WEBVTT NOTE This file was generated by Descript 00:00:00.049 --> 00:00:02.629 James: Hello and welcome to another episode of Behind the Madness, I'm 00:00:02.629 --> 00:00:07.189 your host, James Roberts, founder, and owner of Method, a growth agency who 00:00:07.189 --> 00:00:11.119 are hell bent on unlocking company's potential through graphic design and 00:00:11.119 --> 00:00:15.829 branding, web design development, digital marketing, and lead generation and 00:00:15.859 --> 00:00:18.259 automation and time-saving techniques. 00:00:18.949 --> 00:00:20.509 Today it's not just me. 00:00:20.509 --> 00:00:25.963 I'm joined by Jamie and Paul both have Method fame who will be joining me to 00:00:25.963 --> 00:00:30.803 talk about business strategy and why it's so important for business growth. 00:00:37.712 --> 00:00:40.907 Onto today's topic, why business strategy is so important 00:00:40.907 --> 00:00:41.777 to, for business growth. 00:00:42.117 --> 00:00:45.387 Today, as I mentioned, I'm joined by Jamie say hello, Jamie. 00:00:45.508 --> 00:00:46.388 Jamie: Hey guys Good to be here 00:00:46.528 --> 00:00:47.308 James: and Paul. 00:00:47.623 --> 00:00:48.853 Paul: Hi, it's good to be here. 00:00:49.052 --> 00:00:51.138 James: Jamie and Paul have obviously been working with us as 00:00:51.138 --> 00:00:52.098 part of the team here at method. 00:00:52.098 --> 00:00:55.458 And I thought rather than you having to listen to me all the time on this podcast, 00:00:55.458 --> 00:00:58.038 it's about time I roped some of them in. 00:00:58.508 --> 00:00:59.048 So here they are. 00:00:59.145 --> 00:01:03.045 Jamie is generally pushing me to get the next podcast out anyway, Jamie is 00:01:03.045 --> 00:01:07.425 in charge of our social media and a lot of the strategy around that, which is 00:01:07.425 --> 00:01:10.425 why he is perfect for today's subject. 00:01:10.695 --> 00:01:15.145 And Paul does about everything else within the business from looking after 00:01:15.145 --> 00:01:19.735 our HubSpot installs to making sure that again, I'm doing what I should be. 00:01:20.215 --> 00:01:26.215 So today let's start off with what we're defining as business strategy. 00:01:26.215 --> 00:01:31.055 So I'm guessing we're talking about the longterm goals for the whole 00:01:31.055 --> 00:01:33.965 business here, I guess, Jamie, not just sales or marketing or any 00:01:33.965 --> 00:01:36.665 divisions, we're looking at business strategy for the whole company. 00:01:36.923 --> 00:01:41.603 Jamie: Yeah, James, it's mainly about getting people to identify with a goal and 00:01:41.603 --> 00:01:46.078 then utilizing business strategy is often used as a word, but business planning, 00:01:46.108 --> 00:01:49.948 making sure they can have that plan in place to hit those goals long term. 00:01:50.068 --> 00:01:53.908 So like you said, we're going to talk a bit about goals, a bit about the strategy 00:01:53.908 --> 00:01:57.088 of how people may get that and some of the key components that we think would be 00:01:57.088 --> 00:01:59.438 really important to make up your strategy. 00:02:00.059 --> 00:02:00.353 James: Perfect. 00:02:00.613 --> 00:02:07.063 Does a business strategy have to be something that's set in stone or can it be 00:02:07.063 --> 00:02:11.943 something which we can have as a working document that we can kind of come back to? 00:02:12.423 --> 00:02:13.263 How do you see that? 00:02:13.499 --> 00:02:15.403 Would we have a business strategy? 00:02:15.403 --> 00:02:19.410 That is a long-term goal that we can't shift or is that generally 00:02:19.410 --> 00:02:21.168 something that , will change over time? 00:02:21.591 --> 00:02:24.437 Jamie: Yeah, I think that's a really interesting point because if there's 00:02:24.437 --> 00:02:29.197 anyone over there who has got a strategy that hasn't changed throughout that 00:02:29.197 --> 00:02:32.527 business then I'd love them to kind of get in touch because I want to 00:02:32.527 --> 00:02:37.717 make them the goals should stay pretty solid and foundational because that's 00:02:37.717 --> 00:02:41.587 kind of the vision of the business where it's pushing onto long term. 00:02:41.617 --> 00:02:44.767 So whether it's an increase in revenue and increase in brand awareness, 00:02:45.487 --> 00:02:47.987 whatever that goal is is your target. 00:02:47.987 --> 00:02:49.427 So that should stay pretty solid. 00:02:49.967 --> 00:02:53.867 Like anything in business, it's going to be as agile as anything, but the 00:02:53.867 --> 00:02:56.981 flexibility within the strategy, the how you're going to get that 00:02:57.011 --> 00:03:01.506 is the really important stay agile stay flexible because, as you know, 00:03:01.506 --> 00:03:04.536 James, as a business owner, day to day, everything can be different. 00:03:04.686 --> 00:03:07.056 So especially in the times we've experienced in the last two 00:03:07.056 --> 00:03:08.726 years, staying agile is key. 00:03:09.929 --> 00:03:13.039 James: Paul and I a couple of years ago now, I think, but went on a sales 00:03:13.129 --> 00:03:16.339 training with HubSpot, just so we could understand how their processes work 00:03:16.339 --> 00:03:17.959 and how they did a lot of their sales. 00:03:18.529 --> 00:03:23.659 They were very much a round setting these goals in place and certainly with, sales, 00:03:23.989 --> 00:03:27.312 making sure that people were, really adapting, these business strategies. 00:03:27.432 --> 00:03:30.532 And focusing more on the goals as a business. 00:03:30.532 --> 00:03:35.892 For example, if you take the railroad, their goal was to transport 00:03:35.892 --> 00:03:39.522 goods from one side of America in this instance to the other. 00:03:40.268 --> 00:03:42.698 So the best way to transport goods from one side of the 00:03:42.698 --> 00:03:45.398 country to the other was via rail. 00:03:45.818 --> 00:03:52.358 But when other systems came into play that were better than the railroad. 00:03:52.718 --> 00:03:57.248 The fat cats who were making all their money, couldn't see that change and 00:03:57.248 --> 00:03:58.898 wanted to continue making all their money. 00:03:58.898 --> 00:04:05.468 So their goal actually became the railroad, not to transport 00:04:05.468 --> 00:04:07.008 goods, as easily as possible. 00:04:07.358 --> 00:04:10.028 I guess here, we've got to be flexible enough to understand that change. 00:04:10.028 --> 00:04:15.898 And this is where you've got to understand and adapt as a company and not be set 00:04:15.928 --> 00:04:20.128 in stone that you are too stubborn to change, which can then be your downfall. 00:04:20.398 --> 00:04:23.055 And so I guess where the failing is and can come in. 00:04:23.625 --> 00:04:28.875 So I guess we're looking at adapting, adapting that business strategy but 00:04:28.875 --> 00:04:35.223 also something which we can break down into smaller chunks, to kind of get 00:04:35.223 --> 00:04:39.603 that this business plan is very much, I guess it could be a five-year plan. 00:04:39.603 --> 00:04:42.003 It could be a 10 year plan, I guess, I guess the timeframe doesn't 00:04:42.003 --> 00:04:47.103 necessarily matter, but then we can start to look at smaller challenges 00:04:47.183 --> 00:04:50.913 of smaller tasks within that bigger goal and break those down for them. 00:04:51.705 --> 00:04:56.025 in terms of breaking down these, these bigger business plans, one of 00:04:56.025 --> 00:04:59.465 the things that we obviously look at and it's very much a coined within 00:04:59.495 --> 00:05:03.195 a, a marketing sense smart goals. 00:05:03.195 --> 00:05:05.911 So, Paul, do you want to talk to us a little bit about smart goals? 00:05:06.434 --> 00:05:11.264 Paul: So basically a smart goal is it's an acronym, so it's a specific, measurable, 00:05:11.294 --> 00:05:13.454 attainable, relevant, and time bound. 00:05:13.884 --> 00:05:17.514 With a smart goal, you're increasing your odds for success by verifying 00:05:17.514 --> 00:05:18.804 that was goal as achievable. 00:05:19.264 --> 00:05:22.894 You're identifying metrics that define the success and you're creating a 00:05:22.894 --> 00:05:24.724 roadmap to, reach those metrics. 00:05:24.920 --> 00:05:25.130 James: Cool. 00:05:25.130 --> 00:05:30.080 So we've also just as a, as a little interlude, we have a download all 00:05:30.080 --> 00:05:31.460 about smart goals on our website. 00:05:31.820 --> 00:05:35.850 So if you go to the resources tab on our website, hellomethod.co.uk 00:05:36.090 --> 00:05:37.020 scroll down a little bit. 00:05:37.020 --> 00:05:39.710 You will find smart goals as a little template that you can follow. 00:05:40.430 --> 00:05:44.030 But what I want to do quickly, if I can, is just to give you, let's 00:05:44.030 --> 00:05:45.530 say an example of a smart goal. 00:05:46.685 --> 00:05:49.805 As Paul says, smart goals are something that's achievable that 00:05:49.835 --> 00:05:51.335 you can work to in a timeframe. 00:05:51.335 --> 00:05:55.025 So you might have a number of smart goals to reach your business plan, but 00:05:55.025 --> 00:05:57.155 let's say you're looking at blog traffic. 00:05:57.185 --> 00:05:58.805 So blog traffic is your goal. 00:05:59.195 --> 00:06:04.175 So to be specific you want to boost your blogs traffic by increasing 00:06:04.175 --> 00:06:08.740 your weekly publishing frequency from let's say five to eight times a week. 00:06:09.087 --> 00:06:11.577 Then measurable would be something. 00:06:11.577 --> 00:06:12.747 How can we measure that? 00:06:12.747 --> 00:06:15.987 What we're looking for let's say an 8% increase in traffic. 00:06:16.347 --> 00:06:20.207 Attainable, your blog is increased 5% last month. 00:06:20.537 --> 00:06:23.987 So when we increased our weekly publishing, we could actually see 00:06:23.987 --> 00:06:25.827 that increase in blog, traffic. 00:06:26.427 --> 00:06:28.857 Relevance, well, we want to increase our blog traffic. 00:06:28.857 --> 00:06:31.797 So we want to boost our brand awareness by generating more leads. 00:06:32.007 --> 00:06:36.713 So it's massively relevant to increase those blogs and the frequency of our 00:06:36.713 --> 00:06:40.763 blogging, and time-bound where we want to get it done by the end of this month. 00:06:41.153 --> 00:06:45.103 So we have a nice little smart goal that has all of the ticks 00:06:45.123 --> 00:06:46.893 that Paul mentioned earlier. 00:06:47.403 --> 00:06:51.133 So now we understand a little bit around kind of some elements which 00:06:51.133 --> 00:06:52.813 are within the our business plan. 00:06:52.813 --> 00:06:56.443 I think Jamie, you mentioned earlier about the Goldilocks point, which is 00:06:56.653 --> 00:07:01.863 being able to find a balance, which is something that's just right, where you're 00:07:01.863 --> 00:07:05.543 not spending too much time planning and you're not spending too much time just 00:07:05.543 --> 00:07:11.873 doing, you have that middle ground where you've got a business plan that has had 00:07:11.873 --> 00:07:16.013 enough around it to formulate something that you can actually do and stick to. 00:07:16.313 --> 00:07:20.433 And you, haven't also rushed ahead to execute that plan without having 00:07:20.463 --> 00:07:22.923 enough kind of foresight beforehand. 00:07:23.403 --> 00:07:26.678 So Jamie, if you would, let's have a look at some of the things that we 00:07:26.678 --> 00:07:28.358 might include in our business plan. 00:07:28.388 --> 00:07:29.498 What steps would we take? 00:07:29.948 --> 00:07:31.568 Jamie: So there's three main steps. 00:07:31.568 --> 00:07:35.768 James I'd make sure any businesses trying to really now, when they're 00:07:35.768 --> 00:07:39.008 looking at that business strategy, first one is making sure that 00:07:39.008 --> 00:07:40.238 they're identifying the problem. 00:07:40.778 --> 00:07:44.708 So a lot of companies fall in love with their solutions, but it's 00:07:44.708 --> 00:07:48.114 making sure that they are identifying what problem they are solving. 00:07:48.714 --> 00:07:54.984 So whether it is to alleviate a pain point or to add value into someone's 00:07:54.984 --> 00:07:59.574 life, through delight, making sure you're really clear and have clarity on that 00:07:59.724 --> 00:08:01.394 is pivotal because that's your offering. 00:08:01.404 --> 00:08:02.124 That's your value. 00:08:02.394 --> 00:08:07.674 Then it's about who for, so this is where tools like a buyer persona and customer 00:08:07.674 --> 00:08:12.234 journey mapping are really key because they allow you to identify and emphasize. 00:08:12.652 --> 00:08:15.187 Who you are creating that value for. 00:08:15.427 --> 00:08:18.907 That will then lend itself to your sales strategy or your 00:08:18.907 --> 00:08:22.447 marketing strategy and gives you and your team a big picture of it. 00:08:23.077 --> 00:08:25.327 And then the last one is about the brand. 00:08:25.477 --> 00:08:30.277 Making sure you have your core values identify the culture you want 00:08:30.277 --> 00:08:32.443 to address with, and also the USP. 00:08:32.953 --> 00:08:37.393 So whatever makes your brand different, because that will influence the how 00:08:37.633 --> 00:08:39.283 so you take those three elements. 00:08:39.583 --> 00:08:43.073 So your buyer persona, problem, and the value creation and also 00:08:43.093 --> 00:08:44.623 your core values as a brand. 00:08:45.133 --> 00:08:49.003 And you work out how you are going to address where you are 00:08:49.003 --> 00:08:51.583 now to where you're going next. 00:08:51.703 --> 00:08:55.753 So with the strategy, we can use something called a bridge model, which is where 00:08:55.753 --> 00:08:59.173 you've identified, where you want to be like Paul discussed with the smart goals. 00:08:59.593 --> 00:09:02.803 You now know where you are, and then it's about drawing that 00:09:03.013 --> 00:09:06.963 bridge across to identify how you're going to get from a, to b. 00:09:07.171 --> 00:09:10.171 James: And using your bridge analogy, I guess if we don't have 00:09:10.171 --> 00:09:13.501 any parts of that, then your whole business plan falls over because 00:09:13.881 --> 00:09:15.121 you don't know who you're targeting. 00:09:15.551 --> 00:09:18.161 You don't know really the problem then that you're trying to fix 00:09:18.161 --> 00:09:19.771 for somebody and your values. 00:09:19.771 --> 00:09:22.171 I think values are something that we come back to all the 00:09:22.171 --> 00:09:23.851 time where we help businesses. 00:09:24.121 --> 00:09:25.201 We help businesses grow. 00:09:25.201 --> 00:09:28.171 We help the business become the best versions of themselves. 00:09:28.691 --> 00:09:34.541 That is quite a wide scope that we have, but our skillset is obviously through more 00:09:34.541 --> 00:09:38.281 creative services or marketing services and obviously the design, et cetera. 00:09:38.281 --> 00:09:42.181 That's where we can help an ad the most, the most benefit to kind of companies. 00:09:42.581 --> 00:09:45.191 I guess in turn, those steps, Jamie, that you mentioned, the 00:09:45.191 --> 00:09:48.071 buyer personas the problem, the core values are almost the other way. 00:09:48.071 --> 00:09:51.521 Round people generally know that their kind of core values, they know the 00:09:51.521 --> 00:09:53.018 problem that they're trying to solve. 00:09:53.328 --> 00:09:57.938 And the buyer personas then can be created alongside that problem that they're trying 00:09:57.938 --> 00:10:01.318 to solve, they will then realize who those buyers are for that problem, is that the 00:10:01.318 --> 00:10:02.438 way you would kind of break that down. 00:10:02.609 --> 00:10:03.539 Jamie: Yeah, absolutely. 00:10:03.569 --> 00:10:06.959 I think those three as you've identified are really key. 00:10:07.684 --> 00:10:10.864 Making sure a business does what a business needs to do. 00:10:11.334 --> 00:10:15.254 And having that breakdown just allows you to build that bridge and build 00:10:15.254 --> 00:10:17.644 out the house because everyone's going to do a different house. 00:10:17.914 --> 00:10:22.394 If we look at some really good examples of business strategy and we'll take a 00:10:22.394 --> 00:10:27.914 local brand, Gymshark, they built out the strategy on sending t-shirts and sending 00:10:27.914 --> 00:10:34.013 gym gear to YouTubers, others, and people on social platforms that they admired. 00:10:34.145 --> 00:10:39.466 And those people then wore them on their channels and the inception of influencer 00:10:39.466 --> 00:10:41.066 marketing kind of really kicked on. 00:10:41.296 --> 00:10:44.116 But these guys were doing that as part of their strategy, part of their, how, 00:10:44.326 --> 00:10:46.066 before that was kind of labeled a term. 00:10:46.306 --> 00:10:51.166 So that's how they identify the USP that they wanted to do and it really worked. 00:10:51.846 --> 00:10:54.736 James: Are we trying to get Gymshark to send us a load of merchandise? 00:10:54.736 --> 00:10:55.926 Is that they start that plug there? 00:10:55.926 --> 00:10:59.436 Jamie, we were all should we just give the address as well while we're at it? 00:10:59.836 --> 00:11:02.821 Jamie: with that in mind, I would like to just say make 00:11:02.821 --> 00:11:03.961 a comment about under Armour. 00:11:04.561 --> 00:11:04.801 James: Yup. 00:11:06.121 --> 00:11:07.921 Apple let's mention a few others. 00:11:08.011 --> 00:11:10.201 So that's just, I mean, the more we can open ourselves up to 00:11:10.201 --> 00:11:12.781 the more, the more we can get, everybody knows that we love Lego. 00:11:13.351 --> 00:11:20.021 So let's let's mention a few more brands and then we'll, and then we'll move on to 00:11:20.121 --> 00:11:23.181 to kind of the reasons that people fail. 00:11:23.181 --> 00:11:26.661 Obviously what we're talking about as well with this, with this brand 00:11:26.661 --> 00:11:29.601 plan, this grand brand business plan. 00:11:31.301 --> 00:11:32.861 We're not excluding anybody. 00:11:32.861 --> 00:11:35.981 And this is what people often think with certainly with buyer personas is that, 00:11:36.251 --> 00:11:40.751 well, hang on a minute, if I'm focusing so much on this buyer persona than 00:11:40.991 --> 00:11:42.731 what about the others who come about? 00:11:42.791 --> 00:11:45.821 Well, we're not saying we're going to exclude anybody here. 00:11:45.991 --> 00:11:49.841 This is what we're going to use to meet this big goal. 00:11:49.851 --> 00:11:53.421 This is what we want to achieve, and this is the best way of doing that. 00:11:53.811 --> 00:11:57.311 Other people are still going to come along and have touchpoints with your brand or 00:11:57.311 --> 00:12:01.601 with your business and still buy from you because you're not excluding anybody. 00:12:01.871 --> 00:12:07.411 This is just the best route forward for that long-term goal. 00:12:07.441 --> 00:12:10.411 And again, those smart goals might break that up a little bit more. 00:12:11.567 --> 00:12:16.117 My main point, there again is, was not excluding anybody from buying it's 00:12:16.197 --> 00:12:21.027 just more targeted towards the bigger mass where these people are and we're 00:12:21.027 --> 00:12:25.227 putting all of our effort into that and then over time, the goal might change. 00:12:25.227 --> 00:12:26.277 The persona might change. 00:12:26.307 --> 00:12:29.217 We might add an extra buyer persona, but you don't have to have one. 00:12:29.617 --> 00:12:32.797 But you know, you, we're trying to maximize your effort here 00:12:33.127 --> 00:12:38.017 and we're trying to focus on the best plan to get those results. 00:12:38.437 --> 00:12:42.247 And if you're focusing on 5, 6, 7 buyer personas, that's a lot of work. 00:12:42.637 --> 00:12:45.817 So prove one, then look at automation of how you might be able to keep 00:12:45.817 --> 00:12:49.807 that moving while looking at maybe then the next buyer persona. 00:12:49.807 --> 00:12:51.817 Once you've proven that journey, the first time. 00:12:52.227 --> 00:12:54.537 Jamie: I'm going to jump in there James, because I think that's a 00:12:54.537 --> 00:12:59.367 really important point because an analogy I'd like to use is a toolbox. 00:12:59.519 --> 00:13:02.969 When you have a toolbox, you may have a project in mind, whether it's building 00:13:02.969 --> 00:13:05.662 a shed or just putting up a shelf and you'll have different tools in that 00:13:05.662 --> 00:13:11.019 to tools take on the task at hand, but that doesn't mean what you have in 00:13:11.019 --> 00:13:16.089 your toolbox won't be good, like future projects, but also you may not have the 00:13:16.089 --> 00:13:17.829 tool when the future project comes along. 00:13:18.459 --> 00:13:20.769 And so therefore you need to replenish that toolbox. 00:13:21.099 --> 00:13:26.379 And so as James says, if a new persona becomes your demographic and 00:13:26.439 --> 00:13:29.769 that is whether the value is better suited, and that doesn't mean you 00:13:29.769 --> 00:13:32.829 can't get rid of some of the old tools and bring it to the new one. 00:13:32.949 --> 00:13:37.936 It's about staying flexible, but making sure that you do have something that 00:13:37.936 --> 00:13:39.826 roadmap that you can follow throughout 00:13:40.108 --> 00:13:43.358 Paul: Buyer personas that are an ideal customer, essentially. 00:13:43.778 --> 00:13:47.408 Like james said, the you're not excluding everyone else. 00:13:47.898 --> 00:13:49.478 But they're the ones that you want to target. 00:13:49.538 --> 00:13:52.798 They're the ones that you want to put the money into advertising to, you'll 00:13:52.798 --> 00:13:53.928 catch other people along the way. 00:13:54.258 --> 00:13:56.095 But they're, the target market essentially. 00:13:56.547 --> 00:14:00.291 James: So now we've got that kind of outlined we've all know companies, 00:14:00.471 --> 00:14:05.377 big, small who have failed to really change or look at their business strategy 00:14:05.377 --> 00:14:06.697 and change that business strategy. 00:14:07.117 --> 00:14:12.537 And I think that is where most businesses will fail is not being able to adapt. 00:14:13.017 --> 00:14:16.097 And if you don't have the business plan in the first place, then obviously you, 00:14:16.097 --> 00:14:19.887 you can't revisit that and see what's going wrong, but also having a business 00:14:19.887 --> 00:14:24.957 plan that you are so stubborn too, that you can't see what is changing 00:14:25.407 --> 00:14:31.717 around your marketplace, or even in the wider net, new tools, new ideas 00:14:31.717 --> 00:14:34.507 might come into the mix where people are buying on different platforms. 00:14:34.507 --> 00:14:39.247 They might be visiting you in different ways and sticking to that I think 00:14:39.247 --> 00:14:40.447 is going to, it's going to cost you. 00:14:40.510 --> 00:14:40.810 Paul: Yeah. 00:14:40.850 --> 00:14:43.040 Blockbuster Video is a great example of this 00:14:43.152 --> 00:14:46.632 So with Blockbuster video, they had shops where you'd go and select to 00:14:46.662 --> 00:14:48.822 video or DVD to rent off the shelf. 00:14:49.362 --> 00:14:52.662 After spending half an hour or so deciding what you wanted to watch, 00:14:52.722 --> 00:14:56.352 then you'd go and buy some of their expensive popcorn, take home and watch it. 00:14:57.142 --> 00:14:59.292 After you'd watched it, you'd drop it back off at the shop. 00:14:59.675 --> 00:15:03.695 There are a few online DVD rental companies that merged to create 00:15:03.725 --> 00:15:05.345 a blockbuster through the post. 00:15:05.348 --> 00:15:08.168 You'd go onto their website, select a film within a day or two. 00:15:08.168 --> 00:15:11.828 You'd get the DVD through the post and you post it back when you'd watched it? 00:15:12.068 --> 00:15:13.238 No, there's no late fees. 00:15:13.568 --> 00:15:15.998 But you couldn't rent another one until you sent that one back. 00:15:16.498 --> 00:15:21.157 that fairly quickly turned digital through streaming services like Netflix emerged. 00:15:21.697 --> 00:15:25.417 Which were instant, the monthly fee thousands of films choose from. 00:15:25.744 --> 00:15:30.844 Jamie: It's a great story because I think Mark Randolph and Reed 00:15:30.844 --> 00:15:35.307 Hastings, who are the founders of Netflix really identified that problem 00:15:35.307 --> 00:15:36.627 that we're identifying earlier. 00:15:37.017 --> 00:15:40.677 Like, I dunno if you remember Paul but Blockbusters use have extortionate 00:15:40.677 --> 00:15:44.941 late fees and also going in and kind of being like, oh, I want to watch the new 00:15:45.181 --> 00:15:46.531 Avengers film or something like that. 00:15:46.591 --> 00:15:50.701 If Joe down the road had it out and they only had one copy, so 00:15:50.761 --> 00:15:52.021 straight away you're out of luck. 00:15:52.273 --> 00:15:56.063 Paul: So I think especially with the sort of the top new films that had several 00:15:56.153 --> 00:15:59.626 sort of five or six copies, like you say, there was a popular film they're 00:15:59.626 --> 00:16:03.616 out you had to find something else to watch where blockbusters went wrong is 00:16:03.616 --> 00:16:07.849 that they didn't think that the digital age would take off as much as it did. 00:16:07.879 --> 00:16:10.339 They thought people liked the experience of walking into their 00:16:10.339 --> 00:16:16.234 shops, spending time, trying to find a film, and didn't adapt to a mail 00:16:16.234 --> 00:16:19.564 order or a streaming service, they could have quite easily have done that. 00:16:19.714 --> 00:16:21.724 They had the ins with the film industry. 00:16:21.974 --> 00:16:26.474 There were a massive customer, so they could quite easily have set up a streaming 00:16:26.474 --> 00:16:30.424 service themselves, but they just didn't have the foresight to do that others 00:16:30.424 --> 00:16:32.368 did and sort of became the standard. 00:16:32.671 --> 00:16:36.461 Jamie: I'm going to jump in here and put James on the spot to there for you guys as 00:16:36.471 --> 00:16:41.451 a business owner why do you think people wouldn't look to adapt when the technology 00:16:41.451 --> 00:16:43.461 is evolving, what would be the barriers? 00:16:43.461 --> 00:16:47.111 Would it just be arrogance or would that be stuck in your ways? 00:16:47.141 --> 00:16:48.281 What kind of things do you think. 00:16:48.348 --> 00:16:50.758 Paul: Was there a too big to fail aspect to it? 00:16:50.808 --> 00:16:53.988 James: So I think in terms of blockbuster, I think there was an arrogance. 00:16:54.018 --> 00:16:59.888 I don't think they thought that everybody who had video players or anything in their 00:17:00.008 --> 00:17:05.495 homes were going to really just abandon them overnight I think they would have 00:17:05.495 --> 00:17:09.395 probably thought that the, you know, the internet streaming services weren't up 00:17:09.425 --> 00:17:13.985 to speed or people wouldn't be streaming it that quickly in their house as it 00:17:13.985 --> 00:17:16.625 happened it was very, very much overnight. 00:17:16.925 --> 00:17:18.225 The infrastructure was there. 00:17:18.225 --> 00:17:22.735 So I think in their terms, I think they believed that it would have 00:17:22.735 --> 00:17:23.995 been around for a lot longer. 00:17:24.255 --> 00:17:30.225 And didn't have their eyes fully open, I mean, that is going from 00:17:30.225 --> 00:17:34.355 something which is very much a physical product into a digital world 00:17:34.835 --> 00:17:36.845 when they were very, very analog. 00:17:36.965 --> 00:17:38.975 Everything that they did was very analog. 00:17:39.305 --> 00:17:42.695 So it was a little bit of the unknown for them. 00:17:42.695 --> 00:17:44.975 We, we've always been very lucky that we are. 00:17:45.815 --> 00:17:46.805 Small as well. 00:17:47.015 --> 00:17:51.695 They're a large organization, which to be able to pivot like Ross from friends will 00:17:51.695 --> 00:17:54.955 let you know isn't just a nineties pun. 00:17:55.405 --> 00:18:00.145 Wouldn't be able to, to move as quickly as say we can, we're a small company. 00:18:00.535 --> 00:18:02.755 We don't go to a board to make decisions. 00:18:02.755 --> 00:18:07.065 We pretty much all get on a slack call and decide which route we like and which 00:18:07.065 --> 00:18:08.705 route we think we're going to go for. 00:18:08.705 --> 00:18:12.035 And we can change very, very quickly and adapt very, very quickly. 00:18:12.035 --> 00:18:18.305 And we do, we are constantly changing how we operate to stay up to date with that. 00:18:18.905 --> 00:18:24.365 Now it's harder the bigger the company is because there's a lot of decisions to be 00:18:24.365 --> 00:18:31.200 made which can impact that bottom line and a huge amount of staff very, very quickly. 00:18:31.590 --> 00:18:35.350 If you take for example, all of those shops and all of the staff, 00:18:35.740 --> 00:18:41.300 which initially was shut down anyway, there is a, probably a due 00:18:41.300 --> 00:18:42.740 diligence of care there as well. 00:18:43.010 --> 00:18:45.470 They are probably thinking about their staff who, if they all 00:18:45.470 --> 00:18:47.740 went online are the jobs there? 00:18:47.910 --> 00:18:49.200 Certainly not to the same degree. 00:18:49.550 --> 00:18:50.670 So I think it is. 00:18:52.260 --> 00:18:53.820 I mean, we'll never, we'll never really know. 00:18:53.820 --> 00:18:58.500 We probably could find out, but I think from my point of view, it was harder to 00:18:58.500 --> 00:19:04.230 make those decisions then then it is for smaller companies to adapt, but again, 00:19:04.290 --> 00:19:06.030 it will also come down to the owners. 00:19:06.030 --> 00:19:08.970 We are very, we're very changeable. 00:19:09.140 --> 00:19:11.870 And I'm very, open-minded, yes. 00:19:11.900 --> 00:19:14.570 A business owner has to make the final decision because it's 00:19:14.570 --> 00:19:15.800 got a rest on his shoulders. 00:19:15.800 --> 00:19:18.110 And I think that we do, if it fails, it's my fault. 00:19:18.110 --> 00:19:19.820 It's nobody within the company's fault. 00:19:20.780 --> 00:19:25.820 But at the same token, if anybody comes to me with an idea that we maybe should 00:19:25.820 --> 00:19:28.550 be going down this route or going down that route, they can come to me 00:19:28.550 --> 00:19:29.870 and it will certainly entertain it. 00:19:30.320 --> 00:19:33.020 Again, yeah, it's easier being a smaller company though. 00:19:33.706 --> 00:19:37.606 So in summary, our business plan or strategy has to be adaptable. 00:19:37.756 --> 00:19:42.946 It has to have a long-term goals that we can stick to and achieve those 00:19:42.946 --> 00:19:47.806 goals through smaller Smart goals or smaller little tasks that we can 00:19:47.806 --> 00:19:51.136 run alongside this overview, which is really for the whole business. 00:19:51.646 --> 00:19:57.526 I think we've also said that we have to find that nice Goldilocks point where 00:19:57.526 --> 00:20:02.056 we can spend a good amount of time to build up a business plan or a business 00:20:02.056 --> 00:20:05.566 strategy, but also have something that we can act on, but not running 00:20:05.566 --> 00:20:07.156 into that, into those action points. 00:20:07.966 --> 00:20:13.336 We want to not be fixed or set on a particular plan. 00:20:13.606 --> 00:20:15.346 We've got to keep going back to our goal. 00:20:15.536 --> 00:20:19.466 Let's think about the, the railroad and keep going back to, what are we trying 00:20:19.466 --> 00:20:21.386 to achieve and what do we want to do? 00:20:23.141 --> 00:20:27.851 But as a whole, I think, you know, really focusing down on your core values, your 00:20:27.851 --> 00:20:32.231 problem, and your buyer persona will help massively, your buyer personas 00:20:32.231 --> 00:20:36.431 are going to change over time their needs, their challenges, the way they 00:20:36.461 --> 00:20:40.811 want to get information from you or buy your products is going to change. 00:20:40.841 --> 00:20:47.891 So I think as a key takeaway, focus on them and learn from them, listen to them. 00:20:47.891 --> 00:20:49.991 No matter the size of the company, speak to your customers. 00:20:50.261 --> 00:20:52.961 If you're right at the top, take the time to go and speak to your customers. 00:20:53.351 --> 00:20:59.111 Then you're going to be more ready to change and not fall into 00:20:59.111 --> 00:21:00.591 the trap that blockbuster did. 00:21:01.521 --> 00:21:05.991 So once again, it's been nice to have the boys with me to help me through 00:21:05.991 --> 00:21:09.451 another podcast and, to push me through, to recording another one. 00:21:09.531 --> 00:21:10.041 Jamie: Thanks, James. 00:21:10.115 --> 00:21:11.225 Paul: Thanks for having us. 00:21:11.275 --> 00:21:15.175 James: And remember we have some downloads on some smart goals. 00:21:15.205 --> 00:21:17.275 There are some other really interesting things around business 00:21:17.275 --> 00:21:20.245 planning as well, which are there as a resources from our website. 00:21:20.255 --> 00:21:21.475 So do jump on there. 00:21:21.725 --> 00:21:26.195 hellomethod.co.uk, and then the resources tab will be available to download 00:21:26.765 --> 00:21:28.085 again, we're across social media. 00:21:28.275 --> 00:21:31.815 We've put a few new, slightly different tweaks on our Instagram, which is 00:21:31.815 --> 00:21:35.355 definitely worth a follow because it's basically me making a fool of myself, 00:21:35.385 --> 00:21:40.465 which is always worth a watch so go and follow us on Instagram, which is hello, 00:21:40.465 --> 00:21:45.235 underscore method where we're also sending a lot of tips and business strategy, 00:21:45.235 --> 00:21:47.125 marketing strategy out on that as well. 00:21:47.675 --> 00:21:49.835 Again, if you have any questions, if you have any feedback, if you want 00:21:49.835 --> 00:21:52.485 us to to slightly adapt what we're doing on the podcast, if you want to 00:21:52.485 --> 00:21:58.215 get in on the podcast, then drop me an email at james@hellomethod.co.uk 00:21:58.435 --> 00:22:00.025 until next time take care. 00:22:00.115 --> 00:22:00.595 Bye for now.