To clear things up from the get-go, LCD stands for Lowest Common Denominator in this particular instance and principles to be explored would then naturally be applied across the board as far as business practices go. We’ll get right into the meat of the matter in a bit, but first it’s perhaps imperative to paint a bit of a background story so that there is some context to the concept to be discussed.
Whether we like to admit it or not, the capitalist economic system definitely rules the financial realms and although the likes of socialism and perhaps in some instances even communism can be pointed to as examples of successful alternatives in some countries, ultimately even those socialist and communist countries have a part to play in the global capitalist system, so they’re capitalists by association, so to say.
Now, since capitalism rules, the principles of capitalism rule, and whether we like it or not it’s about who can ultimately make it happen. This manifests through elements of capitalism such as competition, rendering it somewhat of a dog-eat-dog or eat-or-be-eaten world. It’s survival of the fittest.
Defining LCD business tactics
Now that we’ve defined the background story, defining the LCD business tactics will make more sense and it simply entails applying the strategy of demonstrating the power of the Lowest Common Denominator when it suits you best. So for example, if you’re vying for the attention of a prospective customer (and their money, of course), then applying LCD tactics would entail something like showing all involved that your offering is the best choice to go with.
LCD tactics as applied to general business
For example, if you and a competitor are offering the same product or service, which is of the same quality and at the same price, your LCD advantage might be that you’re located closer to the client so they don’t have to drive too far to get the service, in which case it would make logical sense for them to buy it from you.
That’s just the definition of what LCD business practices are though – in practice it entails actively seeking out these LCD advantages and then capitalising on them, whether you do this through an investment of your time or some of your capital to acquire them. It’s a full time job, perhaps one for a dedicated team of Business Analysts.
LCD business tactics during negotiations
It’s perhaps during some negotiations when the appearance of LCD business tactics is perhaps most pronounced, because when applied to general business practices it’s mostly a matter of having to think of possible scenarios in which you can do something now to gain an advantage later. During a negotiation the raw power of the LCD is demonstrated through something like flexing the fact that you have the best car accident lawyer Seattle has to offer in a scenario where it then becomes clear that it would be a waste of time and money for all parties involved to let the matter go to court.