A small window into my consulting.

Entering the consulting world often prompts the question, “How do people end up here without realizing the consequences of their actions?” My experience across various sectors—technology, printing, and hospitality—has revealed a common shortcoming: execution, rather than vision or capability, is often the issue. A great idea is typically the starting point, but many individuals become too absorbed in their vision of its potential, overlooking the costs and time required to bring a concept to market.

I've frequently asked potential clients who their competitors are, only to hear, “It doesn’t matter; my product is far superior, better, and cheaper.” This mindset is usually the reason for my presence. Their perception of what’s crucial often misaligns with the harsh realities, regardless of business size, and their decisions tend to be based on intuition rather than concrete data. While resources can mitigate risks, it’s challenging to convince investors with just a gut feeling. When delivering the tough truths about their visions or dreams, it’s essential to approach the conversation carefully. The mere fact that they seek assistance is a good sign, especially when trying to attract investors.

My first step is to assess the size of the addressable market, which involves thorough research of the competitive landscape. Understanding this is vital for planning market strategies, scaling opportunities, and determining necessary investments for growth. During my time at HP, I was involved in the Roll-to-Roll large format printing market, where numerous manufacturers produced similar outcomes with varying features and functionalities. Developing a strong differentiator became key, making price less critical and emphasizing the delivery of quality and clean technology—and this approach proved successful.

Grasping the competitive landscape is paramount. It's not just about recognizing product differences; it's also about strategizing for how to respond when competitors adjust to loss of market share. Quick adaptability and a willingness to act aggressively are crucial for looking toward the future. One of the most insightful lessons came from Mr. John Ponzi, the owner of a company I consulted for. He stated, “I don’t mind taking a loss upfront in a project, as long as the long-term benefits outweigh that initial setback.” This perspective was eye-opening, highlighting how a fixation on immediate profits can distract from the sustainable long-term growth of a business. Of course, it’s easier said than done; however, having a plan to address initial losses to capture market share can demonstrate to investors that you are committed to the game. Managing and reducing costs plays a significant role in your long-term strategy.