Empowering Professionals in Self-Employment or Freelancing
Throughout several articles, I've delved into the Five Line Model as a tool to understand the intricacies of how a business operates.
While this model has been instrumental in demystifying business operations, it's essential to recognise that other models offer unique insights.
In this article, I'd like to introduce you to the Triad Mental Model as a guide for professionals looking for self-employment strategies. Cedric Chin provides a deep dive into Dr. Lia DiBello's work on the Triad Mental Model, which forms the basis of this article.
A business extends beyond what it aims to deliver; it's about navigating the market, streamlining operations, and mastering the financial basics that underlie all entrepreneurial ventures, setting the stage for longer-term freelancer success.
Understanding the Market with the Triad Mental Model
The Triad begins with a comprehensive understanding of the market and what the supply and demand for your services entails.
Finding Your Space: Self-employment thrives on specialisation and becomes more so as companies realise that the time it takes to attract the right talent takes too long and that it is faster, easier and more cost-effective to bring in teams of talented and experienced freelancers.
The intent is to align your expertise with the right opportunities by recognising market demands.
Customer First: Prioritizing your client's needs to exceed their expectations through delivering consistent, tailored excellence
Stand Out from the Crowd: It’s not just about entering the market, but how you differentiate. The Triad urges professionals to find that unique spark.
Stay Ahead: Market trends evolve. Keep a finger on the pulse to remain relevant and innovative.
Operational Excellence in Freelancing: Insights from the Triad Model
Operational understanding is the Triad’s second pillar, focusing on your freelance business management. In the case of working for yourself, it means managing yourself, your workflow and work execution and how best to get things done.
Optimise and Thrive: As a part of your self-employment strategies, minor operational tweaks can significantly boost your profitability.
Resource Alchemy: Wearing many hats? Efficiently allocating resources, from your time to finances, becomes a game-changer. As you are aware, for me, this often means outsourcing some of my work.
Pivot with Purpose: With the autonomy to shape your operations, agility becomes your strongest ally.
Consistency is Key: Your reputation hinges on consistent quality. This leg of the Triad emphasises the undying importance of delivering value to receive it in return.
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Financial Acumen: A Pillar of the Triad Mental Model
Lastly, the Triad stresses financial wisdom, with the Five Line Model providing a basis for understanding freelance business management. However, Cedric Chin's article goes a lot deeper than this. His focus is on the more sophisticated financial operations of larger companies, whereas the five lines are more appropriate for freelancers and the self-employed.
Empower Through Knowledge: Measuring your financials from managing expenses to ensuring a steady cash flow and pricing your work profitably.
Strategic Investments: Every financial decision impacts your business’s trajectory. Learn to discern and act.
How you work, the projects you choose to work on, and the systems for your operational efficiency to get things done are all part of this investment, including your ongoing learning.
Guard Against Uncertainties: Every entrepreneurial activity carries risks. Developing strategies to cushion against financial uncertainties will help, and the more you work and understand how a business works, the better you will understand the cyclical nature of business. You will learn a lot from running your own business and naturally get better at this.
Eye on the Horizon: Beyond immediate challenges lies the test of time. Focusing on long-term viability sets you up for a sustainable business.
The Triad Mental Model, pioneered by Dr. Lia DiBello as explained in detail by Cedric Chin, is more than just a theoretical construct. It’s a robust framework guiding professionals through the intricate maze of self-employment. Mastering the Triad’s three facets is invaluable as you work through this transition.
Internalising its principles will help you update your mental model of business by understanding your market, refining operations, and being financially astute. That way, you’re not just preparing for self-employment but positioning yourself for future success.
Cedric Chin https://commoncog.com/business-expertise/