Here’s a perspective on making a decision for your business.
Let's visualize real-life scenarios and establish analogies to help us understand the big picture. This is because growth can be really really quick to some if the environment is just right. Let us begin.
Consider a wood-cutting machine. Say there’s a demand for shorter-length logs and a man charges some bucks for cutting logs for others. The device can convert 10 long logs into 30 short logs in a day. Simple as it is. Now, the man wants to grow this business. The obvious options look like, getting more cutting machines, or, getting a better cutting machine that can cut more logs in a single day. It is that simple for starters. We’ll come back to this later.
I’m going to describe a real-life incident this time that really intrigued me. Coming to a new was a new family, and the members were curious about the best go-to stores for everyday things like salons, groceries, repair stores, etc. The people here would always recommend the omelet shop for breakfast, though there were other better outlets out there. The interesting piece about this shop was that the cook will always recommend people to his friend’s stores in the neighbourhood and likewise was the case with his friends. Slowly, a general trust was established in the minds of the people. It was not that the service was so important, it was the sense of security and trust that the people loved in those stores.
Business Process
Recalling the wood-cutting device, let's imagine a task as a black box. It could be anything, writing a blog post, making a video, or marketing a product. We want to grow the OUTPUT here by 10x for the business. How do we do that?
- Increase the input: This is a straight-up brute-force solution to a problem. Get more logs and keep the machine running. The problem here is we have limited time. However, this will definitely work if we are not using our machine to its full potential.
- Get more machines: This is another brute-force solution that will require resources. If you have resources, like money or a network, leverage it down to the last bit. This is more like creating “Parallel Processes” or doing Multi-Threading in software.
- Unlocking the best machine performance: Is there really a problem with the machine or the input? If there were softer logs, will the machine cut more logs in a day? Or, is it the machine that needs oiling for better performance? Usually, it is a balance between the 2 that creates the best output. We must experiment with different kinds of inputs and compare outputs.
- Hack the machine for a performance upgrade: This is tricky. You really need in-depth knowledge of not just the machine, but also of the outside world to actually make it happen with the limited resources. However, if you are up to it, this is a boon for your growth.
A Fun Fact
This blog was written in 3 minutes.
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