Hello ,
Throughout several articles, I've delved into the Five Line Model as a tool to understand the intricacies of how a business operates. While this model has been instrumental in demystifying business operations, it's essential to recognise that other models also offer unique insights. Today, I'd like to introduce you to the Triad Mental Model as a guide for professionals considering self-employment. Cedric Chin's deep dive into Dr. Lia DiBello's work on the Triad Mental Model forms the basis of this article.
Navigating the Market: Seizing the Right Opportunities
The Triad begins with a comprehensive understanding of the market and what the supply and demand for your services entails.
Finding Your Space: Self-employment thrives on specialisation and becomes more so as companies realise that attracting talent to work on projects takes too long and that by contracting the projects out to teams of talented and experienced freelancers, they can get working to work in much shorter periods. You can align your expertise with the right opportunities by recognising market demands.
Customer First: As the face of your brand, understanding and addressing customer needs is pivotal.
Stand Out from the Crowd: It’s not just about entering the market, but how you differentiate. The Triad urges professionals to find that unique spark.
Stay Ahead: Market trends evolve. Keep a finger on the pulse to remain relevant and innovative.
Operations: Managing yourself and your business.
Operational understanding is the Triad’s second pillar, focusing on business mechanics. In the case of working for yourself, it means managing yourself, your workflow and work execution and how best to get that done.
Optimise and Thrive: In self-employment, minor operational tweaks can significantly boost your profitability.
Resource Alchemy: Wearing many hats? Efficiently allocating resources, from time to finances, becomes a game-changer. As you are aware, for me, this often means outsourcing some of my work.
Pivot with Purpose: With the autonomy to shape your operations, agility becomes your strongest ally.
Consistency is Key: Your reputation hinges on consistent quality. This leg of the Triad emphasises the undying importance of delivering value to receive it in return.
Financial Landscape: Navigating and understanding the financials.
Lastly, the Triad stresses financial wisdom, with the Five Line Model providing a basis for understanding this.
Empower Through Knowledge: Measuring your financials from managing expenses to ensuring a steady cash flow and pricing your work profitably.
Strategic Investments: Every financial decision impacts your business’s trajectory. Learn to discern and act. How you work, the projects you choose to work on, and the systems you set up to get things done are all part of this investment, including your ongoing learning.
Guard Against Uncertainties: Every entrepreneurial journey carries risks. Developing strategies to cushion against financial uncertainties will help, and the more you work and understand how a business works, the better you will understand the cyclical nature of business. Through running a business, you will naturally get better at this.
Eye on the Horizon: Beyond immediate challenges lies the test of time. Focusing on long-term viability sets you up for a sustainable business.
The Triad Mental Model, pioneered by Dr. Lia DiBello, is more than just a theoretical construct. It’s a robust framework guiding professionals through the intricate maze of self-employment. Mastering the Triad’s three facets is invaluable as you work through this transition.
Internalising its principles will help you update your mental model of business by understanding your market, refining operations, and being financially astute. That way, you’re not just preparing for self-employment but positioning yourself for future success.
Notes
Cedric Chin https://commoncog.com/business-expertise/
Cheers
Nigel Rawlins
https://wisepreneurs.com.au/
Link up with me on LinkedIn
Check out the Wisepreneurs Podcasts
There will be a new one released this week with return guest Laetitia Vitaud on the Future of Work from a feminist perspective
