400 years on from his death, Shakespeare still has lessons for us on business.
Brand “Shakespeare” is one of the most well-know around the world with over 10 million people visiting his home base around Stratford each year alone. That is worth over NZ1.3B and employs over 11,000 local people. Not a bad local legacy!
But how did if all start?
He had an idea.
He had insight about people.
He wanted to communicate and saw a need and opportunity.
He tested his idea.
Naturally it was criticized.
He persisted.
People loved his product.
He jointly set up a company to perform the plays.
There were different ticket prices for the “common people” from those who could afford more comfortable seats.
Success bred success.
The company built a theatre, “The Globe”, which seated 3,000 – large even by today’s standards – and then it took over a competitor.
These are smart examples of business organisation and planning:-
Controlling the product, its quality and delivery from conception to sale [called vertical integration], and
Varied prices to maximize audience and profit.
Taking a risk.
Being shrewd with the fruits.
The smartest move of all which distinguished him from other writers of the time was to invest the proceeds into the theatres to bring passive income and wealth for the future.
What can we learn in 2016?
To quote him:-
“See first that the design is wise and just: that ascertained, pursue it resolutely”.
We need to plan for our business.
More importantly we need to write it down:-
In steps
With deadlines
Then put it on the Mirror so it is there every morning.
Consult with others on it [those who will be directly involved, plus business advisers].
Make sure that all the risks, pitfalls, competitors and costs are considered.
Also consider what will happen if it is an outstanding success. Can the business cope?
Read Shakespeare’s plays to gain insight in people and situations.
Refine the plan and deadlines.
Implement “Just get on and do it”!
Continually Review progress.
Sort out teething issues
Adjust and tweak where necessary.
For next Monday to be different from last Monday we need to do something different as Nothing changes if Nothing changes.
It is never too late to start.
Tony Richardson and the team at Capital Accounting Associates Limited can assist you develop your business plan and its implementation.
