Ever wonder why you lost that project to a bigger competitor who outpriced and outperformed you? It's not just about being creative—it's about systems, processes, and mindset.
In this episode, Patrick Kizny dissects the reasons why smaller creative firms lose out to bigger competitors who not only beat them on price but also on creative execution. He explores the importance of robust systems, strategic mindset shifts, and leveraging external advice to ensure sustainable growth. Don't get stuck in the struggle—streamline, elevate, and evolve.
Key Takeaways:
Price vs. Profit: Some firms may lower their prices to win a client, sacrificing profit temporarily. Others have efficient systems allowing them to deliver high-quality work at competitive prices while maintaining profitability.
Economies of Scale: Larger firms often leverage economies of scale, hiring top industry talent and utilizing superior systems that small firms can't afford. They can execute projects quickly and efficiently, reducing overhead and maximizing output.
Systems vs. Struggle: Big firms rely on streamlined processes, while smaller ones often depend on the heroics of a few individuals. Transition from patching problems to designing robust systems is crucial for growth.
Mindset Shift: Evolve from celebrating personal talent to empowering and elevating your team. Focus on strategy, vision, and systems rather than firefighting and micromanagement.
Personal and Business Growth: Self-awareness and external perspectives are essential for overcoming limitations. Seek external advice to navigate through industry changes and ensure sustainable growth.
Questions for Further Reflection:
• What if our biggest obstacle to growth is our own mindset and approach?
• What if the key to your firm's success lies in completely redefining your approach to client projects?
• What assumptions about our competitors might be limiting our growth and innovation?
• How can we leverage our unique strengths to compete with larger firms more effectively?
Stay prolific and till the next one
