I had an excellent MDHub100 work group today. The work groups I think of as being most like AA for CEOs and MDs. A place where you can relax in the company of trusted peers and share your deepest, darkest issues.
A lot of the conversation was about business specialisation. I was arguing that specialised businesses – those with a niche focus – had a number of advantages:
- Enforced creativity: you have to innovate products and services to maintain a strength and grow revenues in your chosen niche
- Ability to cross-propagate best practice and ideas across clients
- Continually increasing expertise/ knowledge in the area
- Reduction of noise/ thrashing in switching focus between different areas. One industry/ one niche = one focus
- Ability to act as a forum for industry interaction (roundtables/ seminars etc.)