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Success Means Knowing When to Fold

Texas Hold ‘em is a game of skill.  Over the years, successful players like David Sklansky, have developed complex algorithms to guide their decision making when a particular hand is dealt.  This mathematical approach helps improve their win probability – but it’s not the total answer.  What does the raise from the player past the big blind position mean?  Why did the person across from me scratch her head before bumping the bet again?  What do I do now? Winning players understand that “bankroll management” is every bit as important as being able to remember the cards that have been

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Great ‘Que Takes Planning

In barbecue contests, timing is everything. Each of your four entries (chicken, ribs, pork and brisket) have to be turned in within 5 minutes of a precisely defined time; late entries are disqualified.  To meet this schedule – and to make sure the meat you offer the judges is at its tender, juicy, and flavorful best – requires careful planning and flawless execution at the contest itself.  But it’s the preparatory work done before the contest that separates winners from losers. Losers buy their meats the day before they travel; winners order meat ahead of time so it can be

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You Can’t Enter Every Contest

From an economic standpoint, competitive barbecue makes no sense. In a Kansas City Barbecue Society event, teams turn in six individual portions of four meats: 6 (chicken, ribs, pork, and brisket).  A typical entry fee is $300; travel and transportation costs for pulling your big rig total $200 or more; charcoal, wood, ice, rubs, sauces, and incidentals add another $200. And meat – oh, the cost of meat: most teams cook 36 to 50 pounds of incredibly-expensive Wagyu brisket to turn in six perfect slices.  Meat costs can easily top $500.  When all is said and done, the cost of

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Backyard Chefs Like to Cook; Pitmasters Like to Win

Amateur chefs tend to have a pretty short attention span.  They watch Bobby Flay toss something on a grill, say to themselves “Man, I could do that!”, then run to the store, assemble ingredients, light a fire, and make up a mess of something good.  Their goal is to recreate a recipe; their objective is to make it edible. Their measure of success is, well, nobody barfs when they taste it. Backyard chefs like to cook. Pitmasters, on the other hand, have a much longer view of their world. They have more at stake; they compete against well-prepared competitors for

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When Should I Perform a Price to Win?

Q&A with Randy Richter of Richter & Company. Randy answers the questions “When should I perform a Price to Win?”

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5 Ways to Win Federal Contract Dollars

From early market research to Price to Win positioning, Richter & Company’s goal is to help you win business.  Here are five of our top recommendations for consistently winning federal dollars: Plan your work; work your plan.  Get involved in the program early.  If you’re an incumbent contractor, even earlier than that.  Preparation for the re-bid begins on day 1 of the contract.  Build relationships with the buying and end user customers.  Influence the RFP, so that discriminators rule in your favor.  Prove the benefit of your solution.  Build a value added team, build a plan, and then follow the plan,

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Competitive Analysis and Price to Win – like PB&J

Often times, clients want to hire us to perform a Price to Win analysis late in the game.  You know… when the RFP is out, the proposal is due in 28 days and their hair is on fire. They tell us they don’t need a Competitive Analysis, but are looking for Price to Win support for the program.  And while we’re happy to help our customers in any way we can, this is not an ideal situation. Competitive Analysis and Price to Win Analysis go together like peanut butter and jelly.  We don’t want to separate them! Competitive Analysis defines

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SWOT Part 2: So What?

As I said before, the other most common mistake that deprives SWOT analyses of their value is the failure to take the essential next step, after it has been completed.  “What is that next step?” you may ask.  The answer lies in the fundamental intent behind the SWOT analysis.  The purpose of a SWOT is to help analyze and assess the competition.  And what is analysis, other than simply deriving meaning from data?  There is a big difference between observation and analysis.  Simply put, observation provides the “what,” while analysis provides the “so what.” Herein lies the reason why many

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What is Price to Win?

Price to Win is both a process and a result.  Price to Win as more than a number, but could be best defined as the cost-capability tradeoff that embodies your company’s strategy. Price to Win, the process, identifies the position your company needs to achieve to meet your company’s business goals and objectives.  It does not necessarily mean winning.  You may want to position with your customers, but not actually win a program.  You may need to bid on a program that you don’t actually want to win because it doesn’t fit your corporate objectives.  The Price to Win process

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The Two Things (Most Likely) Wrong With Your SWOT Analysis

Whether you love them or hate them, SWOT Analyses have been around for many decades, and they continue to pervade the realm of business development and strategic decision-making, most commonly in competitive assessment.  I could talk at length about why these simple quad charts have garnered so much attention (both positive and negative) over the years, but I won’t.  I continue to see value in SWOT analyses, but only if they are done properly and completely. What I want to talk about is what almost everyone does WRONG with SWOT analyses. In my experience, the two most common mistakes that

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