From concept to revenue

19/03/2014

For the last few years I have been trying to create a simple model that allows individuals to assess the commercial viability of business opportunities and innovative ideas – irrespective of where this idea is created (university lab, industrial R&D department, current employer or our bedroom) I think there are three primary drivers that need to be assessed and considered when evaluating new ideas. Here are my thoughts:

Commercial drivers  (CD) –

who is going to buy the idea/service/product and how do you get it to market?

Human factors (HF) –

who is going to make it their job to get it out there – and is there a team that can make it happen?

Resource Issues (RI)

have we got the finance, IT, plant and equipment along within physical resources needed to make it happen?

I score each idea on a 1-10 scale in each area. (I have some more detailed sub questions to each area and I have over simplified the above).

I work on the basis of successful mind to market – creating a sustainable revenue stream is down to CD x HF x RI – top score is 1,000 (10 x 10 x 10). In a very crude way it gives me a feel for whether I want to pursue an idea or not. If any score is zero then its back to the drawing board.

So much emphasis is on CD……however, HF needs to be given the attention it deserves!!


Pitching yourself through life

13/03/2014

Success involves people and organisations having to sell what they have to offer – this could be our skill, a product or service. This term frightens the life out of many as it conjures images of unethical smooth talking individuals manipulating others so as to get their own way. This is not the case, a great pitch is grounded in ethical behaviour fused to a mindset of offering real value through a passionate belief in what you have to offer. Personal and professional progression means that you will frequently be in a situation where you have to pitch for what you want. Applying for a career promotion, a place on the school board or attracting new customers fundamentally means we are in competition and there is a need to sell.

If you don’t adopt this mindset then you will struggle to get what you want out of life. When you find yourself in a situation where selling is vital, start by asking:

  • Do I understand their world?
  • What problem am I going to solve for the person I am pitching to?
  • What do I know about my audience?
  • What value do I bring?
  • What examples can I use to evidence credibility?
  • How can I bring to life the impact I make?
  • What is special about what I have to offer?

Personal progression means you must embrace the philosophy of life is a pitch. In doing this you condition yourself to delivering an effective and engaging performance to those that matter. Convincing others of the benefit of your talent, idea, product or service is an integral component to achieving your goals. Other people have an influence on whether we succeed or not. Your pitching mindset should help you to position your key messages in the following way:

  • Real and tangible
  • Deliver it with passion and meaning
  • Ruthlessly simplistic message
  • Clearly shows the difference you will make
  • Win – win outcome

Practicing your pitching skills to enhance your chances of success. It will put you in a stronger position to beat off competition.


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.

We are supporting National Apprenticeship week. Find out more about The Winning Sales Academy >>>>

Thinking the right way – BYC

11/02/2014

You must have self-belief if you going to achieve your goals. There is no point embarking on a mission unless you are one hundred per cent certain you can succeed. The mindsets you start off with will largely dictate whether you are going to fulfill your aspirations. So, if you keep telling yourself you can succeed then you probably stand a good chance of doing so. The converse is also very true.

The mindset of Believe You Can is crucial to delivering a winning performance, it’s where it all starts:

BYC thinking must manifest into the use of positive words and actions, these must be congruent with the goals you set.  If these two elements fall out of sync we can start to question whether we have what it takes to succeed. Keep repeating this phrase and after a while it will sink into your subconscious mind. The necessary activities needed, will then follow. Such mental programming will point you in the winning direction.  It also acts as the antidote for negative self-talk. There must be an extremely strong bond and level of connectivity between BYC and the goals you set for yourself!

The BYC philosophy should become integral to your everyday life. If as part of your career or profession you manage or lead teams of people, it is your responsibility to embed such a thought process. No successful team ever wins without start off thinking that it can!

It is often the case that new projects and initiatives need to get off to a flying start this means that high levels of motivation and energy are required to mobilise resources. Where team inputs are needed, firstly, ensure everyone knows where there are going and secondly ensure there is a collective belief that success is attainable. Teams that don’t engage with BYC will be at a serious disadvantage. Its starts with you! Foster the right climate to get the successful outcome.

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Sort out your credo

28/01/2014

I have seen some fantastic academic work in recent years on leadership – Jim Collins, Stephen Covey and all the other usual names. A plethora of tools, techniques and matrices aimed at helping the ambitious entrepreneur become a better leader. I am guilty of being one of the many individuals to come up with new thinking on how to excel at leading others!

The reality is, it’s so damn difficult pulling everyone in the same direction, getting people to buy into your vision, aligning individual skills with the needs of the business, expecting everyone to be as passionate as the founder – just accept it, no one is ever going to be as passionate as the founder of a business. One thing for sure is that as a company grows, a leader/leaders must develop a rulebook – it should be a concise set of statements that defines – how we do things around here! If an employee does not like the rules – it does not make them a bad person, it just means they don’t belong to the community. Modern management science talks about values and behaviours in my own world I call this a rulebook – golf clubs have them, religious societies have them…and many more. Organisations that have been around for hundreds of years have a rulebook of some description! I can almost hear readers cringing at this phrase.

As companies grow – a rulebook is needed to define what is and what is not acceptable. As a company heads towards 7, 20 and 50 employees the people dynamics change and a “way of doing things” needs to be established – if not you end up with a tribe and not a team.  For me this is one of biggest challenges leaders of growing businesses face – embedding an ethos/philosophy of what is and what is not acceptable.  Managing people, emotions, needs, desires and aspirations, then connecting them with the purpose of a business is so difficult.

Try putting together a rulebook then sharing this with senior managers and staff. Institutionalisation (you may wish to use other words) is a necessary part of creating a long tem sustainable business – a challenge for any leader! Don’t forget you must live by the rule book yourself, if not why should colleagues and staff?

See our company values here >>>


Entrepreneurship in the public sector

19/07/2012

This morning I experienced a great example of public sector entrepreneurship. We recently moved to Salford Quays next to Media City (new location of the BBC) – one of the key attractions was to be close to the digital expertise located in the area and indeed the Media department of Salford University. Why? can any business overlook the benefits this new digital age will bring?

All well and good, however business growth only takes place when conversations and personal relationships gather momentum, trust is built and mutual respect results. Critical non essentials such as courtesy, humility and just caring are so often overlooked in the teaching in business schools and the books they encourage us to read.

Back to the point, having been in our new office for only 1 week a call came into us from Salford City Council – Matthew Lynn, one of the Economic Development Officers. Can I come in and talk to you about how we can help? Firstly, I was astounded that they knew we were coming and secondly, today a meeting with Matthew clearly demonstrated:

– Customer focus

– An interest in what we do

– An explanation of what services the Council can offer

– The introductions they can make to partners

– Details of networking opportunities

– Opportunities to work together (win-win)

I was left with an overwhelming sense of entrepreneurial flair and what I call living in the “Customers World”. Top stuff, I was inspired to see that both an individual and the Council had a genuine interest in us. The start of a great relationship (I hope) – who said the public sector is not entrepreneurial!

 

 


Collaboration is key to competitive advantage

13/07/2012

How times have changed in the past ten years. Companies I would have viewed as major competitors at the turn of 2000 have now become close allies – we are sharing knowledge, IP, business ideas and revenue streams. It strikes me that collaboration is very much embedded within the mindset of the forward thinking organisations I meet on a day-to-day basis. Those that hold their cards too close to their chest will almost certainly miss out on new business and product opportunities. Collaboration can present itself in many formats:

  • Businesses with complementary skills coming together to bid for large contracts – one where the mix of expertise and geographical coverage offers massive benefits to a customer. This can be achieved as a consortium or through what is commonly referred to as a special purpose vehicle (SPV)
  • Companies fusing complimentary products and services to create a new offering – WP did this several years ago, we took creative expertise of a University and combined it with coaching techniques to create the highly successful Winning Pitch TV (WPtv) – a great example of HE working with a SME
  • Euro Garages one of the North’s most successful companies brought together petrol stations with Starbucks and Subway franchises to build a new experience in filling the tank.
  • We see it everyday on the motorways with Starbucks, M & S and other high street chains teaming up with service operators to create a new service station break – this used to be a joke in terms of food quality, now, very different
  • Large pharma companies engaging with smaller niche R & D operators. A much nimbler and cost effective route for multi nationals to build their innovation pipeline

Fundamental to collaboration is a win- win attitude, there has to be a common goal, a shared vision, a sense of trust and purpose, fair commercial gain for both parties. Working as I do everyday with high growth companies, its very clear that those entrepreneurs who think partnership are opening themselves up to so many new possibilities.  Stay awake, think about who you can collaborate with, the only warning is, be sure why you are doing it and what’s in it for both of you!