Tag Archives | music industry

Unshackle Your Team’s Creativity

Forward Business Planning

Have you ever wished for more input, insights, and ideas from the employees on your team?

Especially when our businesses are not performing as well as we’d like, we really need our teammates’ creative ideas. But when we gather a group and ask for ideas—whether for new product features, cost reduction ideas, or ways to improve service—we often see the same, recycled thoughts. Or ones that are only a smidgen better than what’s currently being done.

It’s not the employees’ fault. Humans are wired to keep doing what they’ve been rewarded for in the past. We are wired to protect our allies, and to avoid risk. These tendencies tend to hold us back when it comes to thinking in new ways. We are shackled by what’s worked before and have a hard time imagining a new way of doing things.

Here are a few techniques for helping your team break free to develop new ways of thinking about your business. Continue Reading →

Think Like an Explorer

Businessman Walking Outdoors

When I was sixteen, I went on a 2-week horseback trip in the Bighorn mountains of Wyoming. Each morning, we were given the coordinates of the location where we would camp that night, then turned loose with a map and compass. It was satisfying to arrive at the destination each night, after navigating our way through the mountains on our own.

Heading a new strategic direction—entering a new market, innovating a new product line, or changing the way we go to market—can feel like heading out into the wilderness. If we think like an explorer would, however, we can find our way to new sources of profit and growth.

Here are four points to keep in mind when navigating new strategic territory:

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When you’re being attacked by new competitors, make a new friend

boy with headphones paid at gograph gg66916184

Every industry undergoes change.

The players who devise a different and better way of capitalizing on these changes are the ones that emerge as winners.

Few arenas have experienced more change in the last decade than the music industry. It was the first mass-media industry to be hammered by the digital revolution, shrinking from $25 billion in annual revenues in 2002 to only $15B in 2014.

This industry provides a dramatic example of how revenue sources can quickly shift as new businesses and business models are introduced into the market.

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