Much has been written about competitive advantage and its benefit for firms, but little about its impact on rivals. In theory, a firm gaining competitive advantage hurts its
From a theoretical perspective, management science distinguishes clearly between the concepts of a strategy, and the business model used to drive the firm and achieve that strategy. The two can overlap when it comes to strategy implementation, though, because actions intended to achieve strategic objectives also impact the business model.
Does this matter, in practical terms? If so, of what do law firm leaders need to be mindful when thinking about either concept? In this short article published by the Law Management Section of the Law Society of England & Wales today, Rob offers an approach to law firm business models that is client-centric and focused on transformation.
Click here to read on the Law Society’s website, or scroll down for more.
Continue Reading Business model or strategy? What’s the difference? Does it matter?
It’s very trendy to start writings like these with how uncertain the world is today, compared to the past. The future, some say, is not what it used to be. I’m not sure that’s true, at least as a general rule. If anything, the ease and speed with which information is transmitted around the world today should mean that we have fewer surprises. But we are still caught unawares, even by things in plain sight, and things do feel uncertain. Some very uncertain indeed.
Continue Reading The roots of strategy
Gold is apparently trading this morning at $1780 per ounce. Assuming no religious or ethical obstacles, would you bet more money than you could afford to lose (against reasonable odds, of course) that the price will be within 10% more or less than that …. tomorrow? Say, between $1,600 and $2,000 per ounce?
Would you take that same bet with the timeframe set at one week hence? Six months hence? Three to five years hence? My guess is that: (a) most readers would stop betting between one week and six months and (b) there would be no takers at all for three to five years hence.
Continue Reading Values and beliefs, strategy and timeframes
At this time, with our attention consumed by COVID-19’s death toll and the impact on the world’s economies together with deeply upsetting upwellings of racial anger in the United States, it is easy in the UK to lose sight of another disaster potentially looming. A no-deal Brexit in just over six months. (You hadn’t forgotten about Brexit, had you?)Continue Reading Remember Brexit?