Externally imposed business model changes can be anticipated or unanticipated. The former is definitely best. Unanticipated imposed business model changes can demand a shorter required response time, which can seem to observers to be both reactive and defensive, raising business vulnerability.

Overbuilding requires little talent. Rather, the talent lies in crafting prudent construction budgets that deliver well-built facilities looking like you spent more than they cost.

In addition to the cost of periodic extensive remodels, I might also include the costs associated with poor decisions.

When it comes to OPM, there is a lot to choose from, which means that it's important to be informed and selective. Take time to shop.

The online trading firms did not want to help me understand how well I was doing at investing. “Buy and hold” value investment strategies, when viewed from the vantage point of discount brokerage firms, were less desirable. They simply wanted me to trade more.

Of course, business investment failures are not simply associated with multilocation consumer facing retail and service companies. Technology companies will likewise occasionally light R&D money on fire. And companies seeking to expand through M&A activity invariably will make some poor investments.

My experience is that good ideas, solid business models, and qualified leadership teams are scarcer than the investor capital needed to support and sponsor them.

I believe that corporate reengineering is best and least risky if it is constantly done. In that light, business model changes tend to be more evolutionary and less revolutionary, with corporate cultures open to constant self-assessment and change.

This stands in contrast to our restaurant. Restaurants tend to have little operating leverage, which is the ability to grow revenues with minimal added business investment.