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Value Creation Strategies
To better manage the expectations of business owners and key stakeholders, it is critical to define the dominant value creation strategy at the very beginning of any business modeling exercise . This creates focus. And focus is one of the most important success factors in business. The chosen strategy lays the foundation for the business model and sets clear reference points for: margin profile key value drivers performance metrics Revenue-based strategies This is the most co
Margarita Kholina
Jan 292 min read


Why divestment is sexier than investment
From Creation to Capital Discipline. Working with startups is always about creation: new products, new markets, new teams. I spend a lot of time with founders exactly at this stage - where growth energy is at its peak. At the same time, I also worked with shareholders of mature businesses. And this experience led me to an important insight: “ growth and value creation are not the same thing.” Capital discipline becomes critical precisely when the business has already “surv
Margarita Kholina
Dec 16, 20252 min read


A Business Model is Like a GPS — You Can Drive Without It, But Only Until You Get Lost
Even though I’m a finance professional, I usually start modeling not with numbers, but with strategy . First comes direction — then the calculations. Planning doesn’t like chaos or improvisation. Many funding institutions, including #Innovasjon_Norge, ask startups to complete a Business Model Canvas . I love this tool too - it allows you to see the entire business landscape at a glance, like a map. In one of our projects for a metallurgical company, we analyzed the impact of
Margarita Kholina
Nov 17, 20252 min read


How Zara, Fortum, and smart CFOs win the liquidity game
The phrase “Cash is the King” entered the business vocabulary after the liquidity crisis of the 1980s. It’s often attributed to Volvo’s CEO, Pehr G. Gyllenhammar (1988), who used it when commenting on the aftermath of the 1987 stock market crash. This phrase — and the experience behind it — highlights a simple truth: cash is the most important asset a company has . Businesses with strong liquidity reserves are the ones that not only survive difficult times but come out stron
Margarita Kholina
Oct 14, 20253 min read
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