3 things the Oscars teach us about business
The Academy Awards is the pinnacle of excellence in the film industry. But what can your business learn from this year's nominees? We take a look.
In this hyper-competitive business landscape, the benchmark is higher than ever. Small businesses need to perform to get and stay ahead, which is no doubt easier said than done. However, we think you can find inspiration in all sorts of places, some more unlikely than others.
The 2016 Oscars are taking place on February 28, with Hollywood's finest coming out to discover who is the best of the best - the higher performers - in their field.
Much like any other business sector, the film industry thrives on competition and performance, so let's look at three things we can learn from this year's Academy Awards.
1) The power of negotiation
We know that mergers and acquisitions are becoming more and more appetising for Australian businesses. In fact, more than half of Aussie companies are looking at acquiring another this year, according to EY.
It means many business owners will be locked in board rooms trying to get the best deal, whether they're selling their enterprise or acquiring another. Let's not forget how powerful the art of negotiation is when it comes to M&A.
If you want a quick lesson, Bridge of Spies is a fine example. Tom Hanks plays US lawyer James Donovan as he attempts to broker a deal with Russia for the trading of captured spies in the Cold War era. The lessons? Never show your hand too early, and know the value of what's on the negotiation table.
2) Be an innovative thinker
The Big Short is a star-studded film about a group of radical analysts who predict the stock market crash that led to the global financial crisis. Betting against the US economy, this band of misfits make a tidy profit when all those shady bank loans go south.
Small-business owners should never be scared to think outside the box. For example, D&B's Business Expectations Survey for Q2 of 2016 show another period of subdued sentiment among Australian companies, with sales, profits, employment and capital investment all being viewed on the cautious side.
Is it time to break the mould and look at a new strategy? Increased productivity through investment in new equipment, office fitout to better suit your needs and rejuvenate the team or solar panels for your home or business premises?
Perhaps, and you have plenty of alternative business finance options to help you get there.
3) Never settle for second best
Like Leonardo DiCaprio at the Oscars, you may feel like you're always achieving the second best. Overlooked as a leading actor for so many years, Leo is a testament to not giving up on striving to reach the very pinnacle of your field.
For instance, if you feel like your debtor finance facility is not living up to your needs, be like Leo - look at your options, and don't be afraid to change. Classic offers a Confidential Debtor Finance solution that is a genuine alternative to the other offerings in the market.
We think it's Oscar worthy, and certainly worth a look for anyone hoping to improve their business performance in the coming months. Call our team today on 1300 780 895 to learn more.