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Which parts of a company need to exist inside it?

Ownership and location are not the same thing.

Working noteOrganisation · Operations · Strategy

Premise

Companies often internalise functions because that is familiar, not because it is structurally necessary.

ContextWorking noteOrganisation · Operations · Strategy

A capability can be central to the business without every person and process sitting inside the legal organisation.

The useful distinction may be between what the company must understand and control, and what it must directly employ and operate.

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