HOW EML PAYMENTS FOUND ITS STRATEGY AND TOOK EGO OUT OF DEALMAKING
Written on the 12 December 2016 by James Perkins
TOM Cregan was sitting in a Bain and Company presentation about the payments business in Las Vegas when the business strategy he had spent years trying to summarise suddenly became clear.
Find your strategy
Given that payments is an inert business, Cregan says that an offering needs to be demonstrably superior to get adoption.
Walk away; pivot is not a dirty word
Bedding down the business plan allowed EML to develop a prism used to analyse its potential customers more efficiently, and gave it confidence to walk away from deals that were poised to be a waste of time.
"Everyone wants the next deal, and as an entrepreneur you are tempted to believe you can make it work, but then you invest time and energy and it doesn't work.
Do the job right first time
Cregan talks about the biggest risk for EML being execution.
"The snapshot of our business is one of diversification, and it certainly wasn't five years ago," says Cregan.
Get the staff right
Cregan's focus on staff comes from two different angles: the right staff, and the right number of staff.