Wager Mage
Wager Mage
Photo: Daniel Torobekov
A big bet is a strategic play that moves your firm toward a new goal in pursuit of revenue and profit growth as well as competitive advantage.
Yes, all income must be reported to the IRS — even if it falls beneath that threshold. “You must report all gambling winnings as Other Income,”...
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BetOnline offers some of the best deposit and payout methods in the industry, which are 100% safe and reliable, whether its banking method transfer...
Read More »Go Big or Go Home: How (and When) to Use Big Bets to Achieve Aggressive Growth Go Big or Go Home: How (and When) to Use Big Bets to Achieve Aggressive Growth
Sometimes you have to translate. He meant he likes to play with his friends. Weisner got him to be typical Rafa when she asked about the most...
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Four of a kind, also known as quads, is a hand that contains four cards of one rank and one card of another rank (the kicker), such as 9♣ 9♠ 9♦ 9♥...
Read More »Acquiring another firm or product line in your core, adjacent or non-core markets. Pursuing a customer-centric strategy . This could mean selling directly to a segment of end-users that are not being serviced well by a firm’s distribution network. This could mean selling directly to a segment of end-users that are not being serviced well by a firm’s distribution network. Value-added services. Adding a new service to complement your product line, such as engineering, advisory and training services, typically represents a big bet. Adding a new service to complement your product line, such as engineering, advisory and training services, typically represents a big bet. Customer Service. Improving the brand experience for your channel and end-user customers by mapping and rating all touchpoints by functional group. Big Bets, Smart Choices: How to Approach Big Bets to Minimize Risk and Maximize Reward It’s worth considering big bets if your manufacturing company is 1) in pursuit of aggressive growth, 2) concerned about its ongoing relevance in the marketplace or 3) dealing with competitive encroachment. In these instances, big bets represent an opportunity to meaningfully shift your manufacturing company’s position for the better. Remember, though, that big bets are inherently riskier than smaller, more incremental initiatives. So it’s crucial that you assess and approach them methodically to optimize your chances of success. We help our clients walk through each step of the process, from identifying best-fit big bets to planning, executing, and benchmarking once goals are identified. We advise firms that are making big bets to take the following approach: Narrow your focus. Executing big bets requires focus, coordination and a commitment of resources. If you attempt to work on too many at one time, you’ll end up with poor execution, higher levels of risk and smaller gains. Limit your organization to no more than two concurrent big bets. It may be helpful to pick two that are connected in some way (for example, pursuing an acquisition that helps your firm jumpstart a digital transformation). Prioritize the right big bets by rating your ideas based on the level of risk, the likelihood you’ll succeed, and the possible upside. Then, get your team focused around winning your big bets. Rely on a strong fact base. Regardless of how seasoned you might be, it’s never a good idea to make big bets based on instinct alone. Do your homework by putting together a strong fact base. This should include information on your organization’s infrastructure, brands, portfolio, competition, customers, end users, markets, and financials. If the fact base doesn’t support your gut feeling about a big bet, go with the facts. Develop a business case. Once you’ve identified one or two big bets, you’ll want to build a hypothesis about how exactly it might make your firm more successful. The next step is to validate your hypothesis via rigorous study and analysis. For example, when we develop a business case for our clients, we look at the available data in the fact base and then dig deeper by conducting research to fill in the gaps. This often includes facilitating customer interviews and capturing competitive intelligence. Coming out of this phase, you should be able to set growth targets and identify a specific level of investment for each of your big bets. Build an evolutionary plan. Once you’ve decided to move forward with a big bet or two, it’s time to develop a plan of attack. Remember that you don’t need to tackle it all at once. But you do need to come up with a plan that provides the right balance of structure and flexibility to allow your team to move forward with confidence and pivot as needed. When we partner with clients to help them build these roadmaps, we also perform a secondary analysis to identify risks and come up with solutions to mitigate them. Vet your bets with a pilot. Starting your initiative with a pilot run helps you to further mitigate risks and refine your go-to-market strategy. For example, if your big bet is to start selling direct to customers, you might start by selling in just one geographic region or family of products. Once your pilot is up and running, you’ll have the chance to assess the success of your strategy and fine-tune it as needed before fully rolling out your big bet initiative. Big bets are never without some risk. But they sometimes represent the best next step. The good news? It is possible to approach them wisely and position your firm to reap the rewards. Feel free to contact us if you need some help walking through these steps.
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A winning $100 stake could win up to $150 in profit, for a total payout of $250. At +250 odds, a pick is a definite underdog. A $100 wager stands...
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