Innovation

These 3 Pictures Could Be Worth Millions to Your Business

Vital lessons in corporate strategy from the epic events of 2014, told through photos.

Written by Staff

A picture is worth a thousand words, allegedly. But these three photos could be worth millions to your business, if you understand the message that each contains. Here’s our break down of the vital business lessons from some of the most epic events of 2014:

We need to be ready for this

Whether it’s seven feet of snow, as Buffalo, N.Y., was hit with in mid-November, consecutive years of drought in southern California, or a series of freak summer heat waves in Siberia, extreme weather has become a recurring theme that interrupts business. In May, a poll conducted by CIBC found that a third of small businesses have no weather contingency plan, even though 10% had experienced a weather-related interruption in the previous 12 months. Backup plans can be anything from putting money aside to cover cash flow to laying out a plan to have staff work from home in an emergency. So get on that. (Photo: Photo: Derek Gee/Buffalo News/AP)

MORE WEATHER: Is The Opportunity in Global Warming? »

Create a sales moment

Say what you will about NHL commissioner Gary Bettman, but he knows how to put on a show. On January 1, the Toronto Maple Leafs faced off against the Detroit Red Wings before a crowd of 105,000 at Ann Arbor’s Michigan Stadium for the Bridgestone NHL Winter Classic. Not only was it the highest attendance ever for a hockey game, it set a TV-ratings record. How do you get 8.2 million North Americans to tune in for a regular-season game? You make it seem like anything but. For this twist on the scarcity model, Bettman won “Executive of the Year” and “Event of the Year” from the SportsBusiness Journal in May. (Photo: Noah Graham/NHL/Getty)

MORE HOCKEY: How to Lead Like Haley Wickenheiser »

Find easy synergies

Two tours, twice the money, right? How about one tour, half the cost? By all accounts, Beyoncé and Jay Z’s summer On The Run tour was an earth-shaking success. During his last solo tour, Jay Z grossed as much as $1.2 million per night, while Beyoncé pulled in $2 million per show on her previous outing. But together? $5 million per night in ticket sales (and more cash, certainly, when you consider that JPMorgan Chase won a bidding war to sponsor the tour). Or as Jay Z put it himself: “One million, two million, three million, 20 million / Oh, I’m so good at math.” (Photo: Kevin Mazur/WireImage/Getty)

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This article is from the January 2015 issue of Canadian BusinessSubscribe now!

What did you learn about your business, industry or management style in 2014? Let us know what the events of the past year taught you using the comments section below.

Originally appeared on PROFITguide.com