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Are you watching the right things?

Business, Change, Output, success No Comments »

I was watching the Six Nations rugby international between France and Wales last night. At half time, France were winning 20-0. The commentators pulled up the traditional statistics, showing possession, territory, line-outs won and lost, and so on. Looking at these statistics, there was very little between the two teams, and yet the most important facts, the score, suggested that France were doing something very different to Wales.

Talking this over at half time, the difference seemed to come down to two points, France had had two lucky breaks, and seemed to be passing the ball out of the tackle more than Wales. And yet neither of these were included in the statistics shown on TV.

If lucky breaks can change the result of a game, then they should be counted and analysed. Do lucky breaks just happen? Or can a team prepare and train to spot them and take advantage of them?

In business, do we look at the statistics that really tell us what is going on? The amount of cash in the bank, or profit, are easy to measure and give us one indication of how we are doing, but they do not explain why the result is what it is, or whether it is better or worse than reasonably expected.

Whether as a Finance Director, or the coach of a national rugby team, I always look for the information and data that tells me what is really going on. Traditional statistics tell one story, but is it the most useful one?


February 27th, 2010 |

Tags: rugby, sport, statistics




Why won’t some people take risks?

Change, leader, leadership, success No Comments »

How do you get the best out of your staff? I was talking this through with a client recently, and stumbled across something that I called the Martin Johnson Syndrome.

My client was without doubt employing some of the brightest, most knowledgeable, people in their field. But he was frustrated by their unwillingness to demonstrate through actions that they had bought into his vision, to take risks, or to stop “playing it safe”.

He acknowledged that the organisation’s culture was changing, from being fairly autocratic, to one of empowerment and delegation of responsibility, but he couldn’t get his team to take the initiative.

After talking with some of his managers, I had one of those “light-bulb” moments. I knew that my client was well respected, in his field, as well as by his colleagues, but I hadn’t realised just how well he was respected. His managers were afraid of failing, and in particular, of failing in the eyes of their boss – my client.

I had read recently about the poor results of the England rugby team. There was little debate about the quality of the players, and how their collective ability was, on paper, excellent. But they were lacking that something special, that bit of magic, which turned them into a winning team. The writer surmised that they were in complete awe of their manager, Martin Johnson. Johnson is an inspirational leader, who has achieved the ultimate goals in the game (including captaining the England team that won the World Cup). The players, so the theory went, were afraid of taking risks, of trying something adventurous, in case they failed.

My suggestion to my client was simple. He needed to convince his team that he had trust and confidence in their abilities. Telling them was not enough. He needed to demonstrate through examples what his reaction would be when they failed. I even suggested that he create a situation in which one of his staff was “set up to fail”, so that he could show them how supportive he was.

Empowering people who are not used, or willing, to fail is not easy. Demonstrating your trust and confidence in them requires a special kind of management. I hope for England’s sake that Johnson has cracked it. Have you?


February 6th, 2010 |

Tags: fail, Management, risk, rugby, succeed




Has the recession ended – did it ever start?

Business, Cashflow, Change, leadership 1 Comment »

There are statistics and lies. Can a single number ever tell the whole story?

I appeared on BBC Radio Coventry and Warwickshire this morning, to give my views.

www.bbc.co.uk/iplayer/episode/p0062shx/Annie_Othen_28_01_2010/

I start to talk about an hour and 20 minuites into the programme…


January 28th, 2010 |

Tags: confidence, optimism, recession




New Year’s Resolutions – How SMART are yours?

Change, Output, success No Comments »

I have heard a few New Year’s Resolutions in the last 48 hours, and have a formed a fairly good idea which will succeed, and which won’t. How? Because the ones that will work are SMART. This old method of establishing goals is as valid now as it ever was, and here’s my logic:

Specific
“Joining a gym” is too vague, as is starting jogging. Ask yourself, why am I doing this, what is my objective – is it too lose weight (how much?), to give yourself some “me-time” (again, how much?).

Measurable
As above, how will you know when you have achieved it? If you want to “get fit”, how will you know you are fit? Is there an event you can take part in to demonstrate you have reached your goal?

Achievable
Do you want to run a marathon in 2010? Unless you have already started, you aren’t going to suddenly be able to complete the London this spring… Don’t set yourself up to fail. Pick one in a few months time to give yourself a good chance of succeeding.

Relevant
Why do you want to do it? Why is your goal important to you? Doing something for someone else is not as powerful a motivational force as doing it for you. It may be of benefit to others (as in “I want to start volunteering”), but what will you get out of it?

Time
When will you start, when will you aim to finish, are there milestones along the way to show that you are on track to succeed?

Succeeding in business uses many of the same principles we use in our personal lives. Sometimes you can succeed on your own; sometimes you need a little help. The trick is to know when to ask for help…


January 2nd, 2010 |



Is your website working? – 1

Advertising, Business, Change, Crisis, Input, Output, success 2 Comments »

I was talking with a client about the amount of business they were generating from their website. The key interface between the business and the customer is the contact form, that tells the business about what the customer needs, as well as a contact name, number and email.

A brief look at Google Analytics revealed some interesting statistics:

  • In the last month, their website had received just under 6,000 hits, and
  • In the same period, only 54 click through’s to the contact form had been generated by the website, meaning that
  • Less than 1% of visits had resulted in a request for a contact.

This was pretty depressing, but it explained why the business felt that it wasn’t getting much benefit from the website.

By looking at each page, it became apparent that there was no obvious “call to action”. Even if the visitor was keen to make contact, it wasn’t clear how they should.

I’m no web-master, but I do understand the importance of making sure the link between you, your product, your “shop”, and your customer, is seamless.

When was the last time you asked someone to give you honest feedback about how easy you are to locate, find out about, and to buy from?


October 8th, 2009 |



Choice – how much is good for you?

Change, Input, Output, success 1 Comment »

I heard a speaker recently who gave an example of too much choice being a bad thing. The example involved offering free samples of jam to customers in a shop, and then offering them the option to buy a pot.

The research found that beyond a point, more choice led to lower sales. Some choice was good, too much was not so good.

So how much choice is good?

I am sure the supermarkets have worked this one out but, as usual, I found myself thinking laterally. When looking for a solution to a problem, how many options are there?

I reckon that, with enough time and resource, there is no problem that doesn’t have a limitless range of possible answers. Ask an academic if you are unsure about this one… The problem is that we don’t have limitless time and resource, and have to make do with a small number of options.

Unless you have a “no-brainer” of a question, possible solutions can be grouped into categories. For example, the obvious, the wacky, the seemingly stupid, the clever, the smart.

However you face challenges, the trick is to not let the question become overwhelming. Which leads me to a favourite saying: How do you eat an elephant? Answer, one mouthful at a time. The saying neatly illustrates the point that a complicated question, with too many possible answers, could probably be simplified if it was broken into smaller pieces, so you don’t get indigestion…


September 22nd, 2009 |



How long are you here for?

Change, Chaos, network 1 Comment »

It is so hard to keep in touch with everyone. Family, friends, associates, business contacts, the list goes on and on.

I count myself lucky to know as many wonderful people as I do (and I am sure you know who you are!). But when I look back at my life I, realise how many wonderful people I have known, but who, for one reason or another, I have lost touch with.

Here’s a thought, perhaps not everyone we meet is supposed to be in your life for always.

Not all relationships can last forever. Relationships change over time. There will be times when a temporary relationship is necessary (such as bringing in a consultant or expert), times when a cry for help is best made to a stranger.

How long is the person we talk to next destined to be in our lives?

In business, as well as in my personal life, I can look back and see how my needs and wants have changed. And as I have grown and developed, I can see how I have drifted into (and out of) other people’s lives.

Rather than get depressed about how many good people I no longer speak to on a regular basis, I try to celebrate the wisdom I have gained from knowing them.


August 18th, 2009 |



What are you doing with your life?

Change, leadership No Comments »

Over the last few days, a new theme has emerged during my discussions with clients. What motivates them?

Some are facing choices between two or more potentially lucrative opportunities, some are having a tough time, some are sitting back and questioning what it is that inspires them to keep running their own business.

There are easier ways to earn a living than by running your own business. But are they as satisfying?

The answer is very personal and, in my experience, changes over time. A whole host of factors continually change and influence the kind of people we are.

In my work, I try to understand what it is that motivates a business leader. From this, I try to ensure that business goals link into personal goals.

Running a business is not for everyone, the stress alone can ruin your personal life… But the rewards for those who are willing and able to put the time and effort in can be great.

Even if you are not running a business, what you do for work is a key part of you.

Life is like a three legged stool. Each leg represents work, home and friends. If they are not balanced, you will end up slipping off the stool.

Thinking you have a good balance is not the same as knowing you have a good balance. If they are not in balance, what are you going to do about it?


July 8th, 2009 |



What’s your favourite question?

Business, Change No Comments »

I love asking questions. There is a streak of insatiable curiosity that runs right through me that means I always want to know more.

Here are some of my favourites:

  • How do you know when you have done a good job?
  • If you had to choose between a job well done, but late, and a job not done well, but on time, which would you choose?
  • What was your worst decision, and what did you do about it?

While in a Trustees meeting of a charity I am Treasurer of recently, someone asked a really great question:

  • What would the world be like without our organisation in it?

As a charity that prides itself on the difference we make to people’s lives, this ought to have been easy to answer. Our sticking point came when we needed to produce some evidence of what that difference was.

Questions are good, answers are great, but evidence is key.

As a school governor, I am aware of the move away from teaching, towards learning. It doesn’t matter how good the teacher is, if the pupils are not learning. Evidence acquired at the end of the year in the form of exam results, or course work, is too late to be of use to change teaching style and content. Governors are now being asked to look for evidence that pupils are learning.

Questions that have no right or wrong answer are a good start to finding out what people think and feel.

And businesses are made and broken by people, not numbers.


June 21st, 2009 |



  • About Me

    So you've read what I think - Ed Hart of Your Financial Business Support, otherwise known as YourFBS.

     

    If you'd like to know want I can do for you and your business, take a look at What I Do, email me, or call me on 07913 895798.

     

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  • Recent Posts

    • Are you watching the right things?
    • When does being persistent become being annoying?
    • Why won’t some people take risks?
    • Has the recession ended – did it ever start?
    • New Year’s Resolutions – How SMART are yours?
    • Why did you do that?
    • Have you got something to say?
    • Is your website working? – 2. Or, how do you eat an elephant?
    • Is your website working? – 1
    • Have you hit a wall?
    • Choice – how much is good for you?
    • How much is it costing you to read this?
    • How much do you need to start?
    • How long are you here for?
    • What did you expect?
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