Directionally Correct podcast

If you've ever watched an episode of Shark Tank you know the importance of patents.  But are they really the best defense to protecting your strategic advantage?  This week we talk about the combination of intellectual property, company culture, barriers to entry and how you can keep your Secret Sauce a secret, even when competition comes calling. 

The plan you had was wrong, now what?  In episode 12 we talked about strategy in both definition and practice.  This week want to know, under what circumstances should you consider changing your strategy and how you can avoid pivoting either too soon or too late.  We talk about GE, Netflix, JC Penney and more. 

Beyond the text book definition, how much do you really know about business strategy?  Whether it's the ultimate end goal achievement for your business or that thing you do just to get through the quarter - Strategy means many things to all of us. 

In this episode we want to know the real meaning of strategy.  How often it should be updated or revised, where tactics come in to play and the number one question to ask before you craft your strategy.  It might surprise you.  Who knew STRATEGY could be such a hot topic??

What gets measured, gets fixed.  What if you don't change what gets measured but HOW it's measured?  Companies are using more "customized" metrics to report to investors that their performance wasn't sub par - as long as you consider the numbers they say are important.  Is this a dangerous practice and if so, what can be done to drive meaningful performance? This week we look at fuzzy math, creative financials and what it really means. 

Most of us were taught at an early age never to assume.  But we know in business there are still situations where companies collectively hold on to deeply held assumptions.  Whether it's what you think you know about your customers or an accepted company culture of, "We've always done it that way", assumptions can be deadly.  This week we take a look at a few examples where good things came from simply challenging assumptions. 

Return On Invested Capital (ROIC) is a hot metric for business managers to be graded on.  At some point in your career you've been challenged to do more with less.  For some, that's an impossible challenge.  But for highly effective managers doing more with less is a super power that can turn around a company and grow revenue streams.  In this podcast we look at best practices and clever (yet simple) ways to do more with less. 

This week the Turnaround Management Association is holding its annual conference in our home market of Dallas/Fort Worth.  We thought it would be timely to take a look at some tactical examples that have proved successful in turnaround situations and a few that were less than successful. 

Is it a dip or a downturn and how do you know the difference?  In previous episodes we've explored what to do and what not to do when your business gets disrupted.  But what if your business strategy isn't working because consumer interests have shifted?  We talk about dog food, retail electronics and the strategy of changing your strategy.

What gets incentivized gets accomplished, right?  But for some companies that depend on commissioned sales people or who have top management with large compensation tied to KPI's, incentive pay comes with both ethical and strategic issues.  When big bonuses are at stake, managers can be motivated to do bad things including sand bagging the numbers or worse.  Yet there's still a need to align the interests of the firm with those whose job it is to execute the firms strategy.  In this episode we take a look at how to properly incentivize in a way that's best for the company.

Furniture is a $100B+ annual business in the U.S.  Traditionally the industry has been slow to respond to customer demands and trends.  But that's all changing as customers insist on faster, cheaper, and greater selection.  How is one of the world's oldest industries reacting?  Don't call it disruption.  The furniture business is evolving, with technology, continuous improvement, supply chain revitalization and a better value proposition.