Posts Tagged ‘writing’
During the Oxford Reunion Week, I had many interesting conversations with classmates who were attending the strategy class. I took the same class five years ago, and today I would like to share my biggest takeaway from it – reductive strategy.
What is Reductive Strategy?
When it comes to strategy, most businesses ask, “What more can we do?” Professor Whittington suggested that we ask a different question instead: ”What else can we stop doing?” This question forms the foundation of reductive strategy.
Take my own line of business for example. Most financial advisory firms try to be all things to all people. Some firms even offer to walk clients’ dogs and to be their golf partners. They believe this makes them more competitive. Drawing from the insight of reductive strategy, I don’t do any of those that is 1) not my core competency, 2) not what my clients come to me for. This strategy has helped me build a simple but elegant practice.
Great Savings from Reductive Strategy
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Loyal readers of my newsletter may have noticed that I haven’t written a newsletter article for over a month. This pause has given me time to think about what I should write about the remainder of this year and next year. It has come down to two broad topics, and I’d like my readers to help me decide.
Some of you may know that I have published two books. The first one, Physician Wealth Management Made Easy, was published in 2017, the second one, Entrepreneur Wealth Management Made Easy, in 2019. In these books, I use real-life cautionary tales to teach useful financial lessons. Since the publication of these two books, I have heard five more years worth of cautionary tales from folks who came to me for advice. I think my readers can learn a lot from these tales. What do you think?
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The Investment Scientist 