Get connected – Be part of a success community

23/09/2015

In whatever arena you want to succeed you must identify and ultimately become part of the community where individuals with common interests share and connect with each other. In these communities you will meet like-minded people whose experiences, thoughts and attitudes could be of massive contribution to your own success. The entrepreneurial world has seen a dramatic increase in the number of business networking groups in recent year’s, these have acted as a source of personal and business development for ambitious people who want to progress their enterprise. These groups encourage networking and interaction – not only do they stimulate business activity, they also act as a portal of real life experiences, these can help in times when:

  • Difficult decisions have to be made
  • You really don’t know how to address a particular challenge
  • You are unsure as to which direction to take
  • You are exploring growth options
  • You have hit a ceiling in our growth staircase
  • You need to break out of our comfort zones

Being part of a community can teach us that ‘everything is possible’, they help to extend our comfort zones and believe that life holds far more than the status quo. The Quaker slogan ‘live adventurously’ is one we should all embrace.

How involved are you with the community relevant to your situation? How visible are you in it? Do you participate? Personal success for you will improve significantly when you get involved with your community of interest; it will give you the opportunity to:

  • Mix with individuals who have similar aspirations
  • Build personal relationships that can be vital to you in times of need
  • Share your wisdom with them
  • Exchange contacts that offer mutual benefit

Don’t be a passive observer in your community network, be an active part and ‘giver’ – this will come back to repay you many times over. Be vocal, let your thoughts be known and immerse yourself in what is going on. In today’s rapidly expanding wireless environment these communities can be virtual as well as physical. The exponential rise in online communities created through Facebook, YouTube and Twitter provide alternative routes to getting involved – don’t ignore the opportunities these tools give you to accessing the “Connectors”. These are the people who open doors in the quest for success; they will emerge from your community.

It is vital that you get hooked in as being an active contributor, and you will over time build a GCC – “Golden Circle of Connectors” – people whose opinions and inputs you both trust and respect, most of all they help you to make things happen.

Get connected and start to build links with those communities that will help you to move forward!


John Leach – An interview with Carter Corson

16/03/2015

John Leach, Chief Executive, Winning Pitch, describes how it is always important for entrepreneurs to consider the emotional as well as financial costs to growth.

Click here to the article and more from Carter Corson

In your work you talk about “profitable, sustainable high growth”. What does sustainable refer to?

One of the key things around growth is that it all starts at the top. When we talk about high-growth businesses and organisations, what we’re referring to are those that can sustain 20% growth each year. This level of growth usually pivots around an individual who has a high degree of energy and wants to take the business to places where other entrepreneurs don’t want to go.

It begins with a mind-set driven by a genuine intention and ambition toward growth. There are many individuals who state that they want to grow but there’s a lack of genuine commitment. There are many people who talk about growth who are actually hallucinating rather than visioning.

Sustainable growth starts with genuine, sustainable intent that is actually followed through with strong execution. Sustainable intent translates into building the right team, working out the business model, financing it in a feasible and taking calculated risks.

There is a common misconception that entrepreneurs are nutcases who play the lottery with the family jewels. In fact, successful entrepreneurs are very much about assessing risk rather than taking risk. This gives them clarity in deciding what mitigating actions are required to avoid doing something calamitous.

When we talk about entrepreneurship, do you think that we sometimes over-focus on the individual? Can we lose sight of how while individuals may be the driving force behind a company, it takes a team to build it?

It does indeed start with the individual. The founders who grow their businesses into something quite special are the ones who have a high degree of self-awareness. However, it is important to think about the DNA of a great team, which I call the Thinkers, Doers, Sellers and Controllers. When you first set up, the founder is all of those things but they typically have a natural orientation to one or two of them. Successful entrepreneurs build a finely tuned engine that has an even mix of all four. Self-awareness is such an important part of the growth equation. You can’t do it all yourself – the minute you try to, you have a serious problem. You really need to build a team around you that is significantly better than you in lots of different areas.

Often, entrepreneurs can suffer from an imposture syndrome. They end up sitting in the board room thinking “everyone in here is smarter than me”. In reality, they have got themselves that far by being clever enough to have the right people around them. That is such an important part of the mix. .

In the UK there are 4.8 million businesses. There are only 36,000 that employ over 50 people. Why? Because it is so difficult. To grow beyond 50 you have to really be good at managing and building, which means recruiting while retaining the right talent. When they have 25 or more people, many entrepreneurs give up, sell up or they choose to downsize. Ultimately, sustaining profitable growth is a leadership challenge and this is a big problem for the UK plc. It comes back to the issue of recognising what skills needs to fit around the top table and who needs to sit in the right seat.

In a recent report, the problem of ‘leadership capability’ was cited as the second most important reason for the failure of UK businesses to scale up…

Absolutely. What you do when you start-up on your kitchen table is very different to when you are running a business of 150+ people. You have to develop and change.

I explain it as the Mind-set Staircase. Your mind has to make various transactions across the staircase where you go from being a founder, to a social worker once you have more employees. Then you assume the role of a strategic manager once you have other layers in there that are dealing with the numerous aspects of managing a business. That is one of the main reasons people don’t grow. Entrepreneurs say “the more people I employ, the harder it gets”.

Again, finding the right talent to sit in the right seat is crucial. I am a non-exec on four fast-growing businesses. In each of these, the first challenge to address is the people/talent issue. Often we find we have the wrong people, so invariably we start to look at the team. In most instances it has grown and has a product and a market, but the team running it is not fit for purchase. In many instances, we work on team dynamics – getting the right people doing the right jobs while building a culture that is conducive to innovation and success. That is one of the hardest things to do in business.

For entrepreneurs, what do you see as the emotional costs to growth?

Growth is more than just a series of spreadsheets showing financial projections. There are a lot of decisions that need to be made that impact on people around the entrepreneurial team – family, kids, wives and husbands. When making an executive decision, very often there is a difficult conversation going on back at home: “I need £200,000. I am going to re-mortgage the house.” “What does that mean for us?”

These are emotional decisions and they start to weigh heavy. There is often not only a financial cost to growth, but very often there is a medical cost. I see so many health-related complaints with ambitious people – anxiety, high blood pressure and ulcers. We never read about this but within my own networks, I see the impact that running a business actually has. It ends up running your life. This means you have to be mentally resilient, being capable of switching off and or to cope with uncertainty. Because we are British, we don’t talk about these things.


7 thoughts on dealing with the pressure and loneliness of running a business

30/09/2014

One of the LinkedIn groups I am a member of, asked if anyone had any tips on how to attain a good work/life balance and deal with the pressure and loneliness (at times) of being a company leader. As I got a few likes on my response, I thought I would share it on my blog.

I have always had a keen interest in the entrepreneurial mindset, in fact I have written a book on it as well. Having observed lots of successful business people over the years, it would appear that those who win, have good housekeeping embedded in their company, strong customer focus and one that often gets overlooked – mental toughness and resilience.

Growing a business is a roller coaster and you should expect the unexpected, period. The loneliness of running a business is a reoccurring comment made by individuals I meet – here are some thoughts:

  1. Many of the things we worry about are of are own making – be careful of the conversations you have with yourself, they can be extremely destructive
  2. Create space to think – success is 20% thinking and 80% doing. So many business people forget the importance of ‘time to think’ (I walk my dog for 2 hours a day over the Lancashire Moors).
  3. Have 2-3 people whose views you respect and trust – give them a call.
  4. Get involved with entrepreneurial networks – we are all worrying about the same things. Be open and share.
  5. Aim to build a great team who can share the burden.
  6. Life is short – remind yourself that a late payment is not the end of the world. Far worse things could happen.
  7. Maintain good health – without it… Say no more.

High growth entrepreneurs have an innovation department

26/08/2014

Business incubators have become a common feature of public sector enterprise support in recent years; many of these establishments have proved to be highly effective in nurturing early stage entrepreneurs. They don’t just provide a desk and somewhere to turn up every morning, their added value comprises: a place to network, share ideas and collaborate. The really good ones offer mentoring and coaching, this is often what makes the real difference between success and me too performance. In many UK regions, incubators have become a hot bed of exciting new businesses, the potential employers of graduate talent – Autonomy in Cambridge is a fantastic example.

This concept of incubation needs to feature prominently in the culture and mindset of winning businesses – any ambitious entrepreneurial company should have a “department” or function responsible for building a pipeline of new thinking that delivers potential new revenue streams or adds value to existing customer experiences. I don’t mean a department literally – it’s about having an organisational process that brings together thinkers, doers, sellers and controllers, one that not only develops new ideas but also implements the commercially viable nuggets that emerge from the process of discovery. The concept of incubation delivers a major thrust for gaining an edge in the market place.

It is my opinion that creative intelligence is the ultimate source of competitive advantage – high growth companies tend to be disproportionately more innovative than the rest of the SME population. They explore, embrace diversity, live in their customer’s world, experiment with new possibilities and avoid complacency by making creative thought a habit, not something they do once a fortnight on a Friday afternoon. It must form part of an organisations “soul”. 


Great teams drive growth

05/08/2014

It’s really sad to see how many businesses fail to realise their full potential. Is it down to poorly defined value propositions, bad design, poor sales and marketing or financial control…sometimes it is. My view is that a company’s growth prospects are inextricably linked to the rate at which the founder, team and leaders can develop themselves. Businesses make transitions at key points of their journey and if the management fail to personally address these changes and the extra demands placed on them, then the “growth ceiling” very quickly presents itself.

It starts with the leader’s ability to undergo personal change and continuously adapt their style and approach to overcome the challenges faced along the journey – self awarenessWP Team image is a must have for all entrepreneurs. In a high growth business the founder has to be clear on what they are good and bad at and build a team around them that compensates for their own personal shortcomings. The inability to delegate is the classic dilemma faced by so many individuals running their own business. This is the very reason why so few companies go on to employ more than 25 employees.  Organisational development is a pivotal part of achieving growth, and what do the VCs keep telling us? – it’s all about the team.

My advice to any high growth business/entrepreneur is get the right people in the right seats doing the right things. Having the wrong people doing the right job is so common, and if we are honest with ourselves virtually all of us have been there and got it wrong, big time! A company without an effective team delivers sluggish performance at best – gazelle performance? Not a chance.

Embracing a learning culture and environment where personal improvement is encouraged and supported is non negotiable, but of course this takes time. Staff and the team are the most important component of any business. When we get the right team in place almost anything is possible. Without it growth is stunted and blockages appear – these blockages manifest in long working hours, customers being let down, poorly managed contracts, finances going off the rails, quality dipping, disgruntled staff, poor communications – a feeling of rabbit in the headlights, can’t see the wood for the tress, all familiar clichés entrepreneurs have come to live with. The antidote is investing in people and staff.

Getting the organisational structure and team right is a difficult job and perfection is challenging to say the least. Your organisation is only as good as the people who are part of it, and remember the organisational and team effectiveness will dictate your rate of growth.


Climbing the staircase of growth

02/07/2014

There has been extensive research into the business life cycle, however few studies have pointed to the practicalities of the intervention that are pivotal at each stage of growth. There is undoubtedly some common ground and overlap across the different phases, however some conclusions can be drawn in relation to – what support is needed at these critical stages. My experience shows that companies hit major challenges at a number of key points on their growth journey, particularly as it relates to employee numbers:Staircase

When a business reaches 5-7 employees – this is when a company starts to take shape and the founders find themselves faced with a set of challenges they never envisaged. Leadership skills become tested at this point as does managing people and cash. Funding for growth becomes a critical issue.

When a business reaches 25-30 people – the leaders are now faced with the issue of relatively high monthly costs to run the business. Structure and team working becomes vital. I believe this stage presents a real danger zone as organisational development and financing, along with more strategic selling become vital to sustained development. It is at this point that business owners set out to recruit a sales manager/director – a challenge for many! Financial control becomes a full time job

When an SME approaches 50 people – corporate thinking and mindsets are presented with KPIs becoming even more important as business issues become more complex and demanding. Management teams become preoccupied by sustainable revenue streams – key functions start to emerge and divisional perspectives give rise to profit centre management. Tight operational monitoring, management and control need to be embedded to ensure lean processes prevail. Staying ahead of the game is vital otherwise a disconnection from the market place will lead to stagnation and potential decline – not a good place to be!

An entrepreneurial mindset conducive to embracing constant change is vital to making the above transitions. The most common challenges for entrepreneurs along the journey present themselves in the form of how to:

  • Achieve clarity in relation to business and personal aspiration – vision, strategy and plan
  • Effective sales and marketing in increasingly competitive environments
  • Organisational development – the right team in place all working towards a common goal
  • Financial engineering – getting the right funding in place and managing the finances
  • Managing costs and ensuring lean and efficient processes across all functions

Non-executive directors (NEDS), coaching and mentoring prove to be vital external inputs to addressing these key challenges and stages of growth. One thing that inhibits the growth wish of many entrepreneurs is the management of people. Embedding effective organizational processes and systems are vital. A business can only grow as quick as its team so getting the people elements is vital.


Sales: A profitable career

10/03/2014

The UK needs more sales professionals. It’s a core skill many of the successful business people and entrepreneurs I have met possess. They commit time, effort and energy learning how to sell, they train hard and learn how to build long lasting relationships and win-win outcomes with customers.

Those individuals who learn how to effectively sell will always have employment, they get the highest paid jobs and many often go on to set up their own business. They enjoy fulfilling careers and make a big difference to their employers.

The call centre and door to door commissioned sales, sales-rep provides the classic view of a career in selling – the reality is these can be both highly paid positions and they provide a grounding in the vital skill of having a great telephone or face to face conversation – essential to success and personal progression.

Train hard, learn, read and hone your sales skills – it will deliver a long lasting and profitable career.

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