Konsultori Resource on Strategy: The best evergreen knowledge pieces from the web. The archive has been growing since 2016 and collects analyses and frameworks, but it also showcases our key topics. We present the most interesting articles here so you can read them and delve deeper.
The Business Strategist: Reasons for Success
Harvard Business Review ist in einem Artikel der Frage nachgegangen, weshalb manche Unternehmen über große strategische Köpfe, die einen herausragenden Beitrag für das Unternehmen leisten, verfügen. Konkret wirft der Artikel einen genaueren Blick auf 10 erfolgreiche Heads of Strategy. Die Herausforderung liegt für ein Unternehmen u.a. darin, dass die Kompetenzen des Strategy-Heads zu den Herausforderungen des Unternehmens passen müssen, insofern ist nicht jede/r für jede Position geeignet. Egal ob Ausbau oder Downsizing, auf Änderungen der firmeninternen Ausrichtung muss auch beim Strategy-Head reagiert werden. Mehr zu den unterschiedlichen Typen von Strategy-Heads finden Sie hier.
Harvard Business Review explores in an article why some companies have great strategic minds who make an outstanding contribution to the business. Specifically, the article takes a closer look at 10 successful Heads of Strategy. The challenge for a company is that the competencies of the Strategy Head must match the challenges of the business, meaning not everyone is suited for every position. Whether it’s expansion or downsizing, the Strategy Head must also adapt to changes in the company’s direction. You can find more about the different types of Strategy Heads here.
The World in Transition – How Do I Deal with It?
And finally, here’s a great approach from Pioneers of Change: What to do when everything around you seems a bit overwhelming? Focus on the things you can influence, rather than on the things you worry about – beautifully explained at Pioneers of Change (Circle of Concern versus Circle of Influence).
A strategy is not a TO-DO list
What it else is and why you should not do anything you cannot explain easily, you can see here.
How entrepreneurs learn from failure
David Pichsenmeister, Co-Founder of Orat.io, reflects on key lessons learned after the company’s recent closure. Here are the insights he shared regarding challenges faced as a startup in the media industry:
- Replacing an existing product is harder than launching a new one: For many companies, replacing a functioning product with something new is a significant risk. The challenge lies in convincing the market to switch, even when the new offering may be better.
- Don’t underestimate sales and support: The time required to sell a product often takes longer than anticipated, and ongoing support is crucial. Both aspects are essential to building lasting relationships with customers.
- Focus on the ‘right’ customers: Ideally, identifying the target audience should happen before launching a product. Understanding who you’re selling to can streamline the process and reduce the guesswork.
- Technology without community is useless: Even the best technology needs an active community to succeed. Without user engagement and adoption, even the most advanced technology fails to achieve its purpose.
One of the central discussions revolved around whether it is better to target less wealthy customer segments for initial successes rather than focusing on longer sales cycles with more affluent clients. This challenge reminded Pichsenmeister of several conversations with startup CEOs.
Although the full article is no longer available, these lessons highlight important considerations for startups aiming for long-term growth and success.
The Right Advisor at the Right Time
The question is: When is it the right time for a growing company to bring a business advisor on board and drive business development forward? What conditions need to be considered? And what (obvious or hidden) signs should you not overlook when things aren’t going as well as expected? An unsuitable advisor at the wrong time not only costs nerves but also a lot of money. That’s why it’s crucial to select the advisor carefully and thoughtfully – keeping the vesting period in mind and not forgetting the precise definition of KPIs (Key Performance Indicators)! You can find the insightful article by Randeep Wilkhu for growing companies and their advisors here on LinkedIn.
Learning from the Best: Five Trends for Global Market Leaders in Austria
In mid-October, the World Market Leader Austria Congress took place again in Vienna. The event offered a diverse and challenging program, including a keynote by the President of the Federation of Austrian Industries and many start-up pitches. One key takeaway: Austria has great potential and several “hidden champions” who are often more well-known abroad than at home. This is especially true for leading companies. But what must companies do to secure their success for tomorrow? Here are some tips from Helmut Pöllinger, Managing Director of Brainloop Austria GmbH:
- Organize more geographically and within networks
- Disruptive change as the new normal
- SMEs and family businesses operate above average in terms of reliability
- Increased need for protection of information due to greater digital networking risks
- Less money leads to better decision-making.
Details about the individual trends and the World Market Leader Congress can be found here.
Austrian Company Focuses on Sustainable Strategy Instead of Profit Maximization
A company philosophy without focus on status and profit – that is Heinrich Staudinger and his concept for the company GEA, the manufacturer of the well-known Waldviertler shoes. If you were to see him on the street, Staudinger does not embody the cliché of a successful CEO at all. But that’s exactly what he wants: to be seen as an ordinary person, different from the norm of entrepreneurs. His maxim: Act for the common good – a sustainable strategy. His favorite quote: “Never is too little, what is enough.” His company principle: “Don’t stress out.”
“The success of the company is measured by the well-being of the employees and the benefit to society.” – You can find the full report and more information about GEA and the “different entrepreneur” Heinrich Staudinger here.
Why do we need mentors at all?
And Where Can You Find Them?
An article in Entrepreneur provides answers! Mentors offer entrepreneurs additional external guidance, wisdom, and a sense of direction – so that they don’t get unnecessarily caught up in self-doubt and objections. A mentor is a business investment that pays off: 70% of businesses that are mentored survive for more than five years (which is double the survival rate of small businesses that do not seek a mentor). Furthermore, 88% of those businesses report that mentoring was “invaluable” to their business success.
To learn about the three different types of mentors and where to find them, read more here.
The Wheat Grain Legend and Digital Transformation
Hans-Otto Schrader applies the Wheat Grain Legend to the development of digital transformation. It suggests that “the inventor of chess is said to have demanded as his reward the filling of the chessboard with wheat grains. One grain on the first square, two grains on the second, four grains on the third, and so on, i.e., 2^64-1. The exponential increase leads to a quantity on the 64th square that is about 1,500 times the world’s total harvest.”
What’s noticeable is that the rise in the first half of the chessboard is quite moderate, while the growth rates in the second half exceed all dimensions. In the context of digital transformation, the author asks: Are we still experiencing moderate growth, are we just stepping into the fields of exponential growth, or are we already in the middle of it? And what does this mean for “best practices” in innovation? You can find out more in the original article here.
Business Transformation in SMEs: What it Takes to Be Adaptable
The FFG project of FH Wien researched what is needed in SMEs to be adaptable. It’s not just about recognizing the right things, but also about implementing them. The research results have now been incorporated into a short test for SMEs to diagnose their own adaptability. Those who complete the diagnosis can also participate in a workshop program. More details can be found here.
Why Startups Fail – An Analysis Brings New Insights
The ex-post analysis of 200 startups sheds light on the different reasons why they failed. There are small, yet important differences: those with high funding are more likely to fail due to competition (perhaps because it indicates an already identified, attractive market?). And once again, mixed founder teams (with at least one woman on board) fail less often.
More information about the study and its results can be found here.
Rare, but possible: When traditional companies merge with startups
Such a merger is rare: The traditional company Heinrich Dinkelacker, a nearly 140-year-old manufacturer of handcrafted men’s shoes, is merging with the 2008-founded shoe startup Shoepassion. Tim Keding, Co-Founder of Shoepassion, is excited: “Being entrusted with an award-winning luxury brand along with its manufactory is a great honor and shows that even traditional companies can find their place in today’s market without losing their DNA.” Learn more about this exciting merger here.
Impact investors and sustainable business: a green coat is not enough
What motivates companies to commit to sustainability? Is it access to an interesting group of investors, the demands of customers, or simply a positive image? The reasons behind sustainable businesses have now been analyzed in a study. However, the fact is that impact investors carefully evaluate their investments beforehand to ensure demonstrable sustainability. Here are the study results.
The founders with the greatest potential are older
The myth of young startup founders might be starting to waver. Here are some facts on the matter: older individuals tend to found more successful companies, according to the data. However, venture capitalists remain undeterred and continue to invest more in younger founders. You can find more information about the study from Kellogg University here.
Successful innovations in family businesses
Entrepreneurship at Wagner Group, collaborations with suppliers, and joint funds: These are encouraging real-life examples of how innovation is practiced in family businesses or how inter-company collaborations can lead to new business areas. The “five lessons” for successfully managing innovation in family businesses can be found here.
Are Hidden Champions also champions of digital transformation?
“The digitalization is a task that affects the entire company and its environment of partners and customers. Accordingly, the challenges are significant. Large corporations perform well at most stages. However, mid-sized companies and hidden champions are lagging behind. The latter primarily consider themselves as ‘fast followers’ who do not want to waste time.” – The online portal Computerwoche highlights a joint research study by IDG Research Services and the Hidden Champions Institute of ESMT Berlin, which examines the current state of digitalization in German companies. Are hidden champions also champions of digital transformation?