A theme of repositioning has emerged in front of me recently. I have long used this concept as a financial planner to find and exploit financial efficiencies. The concept appeared to me 3 new ways these past 2 days. When the world presents a theme to me, I pay attention.
Repositioning takes an item, tool, or strategy and with minor modification, allows use in a new and efficient way. For example, think of taking an oak wine barrel and converting it into a table. The efficiencies can be of time, cost and/or in the results of implementation.
First, I heard about a drug used for one ailment, recently being repurposed for a completely unrelated disease. This could reduce the time it takes to bring the drug to market, not to mention a more timely benefit to those suffering.
Next, I heard discussion of an energy investment play using existing gas delivery systems to transfer hydrogen. Think of the dramatic savings in transfer costs as a result. In addition, to the benefit of the existing pipeline owners, it financially limits entry opportunities for competitors. The newcomers would face the cost of a complete delivery system from scratch.
Finally, a strategic approach was presented in my professional business group, which could easily be adopted in our individual businesses. Why not consider putting this concept to work in both lanes, rather than recreate systems entirely new for each?
Pulling this together, all three examples require one work on their finances from a new perspective. And hearing these examples got my attention. The three key takeaways to help find and add financial efficiency through repositioning include:
- Intentionally looking for efficiencies constantly;
- Thinking differently about the ordinary;
- Look for assistance to identify the paradigm you may be missing.
Adopting these concepts can help you do more with what you already have. This is a key concept in creating financial efficiency in the work we do!
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