It’s often said that extraordinary measures are behind the most ordinary of things - and that can certainly be said about business. Giants in the industry have managed to get to where they are by remaining consistent and upholding high standards throughout their years of operation.
Often, such wisdom can be found in the seemingly mundane or unrelated of matters. Take for example the arcade game Ace Angler. A common sight in arcade shops around the globe, it is a simple game about catching fish - however there’s more than meets the eye.
At the heart of the game, there are lessons that can be drawn in regards to finance strategy and budgets - here are two that you can apply to your own business.
Different Fish, Different Values
The first thing to note about Ace Angler are the fish. They are roughly divided into five classes, with each class successively earning you more points as they are caught. These can then be used to buy bait, making the points both a prize and a form of currency.
The lesson that can be learned here is that everything has a value. In this example, the concept of the points system reflects the day to day management of your business finances. Similar to the points system in Ace Angler, your profits can be recirculated through your company to make improvements in order to generate more profits.
The key here is to know exactly how much you can afford to spend and which ‘fish’ you are aiming to catch. While you may have your eye on attracting a certain class, you may not necessarily be using the right kind of bait to do so.
Different Baits, Different Strategies
There are three types of bait in Ace Angler which increasingly differ depending on their point value and strength. The stronger the rod, the more likely higher-value fish will swarm to it. This is largely dependent on which pool you throw your lure into, your usage of the “shock button” to weaken a particularly strong fish, and how you reel the lure in.
Strategies are an essential part of any financial operation, and this game is no exception. For example, it may be better to use the lowest level rod to focus on low value fish, building up overall value over time; or you may decide to play a bigger game and invest early points into bigger fish. The strategy and bait you use is the only variable in a pool of constant (but differing) values, which make it imperative for you to pay attention to them.
Don’t be too hasty to spend your money, but don’t hedge all your bets on one strategy either. Accurately determining the value of what you hold vs. what it is you're aiming for is one of the best practices that you can follow in business financing.
Ace Angler may be about fishing, but a close observation of the game’s mechanics reveal a more nuanced approach to handling your resources and using them to your advantage in order to gain more - an approach that would sound familiar to any businessman comfortable with their finances. While business is certainly a far cry from a game, the core principles remain the same: know what you have, and use it wisely.
If you’re looking for more insight about finances, download our free Finance Pillar eBook today. Alternatively, please do not hesitate to consult with myCEO’s team of experts to learn more on how we can help you optimise your business for success.