Consulting’s research suggests that
this sense of achievement has six primary sources:

•
•
•
•
•
•

The challenge of the work and the extent to which an employee
can apply his/her skills and abilities
...

Ability to perform—and possessing the resources, authority,
information, and support to do the job well
...

Recognition for performance—this is non-financial as well as
financial
...


160 • 100 GREAT BUSINESS IDEAS

Camaraderie
...
The most
significant aspects of camaraderie are:

•
•
•
•

Relationships with coworkers
...

Teamwork across departments in a specific location
...


Equity is the most important factor in shaping employee
engagement
...

Employee morale is a function of the way an organization is led,
and the way that leadership is translated into daily management
practices
...
Finally, success breeds success,
as morale drives performance and performance enhances morale
in a virtuous cycle
...
2 billion and rising
...
Recognizing that
commerce can have a respectable, positive, and valuable role
supporting people of faith is increasingly significant
...
Meeting these needs in the complex, fast-moving world of
the early twenty-first century is a challenge, but also a significant
opportunity
...
From the Shariah
perspective it is needed because, although conventional insurance
exists to protect customers, the way it operates poses problems
...
These include: gharar (uncertainties), maysir
(gambling), and riba or usury (interest)
...
It has a range of negative connotations
encompassing uncertainty, deception, ambiguity, and ignorance
...


162 • 100 GREAT BUSINESS IDEAS

In conventional insurance, Muslim jurists believe that the existence
of gharar (uncertainties) leads to maysir (gambling)
...
Gambling takes place whether the insured event occurs or
not
...

Riba (interest) is most prevalent in the investments of insurance
funds
...
Therefore, the investments of insurance
funds in interest-bearing securities such as bonds and stocks, which
do not comply with Shariah principles, pose a major problem for
Muslims purchasing conventional insurance
...
Takaful means “guaranteeing each other” in Arabic
...
Tabarru contributions are made with the
intention of helping other participants faced with difficulties
...

Each participant contributes to a fund to cover expected claims,
while also benefiting from a share of investment returns
...
Participants share in the profits
of the fund with the understanding that these may be forfeited to
cover losses
...
With takaful,
contributions are pooled into one fund that will be used to pay for
any contingency should any of the scheme’s members suffer a
catastrophic loss
...


In practice
Takaful insurance is growing rapidly in the Muslim world, as
financial service firms recognize that sound financial management
and religion are compatible, and possibly even complementary
...
The question is, why is it
taking so long for firms to realize the opportunities here? Businesses
not only make a profit but help people in a positive, socially
responsible way as well—by supporting their personal faith
...
Practiced by many organizations worldwide, these are an
indispensable way to build teamwork, productivity, and effectiveness
at work
...
Each individual takes a turn
for ten minutes or so explaining a challenge or issue that they face
...
This
should be done without prescribing a solution; the key is to support
the individual and challenge their thinking and assumptions
...
Support and challenge
groups work for several reasons:

•
•

Speaking about an issue or challenge can help provide
perspective and clarify the issues, even without the comments
of colleagues
...

Either way, the involvement of others is helpful
...
Being aware of common issues encourages
people to collaborate more
...


In practice

•
•
•
•
•

Gather together a group of colleagues, explain the concept
(to provide support and challenge each other’s thinking), and
arrange to meet regularly
...

Ensure that the speaker is heard in silence, without
interruption
...
A questioning
approach is particularly effective
...


166 • 100 GREAT BUSINESS IDEAS

74

CLEAR STRATEGY

Developing strategy is often over-elaborate and over-complicated
...
It involves tough
choices in three areas: who to target as customers, what products
to offer, and how to implement the strategy efficiently
...


The idea
The importance of making clear choices in the three elements
of strategy—who to target, what to offer, and how best to implement—
is best shown by the example of Nespresso, a simple-to-use espresso
machine developed by the Swiss giant Nestlé
...

After several years of limited success, a new strategy improved
profitability
...
The coffee side of the operation was separated
from the machine side, with the machines being made and sold
by other companies
...
The target customer
was changed from offices to households, and the sales process was
managed exclusively through the Nespresso Club (by phone, fax, or
website, with capsules shipped direct to the customer)
...
Create a unique strategic position for your company
...
(Do not confuse strategy
with vision, mission, or objectives
...
Make distinctive and meaningful choices
...
Common
mistakes include keeping options open, enabling people to
ignore choices, an approach to achieving growth that forces
people to ignore the firm’s overarching strategy, and analysis
paralysis
...
Understand the importance of values and incentives
...

By influencing behavior, these will affect the success of your
strategy
...
Gain people’s emotional commitment to the strategy
...

5
...

Explain why the strategy is important to the organization and
the individual
...
Do not overlook the knowing–doing gap
...

7
...

Ideas can come from anybody, anytime, anywhere
...
Keep your strategy flexible
...
Continually
reassess the answers to the “who, what, and how” questions
...

So allow your people to respond and to adjust, without waiting
for permission
...
The essence of strategy is to choose the one position that
your company will claim as its own
...


100 GREAT BUSINESS IDEAS • 169

75

SIX-HAT THINKING

“Six thinking hats” is a powerful technique created by Edward de
Bono
...


The idea
Many successful people think from a rational, positive viewpoint
...
Conversely, pessimists can be excessively
defensive, while emotional people can fail to look at decisions
calmly and rationally
...


In practice
Adopt a different hat based on your situation and priorities
...
White hat
...
Look at the information
you have and see what you can learn from it
...

2
...
Look at problems using intuition, gut reaction, and
emotion
...

3
...
Look at all the bad points of the issue, trying to see
why it might not work
...
This helps to make plans more resilient
...

4
...
This requires thinking positively and optimistically,
helping you to see the benefits of the decision
...

5
...
This involves developing creative solutions
...

6
...
This emphasizes process control, and is exhibited by
people chairing meetings
...


100 GREAT BUSINESS IDEAS • 171

76

BUILDING BUSINESS
RELATIONSHIPS

By giving greater priority to the quality of relationships internally
with colleagues and externally with customers and others,
businesses will prosper
...
Optima
is a business based in London that helps individuals to improve
leadership skills, and organizations to improve the way they do
business
...
” Optima’s success
highlights the value and appeal of its approach
...

Building business relationships is an obvious yet difficult task
to achieve, requiring productive, open, supportive, and assertive
relationships, both inside and outside the organization
...


In practice
How can you develop trusted business relationships? Most of us
are taught the answer when we are children; we just seem to forget
the essentials as we grow older
...
Be supportive, open, positive, empathic,
constructive, and engaging—not simply “friendly
...
Be challenging, in control, confident, strong,
authoritative, and direct
...
Combine appropriate levels of challenge
and support
...
Be open and genuine, and listen in a way that seeks
mutual benefit
...
Be diligent and consistent, acting with integrity
and sincerity:
– Deliver what you say you will and treat others as you would
wish to be treated
...

– Understand and trust yourself
...

– Show commitment and value reciprocal relationships
...

– Consider why people should (or do) respect you
...

– Remember that trust is time-sensitive and fragile—it takes
time and attention to develop
...

– Show your passion
...
”

The idea
Nokia, the world-renowned cellphone technology company, was, in
the late 1980s, a nearly defunct diversified conglomerate, mostly
known for its rubber and tissue products
...

By the end of 1996 Nokia Group was the global market leader in digital
cellphones, and one of the two largest suppliers of GSM networks
...

On the cellular network side, Nokia was also setting the pace with
solution-oriented customer services, thus raising the competitive
threshold
...

However, Nokia kept pace with this change, creating phones that
were internet-ready, and helped create the now ubiquitous mobile
information culture
...
It is a collective
learning process and the key point is whom we should discuss
a new piece of information with, to augment it and give it more
meaning than it had originally
...

With this collective learning process we are all on the same
wavelength and we can act very fast when needed
...

Clearly this is vital for a business in an industry as new and fast
moving as cellphone technology, but the Nokia approach—applied
throughout the business—highlights the value of moving from
information to knowledge
...

Hold regular discussion groups consisting of people working at
all levels inside the company as well as external experts
...

If it is decided that the company should bring in new policies or
move in a different direction, then brainstorm the workability
and practicality of these changes
...


100 GREAT BUSINESS IDEAS • 175

78

MICROFINANCE

Microfinance is the business of lending small sums of money to
entrepreneurs in the developing world, recognizing the ingenuity
and commercialism of some of the world’s poor
...
This leads to the
development of a product or to the realization of an idea
...
This lending process stimulates a self-sustaining cycle
of wealth creation
...
Times have changed,
and many organizations can now see the commercial, economic,
and humanitarian value of this activity
...
In
the view of Rupert Scofield, executive director of FINCA: “My hope
is that this type of program encourages people to be honest, treat
each other with respect, and succeed
...
”
Founded in 1984, FINCA (the Foundation for International
Community Assistance) is a non-profit agency that pioneered
microfinance—or “village banking
...
In encouraging responsibility and
generating greater participation in society, it delivers other benefits,
such as greater political, social, and economic stability
...


The idea
By the end of 1999, significant problems emerged at US technology
giant Xerox
...
These issues combined with regulatory and liquidity
challenges to bring about a massive decline in revenues, the
departure of customers and employees, and debts of $19 billion
...
The business had
doubled its share price by 2006, reduced costs by $2 billion, and
achieved profits of $1 billion in 2005
...

The key was to win back market share with a competitive range of
new products
...
Create a culture of good critics, and be aware that
managers can become out of touch, even within their own
organization
...

Recognize the need to be “problem curious,” constantly looking
for ways to differentiate and improve
...
People value a guiding light, as it provides certainty
...
In 2005, two-thirds of Xerox’s
revenues came from products launched within the previous
two years
...

Manage cash
...
A business relies
on its people—and people need to be aligned around a common
set of goals and plans
...


The idea
A British innovation company, ?What If!, shows clients how to make
their organizations more innovative
...
Two
key, but separate, processes are needed for innovation:

•
•

Idea building, where people propose ideas and then develop and
nurture them
...


Companies that struggle to be innovative often do so because
ideas get stifled in their infancy by an excessive rush to judgment
and analysis
...
Innovative
organizations also have a general environment and culture that
values and fosters innovation
...
Consciousness
...

2
...
Teams and groups contain a wide and creative mix
of skills, experiences, backgrounds, and ideas
...
Connectivity
...

4
...
Doors and minds are open; everyone in the
organization has access to resources, time, and decision
makers
...
Consistency
...


100 GREAT BUSINESS IDEAS • 181

81

RESOURCE BUILDING

The key to success lies in viewing the essentials of business (such
as people, customers, cash, ideas, skills, reputation, and others) as
resources that accumulate or decline
...


The idea
Resources interact and interconnect
...

In The Critical Path and Competitive Strategy Dynamics, Professor
Kim Warren of London Business School explains that the
greatest challenge facing managers is understanding and driving
performance into the future
...
The ‘critical path’ is the journey
the business takes as it builds resources and tackles the strategic
challenge of developing future performance
...
To overcome the formidable
advantages of Xerox, the market leader, Canon focused on building
tangible and direct resources (such as customers, products,
distributors, and cash) and intangible, indirect resources (such as
brand reputation)
...
Canon’s approach meant Xerox
failed to sustain its competitive advantage
...


In practice
Three basic issues need to be addressed: why performance is
following its current path, where current policies and strategy will
lead, and how the future can be altered for the better
...
Identify resources and understand how they behave
...
Consider the
following questions:
– What are the
organization?

most

significant

resources

in

your

– How many of these resources do you have?
– How do they interact and affect each other? In particular, how
do they affect the quantity and quality of other resources?
2
...
Understand how resources affect performance
...
Develop new resources in your business
...
Recognize the outside forces driving resource flows
...
Understand and leverage interdependence between resources
...
Upgrade your resources
...


184 • 100 GREAT BUSINESS IDEAS

82

BUILDING TRUST

Trust is an essential aspect of business, notably when leading
people, selling to customers, or building the long-term reputation
and value of an enterprise
...
However, increased profitability
is not the most compelling reason to build trust
...
As businesses have discovered,
when trust is undermined, there is a high cost to pay
...
It produces high-quality
fruit drinks and smoothies with a passion, professionalism, and
good humor that invite trust
...
Like
many trusted leaders, the executives at Innocent Drinks do not
spend much time focusing on trust
...
This avoids the paradox of trust, where the more
it is discussed, the weaker it becomes
...


100 GREAT BUSINESS IDEAS • 185

The most popular attributes are fairness, dependability, respect,
openness, courage, unselfishness, competence, supportiveness,
empathy, compassion, and passion
...

There are several practical steps to developing trust, but the most
fundamental one is to be genuine: you have to mean what you say
and be sincere in your approach
...

Create an atmosphere and expectation of trust by trusting
others
...

Give constructive feedback by clearly identifying the behavior
that you are giving feedback on (focus on the behavior, not the
person)
...

Treat others as you would wish to be treated yourself
...

Be dutiful, diligent, and consistent
...


186 • 100 GREAT BUSINESS IDEAS

83

EMOTIONAL
INTELLIGENCE

Emotional intelligence (EI) is a person’s ability to acquire and
apply knowledge from their emotions and the emotions of others, in
order to be more successful and lead a more fulfilling life
...
Building on the work of Howard Gardner
and Peter Salovey, he highlighted the fact that EI is evident in five
key areas:

•
•
•
•
•

Knowing one’s emotions
...

Motivating oneself
...

Handling relationships
...
In times
of change, pressure, or crisis, possessing EI is advantageous, as
success is determined by recognizing, understanding, and dealing
with emotions
...
EI enables us to sense and use emotions, helping
us to manage ourselves and influence positive outcomes in
our relationships
...
Succeeding with EI is achieved by heightening
ability in the following areas:
1
...
Despite the fact that our moods run alongside our
thoughts, we rarely pay much attention to the way we feel
...

2
...
All effective leaders learn to manage their
emotions, especially the big three emotions: anger, anxiety, and
sadness
...
Motivating others
...

4
...
The flip side of self-awareness is the ability to
correctly understand, and adjust to, emotions in others
...
Staying connected
...
Goleman
refers to this as a “secret economy,” and it holds the key to
motivating people
...

At the bottom of Goleman’s hierarchy (1) is the ability to identify
one’s emotional state
...
Likewise, knowledge or skill in the
first three competencies is needed to show empathy, reading and
influencing positively other people’s emotions (competency 4)
...

188 • 100 GREAT BUSINESS IDEAS

84

THE BALANCED
SCORECARD

In The Balanced Scorecard Robert Kaplan and David Norton
highlight several ways entrepreneurs can increase the longterm value of their business
...


The idea
The balanced scorecard approach enables managers to generate
objectives in four business areas, providing a framework for
action, with progress being regularly assessed
...
This presents a balanced picture, and
highlights specific activities that need to be completed
...
The three
“soft,” quantifiable operational measures comprise:

•
•
•

Customer perspective—how an organization is perceived by
customers
...

Innovation and learning perspective—those areas where an
organization must continue to improve and add value
...
Exxon moved from last to first in
profitability within its industry from 1993 to 1995—a position it
maintained for four years
...
Both organizations attribute a significant
element of their success to the balanced scorecard
...
However, the main stages
involved are as follows:
1
...
The first requirement is to
clearly define and communicate the strategy, ensuring that
people have an understanding of the strategic objectives or goals,
and the three or four critical success factors that are fundamental
to achieving each objective or goal
...
Deciding what to measure
...
Examples for each are shown opposite
...
Finalizing and implementing the plan
...
This is
the real value in the approach: deciding what action to take to
achieve the goal
...
Communicating and implementing
...


190 • 100 GREAT BUSINESS IDEAS

THE BALANCED SCORECARD
Perspective Typical goals
Financial

• Increased
profitability
• Share price
performance
• Increased
return on
assets

Customers

• New customer
acquisition
• Customer
retention
• Customer
satisfaction
• Cross-sales
volumes

Internal
processes

• Improved core
competencies
• Improved
•
•

Innovation
and
learning
perspective

critical
technologies
Streamlined
processes
Improved
employee
morale

• New product
development
• Continuous
improvement
• Employees’
training and
skills

Typical measures

• Cash flows
• Cost reduction
• Gross margins
• Return on capital/equity/
investments/sales
• Revenue growth
• Payment terms
• Market share
• Customer service and
satisfaction
• Number of complaints
• Customer profitability
• Delivery times
• Units sold
• Number of customers
• Efficiency improvements
• Improved lead times
• Reduced unit costs
• Reduced waste
• Improved sourcing/supplier
delivery
• Greater employee morale and

satisfaction, and reduced staff
turnover
Internal audit standards
Sales per employee

•
•
• Number of new products
• Sales of new products
• Number of employees
receiving training
• Outputs from employees’
training
• Training hours per employee
• Number and scope of skills
learned

100 GREAT BUSINESS IDEAS • 191

5
...
While everyone should
understand the overall objectives, deciding who should receive
specific information, why and how often, is also important
...
Use the information to guide decisions,
strengthening areas that need further action, and using the
process dynamically
...
Reviewing and revising the system
...
The best way to tell
whether the balanced scorecard is working for your business
is to set higher measurement goals every year, and continue to
meet them
...
If you can get everyone in your organization
to view their work from the point of view of the consumer, your
business will be more effective and likely to succeed
...
The challenge is to overcome the
inertia of previous attitudes and to instill a new sense of energy and
a focus on the customer
...
It has become one of the
world’s 20 largest corporations, and since 2004 has been striving to
achieve organic growth, largely by focusing on current and potential
customers (rather than through acquisitions or improving business
processes)
...
Several factors are prominent in its move to a greater
sales focus:

•

Proactively manage performance
...
Help individuals to achieve their
potential; if you need to change the people you have in the
business, do so
...
It informs
decision making and shows people the indicators and issues that
they need to focus on
...
This will ensure the basics are
being covered, while emphasizing what matters and providing a
framework for action
...
Relationship management is central to a sales
culture because it leads to greater understanding of customers
...

Segment your customers
...
This is important in competitive, fast-moving markets,
and ensures offers are more likely to appeal because they are
matched with the right customers
...

This is hard to achieve because it relies on the other stages
being accomplished first
...

Display strong leadership
...


194 • 100 GREAT BUSINESS IDEAS

86

MARKET SEGMENTATION

Market segmentation involves analyzing groups of current and
potential customers
...


The idea
A senior marketing colleague once remarked that he wanted to see
“all of our customers broken down by age and sex,” until I pointed
out that most of them were already
...
This enabled him to match products with customers, as
well as informing his thinking about many other issues: from
new product development to pricing and distribution
...

Many industries and businesses are improving their market
segmentation, for example, by using psychographic profi ling that
divides customers into “groups” according to personal needs,
preferences, and lifestyle
...
The business of lending money is difficult: match the wrong
loan or product to the wrong people, and either you miss a sale or
they default
...
This has the great benefit of increasing marketing efficiency
...

The key to segmentation lies in highlighting differences and
specific characteristics: this requires clarity and insight
...

Segmentation needs certainty
...
However,
these can be mistaken and a key element in successful
segmentation is analysis: understanding how something is, and
why it is that way
...
This spirit of audacity can
be developed, with insightful leadership
...
Difficult trading and environmental conditions instilled
determination and resilience in managers at SABMiller, one of the
world’s largest brewers
...
They were ingenious, flexible, determined, and prepared
not to follow convention
...
Although these developing economies represent
attractive growth markets now, the fact that SAB had a culture of
taking on challenges meant that it could go there first and achieve
considerable success
...


In practice

•

Find the dangerous edge
...
Understanding where this point is will increase confidence

100 GREAT BUSINESS IDEAS • 197

and your ability to avoid disaster
...


•
•
•
•

Be supportive
...
Start
by accepting and explaining the risk, but finish by emphasizing
strengths and visualizing success
...
Gradually build confidence in steady
increments
...
Being good at a wide range of relevant
tasks will help build confidence, especially in complex situations,
and promote success
...
These include heightened awareness and
concentration
...


The idea
Many businesses have either failed or not realized their potential
because they were divided by rivalry and did not adequately serve
customers
...

In 2001, GE Medical Systems (now GE Healthcare) started
providing consultancy services (known as Performance Solutions)
to complement its sales of imaging equipment
...
Its response was to alter its approach, to be more
customer-centered, and to change the sales organization
...
This can
be done in three ways: sharing information, especially about
customers; sharing people and skills; and, as far as possible,
making collective decisions
...
The key is to overcome traditional divisions
...
Metrics encourage customer-focused decisions
...

Develop cooperation by changing the structure and approach
of specific teams
...

Build cross-business skills and capabilities
...
These
people should be developed and programs implemented to help
them gain and develop their cross-business expertise
...
There is no substitute
for the “soft” skills of rapport, understanding, and trust
...


200 • 100 GREAT BUSINESS IDEAS

89

SELLING ONLINE

Selling online is a fast, flexible, and highly effective way to reach
customers and increase revenues
...
What are the lessons, and how can a
business increase online sales?

The idea
Meeting the challenges of selling online and integrating online
activities with the whole business is essential for success
...
The balance of power is continuing to shift decisively to the
customer
...
The internet is revolutionizing sales techniques and perceptions
of leading brands
...
The pace of business activity and change has been accelerating,
and the need to be flexible, adaptive, customer-focused, and
innovative is at a premium
...
Competition is intensifying
...
Managing and leveraging knowledge is fundamental—
knowledge is a key strategic resource that needs to be captured,
nurtured, and developed
...
Companies are transforming themselves into extended
enterprises to add value for customers
...


100 GREAT BUSINESS IDEAS • 201

7
...

Online selling is immediate, and enables businesses to reduce
costs, while improving marketing effectiveness
...


In practice
Several fundamental steps will enhance online sales
...

Ensure that your internet selling strategy is all-embracing
and dynamic, continually evolving, and learning from past
experience
...

Ensure that your website is sticky and compelling
...

Focus on flexibility and personalization so that customers are
empowered to buy exactly what they want, their way
...


202 • 100 GREAT BUSINESS IDEAS

•
•

•
•
•

Plan and prepare for the benefits of an internet sales
strategy, so that you avoid investing too much, too little, too late,
or too soon
...
Enable customers to move in a
seamless flow, with simple decisions and preferences included in
the process, so they can make decisions and express preferences
during the process
...

Ensure that your website is competitive: to achieve this it needs to
provide an experience for the customer that is simple, interactive,
engaging, and compelling
...
The advantage of
this is that it can be a two-way process
...


100 GREAT BUSINESS IDEAS • 203

90

VALUE INNOVATION

When firms compete, they tend to become locked in a cycle of
incrementally improving a combination of costs, product, and
service
...


The idea
Pioneered by W
...
For example, for many years,
American TV networks used the same format for news programs:
they aired at the same time, and they competed on the popularity
and professionalism of their presenters and their ability to report
and analyze events
...

Similarly, in 1984 Virgin defied convention when it decided to
eliminate its first-class service
...
It used the money
saved from first class to provide a range of popular innovations,
from better and different lounges to improved in-flight amenities
...


204 • 100 GREAT BUSINESS IDEAS

In practice
Underpinning value innovation is the ability to redefine a business
strategy based on an understanding of customers
...

Challenge and overcome industry assumptions
...

Adopt a questioning approach
...
Monitoring competitors is good, but avoid the
trap of competing with them on their (or the industry’s) terms
...
Aim high, and competitive strength will follow
...
While many people insist segmentation
provides greater understanding of customers, enabling them
to be served better, value innovators build scale by focusing on
the features that unite customers
...

Do not be constrained by existing resources
...

Think laterally
...


100 GREAT BUSINESS IDEAS • 205

91

TALENT MANAGEMENT

Whatever your business, having the right people in the right roles
is essential for success
...


The idea
Good people are hard to find, and during a time of declining population,
notably in developed Western countries, it is becoming harder and more
competitive to find talented people
...

Nurturing, developing, and retaining the most talented people requires
specific, in-depth skills and expertise
...
The challenge was to develop
new products and services, cross-sell to clients, and expand into new
markets
...
Centers of excellence were introduced,
where experts devised leadership development tools and programs,
which were taken into each business unit to provide training and
development to individuals
...
The skills that emerging leaders would need were
explained and individuals were helped to develop those skills
...


206 • 100 GREAT BUSINESS IDEAS

In practice
Addressing questions in several key areas will help you focus on
talent management within your organization:

•

•
•
•
•
•
•

Corporate culture
...
How do you identify and select the
right people? Do you clearly understand the skills and experience
required now and in the future, and do you get the best
available people?
Managing performance
...
Do you have adequate resources, processes,
and tools to develop your employees? Do all employees have a
personal development plan to improve their skills and maximize
their potential?
Remuneration
...
Do you have
succession plans for key roles?
Diversity, compliance, and procedures
...
This will help them succeed in their
career, and boost your business along the way
...
Yet, at a
time when there is a shortage of the right people and skills, it really
does pay to “grow your own” talent
...

The skills that need to be developed before moving up to the
next level
...


In their book The Leadership Pipeline, authors Ram Charan, Stephen
Drotter and James Noel highlight six stages in the leadership journey:
self-leadership, people, manager, unit (individuals responsible for
the delivery of part of a business), business (individuals accountable
for the results of a business), and enterprise leadership (individuals
responsible for more than one business)
...
There is also a focus on specialist roles such as
legal, accountancy, marketing, and finance
...
It also ensures consistency across
the business, and, above all, explains how to prepare for career
advancement
...
It provides
clarity about what is required, it makes the right development
accessible for all, and it helps to focus development activities
...


In practice

•
•

•

Identify the different stages or levels of leadership within
your business
...


100 GREAT BUSINESS IDEAS • 209

93

HARDBALL

Competing means striving to get ahead of the competition, but
hardball goes further: it is about relentlessly developing and then
sustaining a clear gap between you and your nearest rivals
...
; MacMillan, Ian C
...
; Gunther McGrath, Rita; Stalk, George Jr
...

This is untrue
...

Wal-Mart became hugely profitable and the biggest retailer in
the world by explaining to suppliers exactly how goods should be
delivered
...
This system, which is
constantly refined, enables Wal-Mart to remove wastage and cost
from its supply chain, improving efficiency and margins
...
First, strive for “extreme”
competitive advantage
...
Dominance only occurs in

210 • 100 GREAT BUSINESS IDEAS

extreme situations, and is rightly prevented, but, by trying to
dominate, a firm becomes better and actually benefits customers
...
It is vital that your business is accepted
in the markets where you operate, so go as far as possible without
alienating customers and communities
...
Is the action
good for the customer? Does it break any laws? Will it directly hurt
a competitor? Will it antagonize increasingly influential special
interest groups? The right and only answers are, in order: yes, no,
no, and no
...

Also important is the need to maintain a relentless focus on
competitiveness
...
Instill a
competitive, customer-focused, entrepreneurial culture, understand
what your competitive advantage is—and then exploit it ruthlessly
and continually
...
Use your competitors’ weaknesses
to your advantage, but avoid going head to head or competing
directly
...
Finally, develop
the right attitudes in yourself and your colleagues
...
This requires restless impatience,
an action-oriented approach, and a desire to change the status quo
and constantly improve
...
The best websites display at least eight out of ten
key attributes
...
One organization
that has an impressive and varied website with something for
everyone is the BBC: www
...
co
...
It focuses on the 10 Cs:
1
...

2
...

3
...

4
...

5
...

6
...

7
...

8
...

9
...

10
...


212 • 100 GREAT BUSINESS IDEAS

In practice
Ten factors exert a significant—often decisive—impact on the
success of an organization’s online activities
...
Some factors are constantly
important—notably capability and convenience—whereas other
issues assume a greater significance at certain times (for example
competitiveness, while always in the background, may assume a
sudden and striking importance)
...
Content: the need to develop compelling, credible, and customerfocused information
...

2
...
Customers like
to be listened to, and online they expect dialog and interaction
...
Customer care: providing customers with support and confidence
...
FedEx
empowers its customers to find out the status and location of
their packages by logging onto its website
...
It also engages customers, by
meeting their needs
...
Community and culture: the need for contact and interaction
...

5
...


100 GREAT BUSINESS IDEAS • 213

6
...
The issue of connectivity has two sides
...
Second is the need for sites to
connect via a web that actually adds value for the customer and
drives traffic for the business
...
Cost and profitability: the need to reduce waste, improve financial
efficiency, and drive profits
...
Customization: the value of the internet to supply products and
services that are personalized for the customer is vital in a range
of industries
...
Capability: the need to ensure that your site remains dynamic,
responsive, and flexible
...
Competitiveness: the need to be distinctive
...
When Procter & Gamble,
GM, Pepsi, and most of the world’s largest brands use the internet,
it opens the door and reduces the perceived risk
...

com’s email practice of including advertising for itself in outgoing mail
from its users
...
As
long as each infected user contacts more than one susceptible user on
average, then the number of infected users will grow fast
...
com was developed by Microsoft, and is one of the first free
web-based email services
...
It gives away free email
addresses and services with a simple tag at the bottom of every free
message: “Get your private, free email at http://www
...
com
...
This then keeps the cycle going, creating an ever-increasing
circle of contacts, like a pebble quickly creating ripples in a pond
...
Most viral marketing
programs give away valuable products or services to attract
100 GREAT BUSINESS IDEAS • 215

attention
...


•

•
•

•
•

Ensure ease of transfer or transmission to others
...
The medium that carries
your marketing message must be easy to transfer and replicate:
for example, email, website, or software downloads
...

Provide simplicity
...
Viral marketing messages
need to be simple enough to be transmitted easily and without
confusion
...
Clever viral marketing campaigns
recognize that people want to be connected, cool, popular, or
understood
...
So, design a marketing strategy
that builds on common motivations and behaviors for its
transmission
...
People are social, and network marketers
have long understood the power of human networks, both the
strong, close networks and the weaker networked relationships
...

Benefit from others’ resources
...
For example, affiliate
programs place text or graphic links on websites, while authors
give away free articles or establish weblinks

216 • 100 GREAT BUSINESS IDEAS

96

COACHING AND
SUPERVISION

Coaching is a vital leadership skill, and an area of business
that has grown dramatically in recent years
...
Supervision provides an important part of
the answer
...
The business has grown fast, and inevitably has attracted
people who are less than qualified
...
One key element in making this decision
is whether the coach is supervised
...

Supervision is often neglected, yet it is vital for several reasons
...
Also, by providing feedback, supervision helps ensure
quality: an important issue in an industry without regulation where
anyone can call themselves an executive coach
...
The Association
for Professional Executive Coaching and Supervision (APECS)
highlights the fact that an increasing number of major corporations
now require coaches to be supervised
...
A significant hazard among professional
coaches is that they will either stray into deep psychological waters
with their client, or find themselves psychologically affected by
the work and its pressures
...

It is recommended that a typical coach meet with their supervisor
for 90 minutes once every four to six weeks, although this depends
on the number of clients and the complexity of the assignment
...
Above all, a supervisor makes a qualitative
difference to the coach’s work
...
Coaching is expensive, so this qualitative method
of improving RoI can be significant
...
This will give you
a real sense of how they work, and also help with the “chemistry
test”—a vital step to establishing rapport and building trust
...
In other
words, they should use whatever tools and processes fit best with
your needs
...
Remember to be cautious: anyone
can claim to be a coach
...
Do
they have the right level of practical expertise? What have they
achieved, and what else, besides coaching, do they do now?
Check whether the coach is qualified
...

Finally, go for a coach with a supervisor
...


100 GREAT BUSINESS IDEAS • 219

97

USER-CENTERED
INNOVATION

If users are encouraged to devise new products and services,
innovative new products can be developed quickly in a way that is
highly effective and popular
...


The idea
The first automated drug pumps and heart and lung machines were
devised by doctors, not medical equipment companies; sports energy
drinks were invented by sports enthusiasts before beverage businesses
became involved
...
Recent research suggests that as much
as 70 percent of new product development fails because it does not
adequately understand users’ needs
...
”
This policy is pursued by encouraging a wide range of techniques,
including research into issues such as ethnography, that enhance
understanding of users’ needs, directly supporting user-centered
innovations, and encouraging Danish business schools and firms
to share best practice
...

The central theme is to find new, improved ways to connect directly
with a shifting group of users when developing new products
...

Identify something you want to improve, and use the list below to
generate ideas
...

Talk to other companies
...

Talk to creative people who know nothing about the area but who
may have different perspectives
...


Finally, it is important to provide a clear focus, otherwise innovation
can drift or move in circles
...


100 GREAT BUSINESS IDEAS • 221

98

INTERNAL PROMOTION
AND SUCCESSION
PLANNING

Getting succession right is vital
...
The internal
selection approach advocates choosing successors from within, to
ensure a smooth transition, preserve company values, and encourage
employees by showing a potential career path
...


The idea
Organizations struggle with how to turn succession into success
...
For example, a
high percentage (eg 80 percent) of senior roles may be internally
appointed, while junior roles are selected in a Darwinian way, with
employees chosen from a large pool of talent both inside and outside
the company
...

The strength of the Darwinian approach is that it promotes a
meritocratic system, where the most talented workers are selected,
bringing fresh perspectives, and increasing the competitiveness of
your organization
...

Also, rather than earmarking certain people for possible future

222 • 100 GREAT BUSINESS IDEAS

promotion, this open approach allows an unrestrained, competitive
selection process during succession
...

Internal promotion involves choosing successors from within
an organization, to ensure that people who are already familiar
with the company are appointed to leading positions, to ensure
consistency and avoid drastic changes
...
It
also complements “talent management” and fast-tracking—where
certain employees are marked for possible future promotion
...
Running against “best practice” guidelines
prevailing in Britain at the time, internal promotion was favored
by HSBC when Sir John Bond left his position as chair in 2006
to be replaced by CEO Stephen Green
...


In practice
Internal promotion:

•

•
•

Find ways of motivating workers who are not interested in
promotion
...

Recognize that internal promotion may not be the best option
when an organization is underperforming or when significant
changes need to be made
...
A benefit of internal succession plans

100 GREAT BUSINESS IDEAS • 223

is that individuals can be groomed beforehand for the new
responsibilities they will take on
...
This can have demotivating and negative results for
everyone involved in the process
...

If there is little variety in your organization, recruiting from
outside your organization can widen your “corporate gene
pool
...


224 • 100 GREAT BUSINESS IDEAS

99

DEVELOPING
KNOWLEDGE AND
INTELLECTUAL CAPITAL

Developing intellectual capital is imperative, as knowledge
is an asset and a source of power
...
”

The idea
Knowledge is the intellectual capital that an organization possesses
...
As there
is so much information and knowledge available, it is important
for organizations to know how to creatively develop and use
information
...

As writer Thomas Stewart argues, “Intelligence becomes an
asset when some useful order is created out of free-flowing
brainpower
...
”
Knowledge and information have to be collected, protected, and
effectively managed if they are to be valuable resources
...

Structural capital, which remains in the organization
...
Customer capital is often
seen as a subset of structural capital
...
In Edvinsson’s view:
Intellectual capital is a combination of human capital—
the brains, skills, insights and potential of those in an
organization—and structural capital—things like the
processes wrapped up in customers, processes, databases,
brands and systems
...
This is
the intellectual capital multiplier effect
...
Edvinsson designed a
process for each business unit to report on all areas of intellectual
capital, enabling the organization to quantify its intangible
intellectual capital assets
...


In practice

•

Undertake a knowledge audit
...
A knowledge audit will uncover the breadth, depth,
and location of an organization’s knowledge
...

– Locate the assets: who keeps or “owns” them
...
This
will reveal opportunities in other parts of the organization
...
This can be done in three ways:
it can be bought, rented (eg by hiring consultants), or developed
through training
...
Knowledge gaps make an organization
more vulnerable to competition
...

Protect knowledge
...
Tacit knowledge, information retained
by individuals, including learning, experience, observation,
deduction, and informally acquired knowledge, can only enjoy
limited legal protection through, for example, non-compete
clauses
...

Establish information systems
...
When developing a system, decide
what information is needed to help improve decisions and
achieve objectives
...
Understand how information
flows, what it is used for, and the ways in which it can be applied
...


The idea
Paradoxically, the more choices you have, the tougher life can be
...
Decision making is central to business
success and generating new ideas, yet it is littered with hazards
...


In practice
The way that people think, both as individuals and collectively,
affects the decisions they make, in ways that are far from obvious
and rarely understood
...
Hammond, Ralph L
...


•

The anchoring trap is where we give disproportionate weight to
the first piece of information we receive
...


•
•
•
•
•

•
•

The status quo trap biases us toward maintaining the current
situation—even when better alternatives exist—due to inertia or
the potential loss of face if the current position was to change
...

The confirming evidence trap (confirmation bias) is when we
seek information to support an existing position, to discount
opposing information, to justify past decisions, and to support
the continuation of the current favored strategy
...
Linked to confirming evidence, it occurs when
a decision maker has an exaggerated belief in their ability to
understand situations and predict the future
...
This is often
but not always unintentional
...

The recent event trap leads us to give undue weight to a recent,
possibly dramatic, event or sequence of events
...

The prudence trap leads us to be over-cautious when estimating
uncertain factors
...

As well as these thinking flaws and coping patterns, there are two
potential pitfalls resulting from the culture or environment of the
organization: fragmentation and groupthink
...
Usually the expression of emerging
dissent is disguised or suppressed, although it may appear as “passive
aggression
...
Fragmentation is corrosive,
hindering effective analysis and decision making, and can worsen
when the views of one group dominate
...
It can therefore become locked in to
the organization, and be extremely difficult to reverse
...
It occurs when the
group suppresses ideas that are critical or not in support of the
direction in which it is moving
...
It is caused by many factors,
such as past success breeding a belief of an infallible team, and
complacency
...
People may be concerned about
disagreeing because of past events, present concerns, or a fear of
what the future might hold, and therefore seek safety in numbers
...
The effect is an incomplete survey of available options, and a
failure to examine the risks of preferred decisions
...
As with fragmentation, groupthink is selfsustaining
...
It can be very difficult to reverse
...
We tend to
overestimate the consequences, good and bad, of our choices
...

This results from “loss aversion”: the view that a loss will hurt
more than a gain will please
...

Trust your instincts and emotions
...
Sometimes, quick
decisions work best precisely because you have picked up on the
key pieces of information quickly and then responded
...

Be prepared to play devil’s advocate
...
This
means being aware of confirmation bias and using it
...
Irrelevant information distorts our
perception, as described in the anchoring trap
...
What are you
basing your decision on, and is it really relevant?
Reframe the decision
...


100 GREAT BUSINESS IDEAS • 231

•
•
•

Don’t let the past hold you back
...
Don’t: better
alternatives may exist
...
People are often afraid to comment or to
act because of social pressure
...
Find out
what people really think, and use that to inform decisions
...
This is the paradox of choice: the more
options we have, the harder life can be
...
This can help to remove pressure and clarify
your thinking
...
In truth, less choice can be more satisfying
...


The challenge is to make sure that, as far as possible, you enjoy what
you are doing, and that the decision is made by the best person, in
the right way at the right time
...


232 • 100 GREAT BUSINESS IDEAS

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Marchand, Donald A
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(2001)
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Stewart, Thomas A
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234 • 100 GREAT BUSINESS IDEAS



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