?? 10 Key Takeaways from the Master Class with Prof Felix Oberholzer-Gee: Navigating the Value Stick! ????

My understanding of the wisdom shared by Prof Felix Oberholzer-Gee during the Masterclass and incorporating insights from his recent book, "Better, Simpler Strategy," that I almost finished in the last few days, post Masterclass:

1?? Value Stick Demystified: ????

In an era where simplicity is a strategic virtue, Prof Oberholzer-Gee unraveled the complexities of creating a value-based strategy. It's not merely about pleasing customers or employees but crafting a product or service that delivers exceptional value, prompting customers to a higher willingness to pay.

2?? Imagination Reigns Supreme: ????

At the heart of business and financial success lies imagination. Prof Felix emphasized the transformative power of finding novel ways to serve customers or employees better. Amidst the race for success, many businesses have overlooked this fundamental strategy.

3?? Overcoming Overthinking: ????

If you find yourself overthinking your business strategy or feel that strategic thinking has no place in your role, think again. Prof Felix Oberholzer-Gee advocates for a return to the basics of strategy — a relentless focus on value creation.

4?? Balancing Act for Profitability: ????

Nationwide Building Society's insightful correlation between staff longevity and profitability per branch highlighted the importance of staff retention. Prof Oberholzer-Gee showcased that paying staff more and retaining them for the long term isn't just a cost but a strategic investment that ultimately enhances profitability.

5?? Strategic Simplicity: ????

Don't succumb to the illusion that complexity equates to a better business strategy. Prof Felix urged us to steer away from incremental improvements and, instead, focus on reducing the number of projects and initiatives. The key is concentrating on endeavors that elevate customer willingness to pay and lower minimum compensation (or willingness to sell). It is crucial to know to say no!

6?? Quality and Cost Conundrum: ????

The myth that you can't provide high-quality, low-cost services was debunked. Prof Oberholzer-Gee presented examples demonstrating that a harmonious blend of high quality and low cost is not only possible but a recipe for success. Engaged and content employees lead to better customer service and, consequently, increased profitability. These companies have double advantage, on both ends of the value-stick.

7?? Pitfalls of Paying More: ????

The notion that paying more attracts better talent was challenged. Prof Felix cautioned against relying solely on compensation to attract employees, emphasizing that it doesn't create value but redistributes it. Attracting individuals solely motivated by money may lead to transient loyalty and hinder long-term success.

8?? The Power of Complements: ????

In the nuanced world of strategy, complements emerged as a formidable force often residing at a distance from the core business. Prof Felix highlighted the importance of identifying and leveraging complements, citing examples like Tesla's strategic installation of car charging ports and movie theaters offering babysitting services.

9?? Navigating Equilibrium and Evolution: ????

Prof Felix Oberholzer-Gee emphasized the dynamic nature of alliances and complements. In the early stages, complements might have muted significance, but as a business evolves, identifying and capitalizing on complements become pivotal. The evolution from industry-level complements to strategic complements contributing to competitive advantage was underscored.

?? Ecosystem Approach Advice: ????

To embrace an ecosystem approach, Prof Oberholzer-Gee advises evaluating every decision through the lens of customer willingness to pay and employee willingness to sell. The continuous evolution of complement/partner relationships is vital, requiring a revisit of value and dynamics over time.

The Masterclass with Prof Felix Oberholzer-Gee was a strategic odyssey, navigating the intricacies of the Value Stick and illuminating pathways for crafting exceptional and authentic business strategies. ???? #ValueStickMastery #StrategicWisdom #BusinessStrategy