Control the things you can

22/07/2015

The extent to which we can grow our business can largely be guided by our thoughts, actions and behaviours. However, there are external factors often at play that we can’t control, many of which could impact on us progressing to what we want. All too often we end up spending time worrying about issues that with all the will in the world you cannot have any direct impact on making them go your way. These could range from global economic factors, through to political and social issues, down as far as the behaviour and actions of other people.

Spending time worrying about the big things we can’t control can result in energy being absorbed in non value added thought. Here is a great way to think about control:

Grant me the serenity to accept the things I cannot change,

Courage to change the things I can,

And the wisdom to know the difference

Reinhold Niebuhr

Success comes from managing the things we can control. Embracing this principle will get you motivated to moving forward on those pressing issues that need sorting out. Focusing on factors outside your sphere of influence could create stress and reduce the effectiveness of your actions. Your mental toughness will become eroded by the enormity of the task associated with thinking about the things you can’t change. This habit becomes emotionally draining and will impact on your efficiency and effectiveness. Accept it!

Focus on the 10 things you can control:

  1. Attitude – believe you can, growth starts with believing you can
  2. Learning and knowledge – you must learn and acquire knowledge if you want success
  3. Friends – who you spend time with and who you share ideas with
  4. Motivation – the invisible force that comes from within
  5. Time – how you spend your time – who with and on what
  6. Capabilities and offer – what you are providing to others and how effectively you deliver it
  7. Financial matters – what you spend and your means
  8. Treat and deal with people – always with respect, honesty and integrity
  9. Deal with the environment – being aware of sustainability issues and how you treat your surroundings
  10. Reputation – what you stand for and your personal effectiveness

Successful business people tend to have a strong belief in their ability to take control of the circumstances, issues and factors that will give them their desired outcome, in particular they will:

  • Actively take part in initiatives that improve their current situation
  • Have a strong internal control orientation, this is hungry for goal achievement
  • Actively pursue a policy of self development
  • Inquire and actively commit to understanding why things turned out the way they did
  • Embrace learning to ensure positive outcomes in the future
  • Ignore people who drain their energy

When we master the art of controlling the controllable, additional energy will be made available for doing, consequently you will gain a better balance between activity and thinking. Success is well within your control!

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Avoid energy sappers – surround yourself with energisers

03/07/2015

There are two groups of people that you will come across in your quest to grow your business – one group will provide inspiration, the other will drain you of energy and make you question your very being. These groups involve:

Energisers – These are the people that view life as one big opportunity. They are motivated individuals who set ambitious goals and constantly look out for the next big thing. They are people on a mission. Their positive outlook on life is built up on clarity of thought and a desire to genuinely make a difference. They are warm and welcoming to others and they refrain from judging what people do and don’t do. Energisers create a positive environment and their positive mindset is genuinely borne out of a sense to do good. These individuals have a sound reputation because they deliver on what they say they will do and their sense of direction is clear to everyone they come into contact with. Energisers can make the unthinkable a reality.

Sappers – These are the individuals who view life as one big problem. Such people have no sense of personal clarity and their lack of vision makes them quick to judge others that have. They are envious of other people’s success and in the worst case, organisational saboteurs. Sappers are to be avoided at all cost as they can quite easily suppress the desires and motivations of ambitious people. All too often in organisations we experience the work of “sappers” – their behaviour manifests itself as gossip, rumour mongering – they become the architects of bad feeling and their negativity brings an unhealthy atmosphere of discontent. Success is difficult enough without having to deal with such people

It is vital that your desire for success is only communicated to those with a genuine heart felt interest in your success. Energisers should form the most significant part of your own personal network. Whilst energisers are positive in their outlook, they are also pragmatic and can view situations and opportunities with ruthless simplicity. They will tell you how they see it, however this will be communicated with candour and respect – be sure to associate with these individuals.

Energisers are the mental stimulants we need to keep going, they become the booster we so dearly need in tough times. Energy sappers are the disease that eats away at our internal motivation and dreams.

You must become an energiser, because in turn you will attract others, this magnetic effect starts to create a group of people that think in the same way. With sufficient critical mass these individuals start to make massive change within our communities. The Impressionist movement in Paris in the early 1800’s and Motown in the 1950’s both came about by groups of Energisers – energetic individuals with a passion to do something big – Energisers spark off each other, they debate and enthuse. They are the pioneers that work out new possibilities that deliver ground breaking ideas – they help us grow our businesses!

Energisers can change the world, make sure that you are surrounded by them!


Entrepreneurial mindset in changing environments

19/02/2015

The journey to reaching your vision will involve a number of stages or interim goals – the key milestones that will be your targets along the way, providing a route to your dream. Each stage will represent a progression either personally or professionally – or both, depending on your vision. As your goals move on, so will the circumstances you find yourself in and the challenges you’ll face. It’s likely that decisions you have to make will become more demanding and the risks more acute. To handle this changing environment, you’ll need to progress personally, shifting your mindset to a new level at each stage.

The critical steps in growing a business or embarking on a challenging new project will place pressure on the way you think – it will push you into new areas and possibly further than you have gone before. It’s likely to stretch your abilities to the limit. So it’s important to adapt your way of thinking to be able to cope with the new risks and challenges each new situation brings. Otherwise you will find yourself frozen like a rabbit in the headlights, unable to make the necessary decisions to take you forward.

Successful entrepreneurs, for example, will tell you that growing their companies tested their capabilities to the breaking point. How comfortable will you feel if you need to give a personal guarantee to secure bank funding, or learn new skills to support the growth of your business or personal project?

To prepare yourself for the climb ahead, it pays to work out the different challenges you’ll face as you move from achieving one goal to embarking onto the next, so that you can be mentally ready to deal with them. Viewing each goal as a step towards your vision will help you to define the mindset that you need to develop to negotiate each stage successfully, allowing you to move forward with focus and clarity of thought.


Hard wired ambition is the key to growth

13/11/2014

People often ask what are the essential ingredients to growing a successful business. Cliché’s such as ‘Think Big’, ‘Anything is Possible’ and ‘Dare to Dream’ often roll off the tongue of young entrepreneurs and aspiring new business start up’s. Regularly found in self-help and motivational books, these terms offer a great source of encouragement to the next generation of business men and women – they have a critical place in the growth journey. As a great believer that mindset is critical to success, what underpins real growth of both a business and individuals is deep-rooted ambition.

Successful businesses, communities and ultimately – economies are built on individuals who have this hard-wired ambition. One of my frustrations is that I visit many truly outstanding businesses with growth potential, but what’s holding them back is very often the lack of ambition. In equal amounts I hear the rhetoric of entrepreneurs who talk a good game about what they are going to achieve but consistently fail to deliver on any of the things they commit to do. They talk about what they are going to do rather than what they have done. Ambition needs an engine, it needs action, it requires mental toughness and when failure presents itself – successful ambitious individuals get back on their bike and pedal that bit harder.

When I coach entrepreneurs, I am constantly looking for ambition evidence. Have they done what they said they would do? Did they achieve that target they set themselves? Was that investment made? Did they hit the financial targets they said they would? A consistent stream of excuses of why things have not been done or failure to execute the actions agreed are tell tale signs that the ambition is not for real. What comes along with hard wired ambition is courage and an ability to extend comfort zones and manage risk.

One of the best definitions of ambition came from Elvis Presley – “ambition is a dream with a V8 engine”. Having a business dream is fantastic, however, without hard graft, long shifts and small nudges forward, the dream becomes a hallucination.


8 Essential ingredients of a high growth mindset

23/10/2014

The issue of what constitutes a high growth entrepreneurial mindset is one that has fascinated me for years. We saw in yesterday’s press that 50% of new start ups fail within five years, a recent report from leading accountants MazarsHow to be a stand out SME – showed that very few SMEs grow beyond the micro stage (10 staff). Across Europe, 92% of companies have fewer than 10 employees. Surely not all of these entrepreneurs fail to have a business model that lacks the potential to scale – there must be other issues that lead to what is almost a shopkeeper mentality. My frustration is that I see day in day out companies with massive potential, however the founders often fail to recognise that, with more motivation, much greater value could be created for themselves stakeholders and their family’s. So what holds them back? It’s their pedestrian mindset – If they only had more fire in their belly!

Whilst I would never encourage a business owner to go for growth, if they genuinely did not want it, my experience is that many do want to achieve more – I would say its more than 70% do. My conclusion is the wrong state of mind holds too many entrepreneurs back from greater thingstheir mindset is not tuned into the reality of what it takes to grow. Having a great business idea and tight control over key functions and processes is only part of the success equation. It’s also about having a high performing mental attitude. Mindset is a hugely complex area with many constituent parts. Here is my simple view on the top 8 ingredients that deliver a high growth, high performance mindset:

Desire and intention – every action flows from genuine desire and personal intention. I want to grow my business is easy to say but hard to do. Desire is observed when entrepreneurs practice the 20% thinking and 80% doing rule. Growth entrepreneurs talk about what they have done not what they are going to do. Strong personal intentions create a performance culture mindset and go the extra mile mentality.

Sell, Sell, Sell – every successful entrepreneur knows that without a sale, there is no business, period. Thomas Edison, said I don’t invent anything I can’t sell, how true. I am constantly amazed at how many businesses are started on the basis of an idea with no attention paid to customers or does anyone want to buy this? Selling is not a dirty word; great entrepreneurs are great sales people – get comfortable with it!

Mental resilience – an ability to cope with the random nature of business supported by an ability to get back up when the chips are down is one of the most defining traits of a winner’s mindset.

Self-awareness –there is no way one person can do it all, winners create an effective team and call on the support of others. The inability of a founder/entrepreneur to recognise their own failings will inevitably lead to slow growth. Better decisions are made when entrepreneurs actively encourage trusted team members to contribute and to input to debate. Accelerated growth only happens when the founder starts to let go of parts of the business.

Creativity – the invisible force that drives innovation and ultimately creates a fantastic culture – it also underpins a positive memorable customer experience. Great entrepreneurs have an ability to embrace ambiguity, they are curious, they experiment with new ideas, and they take action. New sales ultimately result.

Self- belief – If you believe you can, you can, if you believe you cant then you’re correct. A belief in ones ability is a good starting point for any growth entrepreneur. Growing a business can be very tough, along the ways critics emerge who drain enthusiasm and energy. Successful entrepreneurs have an ability to close off to negative energy. Very often in a growth business such negativity emerges from the market place and scarily from staff. BYC – Believe You Can.

Clarity – don’t be surprised if you don’t end up at your destination if you don’t know where you are going. Successful entrepreneurs have a vision of what they want to achieve in the marketplace – revenue, profit, market and customers and business model.

Higher purpose – a desire to change a market place, solve a burning issue or address an unfulfilled need is a massive motivator for many entrepreneurs. Higher purpose provides a reason for getting out of bed in the morning. Without a reason, business becomes mundane, passion disappears and people disengage. Personal and business performance suffers. A clearly defined higher purpose and reason instills a desire to serve.

There are many other components but being aware of the above is a great starting point. Create foundations for growth by getting your head.


Enterprise Rehearsal

21/08/2012

Why is it a large proportion of the workforce want to work for themselves but only a few actually go for it? My view is that fear holds so many back – the fear of not being able to pay the mortgage, have holidays or enjoy nights out at weekends. The key challenge to overcome is getting yourself conditioned to recognising there is no pay cheque going to land in your account at the end of the month. This can often be the biggest barrier to going forward.

Well there are other ways of thinking about being your own boss and indeed rehearsing before the big performance. Speaking from experience I have found that an interest or hobby can be turned into a small business. I remember some twenty odd year ago when taking the plunge was just not an option but it was a burning desire. A young family, and mortgage meant that rehearsal was the only way, and gosh did it pay dividends. Turning a passion for contemporary art into a small business taught me loads about suppliers, customers, doing the books, VAT returns, dealing with awkward people – the list goes on.

These experiences can help so much in the conditioning process and with very little outlay can unleash a profitable stream of revenue. There are opportunities that so many of us just overlook, here are some ways you can rehearse:

– Buying and selling on eBay

– Car boot sales

– Take a market stall at weekends

– Take a stall at an art/antiques fair

– Buy a small property do it up and sell it

– Explore the buy to let market

– Look for innovative products overseas, find an outlet in the UK

– Turn your hobby into a weekend service e.g photography

I feel that some of these tiny nudges can get us thinking more entrepreneurially. The markets in the UK are desperately trying to encourage more traders and we should not over look them as the training ground for the next generation of entrepreneurs – maybe feels a bit Del Boy and Rodney but from humble beginnings big things can result.

After all you only need to look at the Sunday Times Rich list and I know for a fact a number of them built their fortune starting from a market stall.

Big Goals – Small Nudges Will Get You There

16/08/2012

Many individuals have big goals but only few put in the energy and effort to attain them. Why is this? Actions speak louder than words and to be grounded for a second, big goals can sometimes feel like an awesome undertaking. That’s when the goal just remains a dream.

Breaking the £1m revenue target, implementing a new quality system, opening up that new export market or whatever it means to you needs careful planning and iteration.

Patience, routine, trial and error and action are important contributors to passing across the finishing line – you just can’t leap to the end point, that’s why so many just give up.

So what tools can we use to assist us get what we want? I was inspired by the story of what made GB Cycling world class and the envy of other nations . Their coach referred to the “aggregation of marginal gains” as being central to their success. In other words small improvements that all add up to a magnificent performance.

My interpretation of this is:

1. Be clear about what it is you are looking to achieve and and nail a measure and timescale to it

2. Put in place the plan of the milestones and improvements that need to be reached and by when

3. Train like crazy and put in the activity needed to get there – KpI’s (that awful term –  but paramount to monitoring where you are – be clear on what they are as well)

The GB Cycling philosophy of marginal gains can be of massive use to us in business. The key lesson is that small nudges in the right direction delivers a winning result. Get on your bike and pedal  – if you fall off, get back on and pedal faster!