Monday, December 6, 2010

Before Engaging a Consultant or Adviser, ask Yourself




...the following key questions:
  • Do you understand what it is you are asking the consultant to do? Or are you simply employing a consultant because you do not understand what it is you need to do? 


  • Are you employing a advisor because you do not have the time to do the work yourself? If you do not have the time or resources to do this work, how are you going to run a business? 


  • Are you sure you’re asking the right person for advice? Ask around so that you can identify a business adviser that can add value? 


  • A good adviser will take time to get to know your organisation.However, there is no point in the adviser feeding back information that you already have in-house. Be clear about where they will add value. 


  • Are you prepared to hear the hard truth? A adviser will be objective and honest with you and may not tell you what you want to hear. 


  • If you put work out to tender, focus on the experience, education the advisor has in this area not on how they will approach the work. If your adviser can not admit to not knowing how to solve a particular problem, then be careful because most adviser don't know everything.


  • You should be clear about what you are asking them to do (and not do).Whether it is a specific piece of research or some specialist advice, be clear at the outset what you will expect to get out of the process.


  • Write down your brief summary so that both parties can be clear about what the work entails.You will also find that you get a more accurate estimate of costs if everything is built into the original brief.


  • You and your adviser should approach your relationship as a partnership and both parties should be treated with respect.

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Wednesday, December 1, 2010

Virgin Chief, Richard Branson Unveiled “Project” Magazine for iPad

 

 

Virgin Chief, Richard Branson Unveiled “Project” Magazine for iPad


An electronic magazine designed only for the iPad. So I decided to breakdown the possible chances of success.


What we know:

The app is free, Debut Issue $2.99, Product description - a revolution multimedia magazine packed with international culture, entertainment, design, business, travel. Projectmag.com. Product requires an iPad with iOS 4.2 or higher.

My thought:

This is a no different from running up an online web magazine. The cost of production and maintenance are very low. There are no distributions or printing cost. I believe the model is that Apple gets a percentage of sales through its app store which is likely where users would obtain the magazine.

The venture has access to Virgin’s resources, including talent, money, equipment, office space, inexpensive or recycled or republished content.
Based on the growth and success of iTunes and likely success of iPad, the possibility of success (profitability) is high. And revenues from selling the magazine app will likely result in breakeven situations but like most magazines the greatest source of revenue is advertising. The advertising revenues are huge only if the “Project” can attract stable loyal readers. Acquiring advertisers would be easy due to Mr Branson’s connections,

Now the ugly side:

The ease of entry, almost anyone can start an eMagazine without having the resources that Mr. Branson has. Very easy to imitate. Competition from well established magazine brands such as GQ, Esquire, Maxim, Forbes, Businessweek etc

Finalized:

Mr. Branson’s Virgin can afford this risk. If it fails it would be another learning experience. If it succeeds Mr Branson would likely launch other brands, expand into other Tablets, Mobile. Reach global markets.

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