Your Goals for 2019: But What if you Achieve Them?


It’s a safe bet that a significant proportion of the people reading this blog have a word document – or a note on their phone or a page in their journal – with a very simple, three word title.

Goals for 2019.

We’re all ambitious: setting goals and targets comes naturally to us. But this morning I want to ask a question that isn’t often asked: why do so many people feel a sense of anti-climax when they finally achieve their goals? Why – for some people – does achieving a long sought-after goal lead not to elation, but to the exact opposite?

Let me give you a very simple example. A large number of women are depressed after their marriage. Not because of who they married (looks up, glances across the kitchen table) but because of an inevitable sense of anti-climax and a feeling of ‘what now?’ According to a report in the Washington Post12% of women admitted to being ‘blue brides.’

Similarly there are any number of anecdotal tales from sport. The momentary elation of winning the gold medal, followed by ‘now what?’ – and quite possibly the realisation that suddenly you’re back at square one. That four years from now you’ll need to prove yourself again. And there’ll be younger, hungrier pretenders to your crown.

There is no reason to suppose that business is any different. Yes, we all have goals for next year and, for most of us, those goals are a staging post on the road to the eventual destination.

But the statistics dictate that someone reading this post will reach that destination next year. They’ll sell the business they’ve built or they’ll reach a turnover or profit level they once considered impossible.

If that’s you, will you go off into the sunset punching the air? Or will you feel a sense of anti-climax and ‘now what do I do?’

Rest assured that you will be a long way from the only person to be suffering from ‘post event blues’ or the ‘arrival fallacy.’ (No, The Arrival Fallacy isn’t a thriller by Robert Ludlum: the theory is that as you get near to your goal you start to anticipate it, and therefore to discount it.)

Personal Goals

OK, time to make it personal. TAB UK is my life’s work. One day someone else is going to be the MD of TAB UK and I have no idea how I’ll feel about that. It will – absolutely – be one of the moments when I would have sought out Paul Dickinson’s wise counsel.

I have shared this with many people, but let me share it with everyone. What’s my long term goal for TAB UK? My vision is to see us helping 1,000 business owners – and thereby benefiting around 25,000 employees and roughly 100,000 people in their families.

That is a really compelling vision for me and obviously my goals for the coming year represent steps along the way.

Would – at some stage – 900 members of TAB UK be a success? In financial terms, yes. Would it satisfy me psychologically? No, I don’t think so. Both Mags and I want to reach the 1,000 member goal – and, with the support of everyone in the TAB family, we’re determined to get there.

So will I feel ‘post-event blues’ or the ‘arrival fallacy’ when we reach 1,000 members? I don’t think so – but I have no way of telling. What I do know is that there will have to be something after that. It may not be to benefit me directly – but I think I will always need to have a goal in sight.

And that, of course, is the textbook way to beat the ‘post event blues:’ to make sure you immediately move on to something else.

I suspect, though, that human nature doesn’t work like that. It dictates that we do pause when we reach the summit, both literally and figuratively. And that is both right and understandable – you’ve worked to get there, you’re entitled to enjoy the view.

And if you find that the euphoria isn’t what you’ve expected then you won’t be alone. Success, as the old saying goes, is a journey as much as it’s a destination. And that’s what all of us at TAB UK are committed to – your success on the journey. You, and the other 999 business owners that are on the journey with you…

Read more of my blog here:

The Importance of Brand Perception in 2018

How do you Manage a Millennial?

The Seven Ages of The Entrepreneur

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How do you Manage a Millennial?


Two weeks ago I read a blog written by former TAB member Suzanne Burnett.

Suzanne was one of the members of TAB York, so I’ve known her a long time now, and her blog is invariably interesting and thought-provoking.

In her most recent post she’d been to the Aviva offices in York – and she’d been struck by their commitment to ‘corporate wellness.’

As Suzanne said, plenty of companies and organisations pay lip service to ‘wellness’ but Aviva had embraced it wholeheartedly, from a dedicated ‘hygge room’ to mindfulness and meditation sessions for the staff, corporate wellness champions and plentiful supplies of fresh fruit.

The question – as Suzanne rightly pointed out – is how do smaller businesses compete with that? We all want to employ the best people – but what chance do we have if they’re tempted away by Aviva’s bean bags and bananas, or the recent ‘work when you feel like working’ introduced by accountants PwC?

What’s the answer? Let me quote directly from Suzanne’s blog:

You can spend as much as you like on corporate wellness but, ultimatelyit is the culture within your company that counts. If someone feels under-appreciated, under pressure or feels that their career isn’t developing as it should – then 20 minutes in a sleep pod isn’t going to fix that.

That’s why having a clear vision for the company is so important. That’s why regular review meetings with your team really matter. That’s why agreeing targets, not imposing them, is crucial.

Those are key elements of a corporate wellness programme and they are key elements that don’t cost anything at all.

So problem solved. Or is it? Because I think the initiatives of companies like Aviva and PwC, and the absolutely spot-on response from someone who’s built a very successful business, poses an additional question for all of us.

How do you manage a millennial? Or, more to the point, a team of millennials?

Because who are those bean bags and platters of fresh fruit for? And who is going to make up 75% of the global workforce by the middle of the next decade?

The millennial generation: those people who came of age around the turn of the century.

As we all know by now, millennials want different things to their parents’ 9-to-5, don’t-change-jobs-too-often generation. They want flexibility, they want to feel that they are making a difference, they want to work for a company that ‘shares their values.’

But is that possible? Especially for a small business? How long can the owner of an SME go on supplying the latest ‘wellness’ initiative and giving yet more time off for mindfulness and meditation (to say nothing of the nativity play) before he asks a simple question. What is more important: the bean bag or the bottom line?

The ‘Millennial Question’

If you have 20 minutes, watch this excellent video featuring management thinker Simon Sinek, in which he discusses what he terms “the millennial question.”

Teenage Girl using a phone

If you haven’t, let me summarise the argument for you.

Millennials are tough to manage. They’re said to be lazy, unfocused, self-centred and only care about themselves. Yes, they want the company they work for to ‘make a difference’ but they have no idea what ‘make a difference’ actually means. They want free food and bean bags – but even when all that is provided they’re still not happy.

Sinek blames a combination of factors – including the parenting and education of a generation brought up to believe that they were ‘unique’ and ‘special’ and deserved a medal for simply taking part.

Well, if there is one thing the corporate world teaches you – quickly and sometimes harshly – is that you are not unique and there are absolutely no prizes for simply taking part or turning up.

Unsurprisingly, there is something of a backlash against millennials in some quarters. Managers don’t want to be surrogate parents, they’re fed up with an ‘anti-work’ attitude and they don’t see their employees’ happiness as their responsibility.

Which would be fine, were it not for the demographics.

Millennials are going to make up 75% of the workforce: there is nothing we can do to alter that fact. No-one reading this blog runs Google or Apple. But we are competing with them for talent and – if you’re in it for the long term – you’ll be competing with them for talented millennials in eight or ten years from now. So anyone looking to build a successful business in that time will have to recruit, manage and motivate his millennial workforce.

How are you going to do this?

First and foremost I’d endorse the points Suzanne made. I’ve said it many times before but you need a clear, concise vision for your company and you need to communicate that vision effectively. And you need to show how you are making a difference – plenty of companies will address this by choosing a charity to work with in 2019. That’s one simple step you can take: the owner of the business does not need to choose the charity.

Let me make three more suggestions:

Millennials – as Sinek suggests – want approval. Right now that appears to come from social media, but it is going to be crucial at work as well. Team meetings and collective decision making will become increasingly important in building your business.

Training is important, both for the millennials and their managers. Millennials expect to ‘make a difference’ within months: they may not see the long term strategy. Managers will need to learn to deliver feedback in different ways: millennials will need to learn some long-term thinking.

And hand in hand with this goes the inevitable business focus on short term results. This is going to be incredibly difficult for managers and owners. You’ve built your business on KPIs and short term results: on identifying problems quickly and fixing them equally quickly. Ten years from now a significant proportion of your workforce will see ‘percentage of office power from renewables’ as your most important KPI.

So just go into your office, lock the door, put your password in and have a look at that ridiculously old-fashioned – but strangely, still important – cash flow forecast…

The Importance of Brand Perception in 2018


“It’s what they say when you’re not in the room…”

Last week there was a story in City AM, reporting on a survey that had been done for MoneySavingExpert. The survey results detailed the ‘UK’s most loved and loathed brands.’

A word of caution before I open the envelope and reveal the results. You suspect that the results of the survey would have been different had it been done for the Telegraph or the Socialist Worker. As I dimly remember from an MBA module, we all have our unconscious biases.

But reading the article was still useful. It made me think about brands – about the way they wax and wane and, inevitably, ask some simple questions. What does a brand do or say? Which brands will disappear? And – inevitably – what’s the brand perception of TAB UK?

So what are the most loved and loathed brands in the UK right now? Let us start off with the good guys. According to the poll, top of the list is Aldi, followed by AmazonJohn LewisM&S and Lidl. The rest of the top ten is made up of IkeaHome BargainseBayWaitrose and Wilko.

(Just breaking off to make a wider business point: the presence of both Aldi and Lidl in the top ten – and the complete absence of the big supermarkets – illustrates what a difficult job Tesco’s new brandJack’s, will have in taking market share from the established discounters.)

Sorry: onto the guys in the black hats. Taking the ten most loathed brands in reverse order, the first five are Debenhams, Asda, Tesco, WH Smith and (the only company to appear in both lists) Amazon. With Debenhams and WH Smith in there, that must sound the alarm bells for town centres all over the UK, irrespective of the Chancellor’s sticking plaster in the Budget.

Next up – still in reverse order – are Primark, House of Fraser, Currys/PC World and Apple. Top of the list – the most disliked brand in the UK – is Sports Direct, owned (like my football team) by Mike Ashley.

But supposing we step back ten years? Think of all the brands and household names that have disappeared. Toys R UsStaples, BHS, Tie Rack. Remember when you couldn’t walk through an underground station without tripping over a branch of Tie Rack?

Fast forward ten years to 2028 and nothing is more certain than that some of the names currently on both lists will have disappeared. M&S are currently competing with Debenhams to see who can issue most ‘store closure’ warnings and John Lewis have seen their profits fall by 99%. Ouch…

Throw in the irresistible rise of the Chinese brands – Huawei (it’s pronounced Hwah-way) is just one example – and the disappearance of some well-known names is inevitable.

So what can we learn?

Is there a common theme among the brands which are in trouble? Or is it just the high street?

I think it goes further than that. For me, one thing is essential in a brand – and that is a clear message.

What does Debenhams do that someone else doesn’t do better? What does M&S do in 2018? What do you go into WH Smith to buy?

Contrast that with a brand dear to the heart of the TAB office in Harrogate: Yorkshire Tea. It’s been around since the 1880s and – over the last few years – has become the second most popular tea brand in the UK. Have the advertising slogans – “Where everything’s done proper” and “Let’s have a proper brew” helped in that?

Yorkshire Tea Brand Perception

Yes. Unquestionably. Ask anyone in the street what the Yorkshire Tea brand represents and they’ll give a simple answer. ‘A proper cup of tea.’ ‘A good, strong cup of tea.’ Nothing more, nothing less.

Any other businesses in Harrogate I can think of? Hmmm…

What does the TAB UK brand represent? The very best peer-to-peer coaching for business owners. Nothing more, nothing less.

When we’re talking about brands the key words in that sentence are ‘business owners.’ Because your brand is more than your business: it’s you. Is the TAB UK brand inextricably linked to the Ed Reid brand? Of course it is: perhaps not as much as TAB York was, but the answer is still ‘yes.’ For me that means doing the right thing every time: building my brand by delivering results for other people.

In Budget week it is tempting to reflect on the ‘brand’ of our elected representatives. But I’d better resist, and instead leave you with my two favourite quotations regarding brands – with the second one  exactly summarising my experience at the hands of Hertz last year:

“It’s what people say about you when you’re not in the room,” and…

“People will forget what you said; people will forget what you did. But people will never forget how you made them feel.”

It’s Time to take Two Steps Back…


This is the last blog post I’ll write before the Chancellor of the Exchequer – Spreadsheet Phil – stands up to deliver his Budget speech on Monday October 29th

As always there will be plenty of warm words: ‘fairness,’ ‘opportunity,’ ‘safety net’ and – if the Prime Minister’s speech at the Conservative Conference was any indication – the beginning of the ‘end of austerity.’ No matter that the Institute for Fiscal Studies says it will cost £19bn– inevitably meaning higher taxes and higher spending.

I am a little frustrated (my entry for the Understatement of the Year Award) when it comes to the incompetence and lack of business acumen of our elected politicians. Virgin were allowed to walk away from the East Coast franchise but have just shared a £52m dividend from the West Coast franchise. Tell me, please, which ‘high flyer’ negotiated that particular arrangement. 

As the saying goes, ‘give me the serenity to accept the things I cannot change.’ But goodness me, it is difficult at the moment. 

Back to the Budget, and another word you will need on your Philip Hammond bingo card is ‘productivity.’ It was a favourite of George Osborne’s as he regularly bemoaned the UK’s poor productivity and his successor will no doubt make the same point. UK productivity – essentially, a country’s GDP divided by the total productive hours – has not improved for ten years. It is still at the levels it was before the financial crisis. 

How can that be? Compared to other countries in the G7, the UK’s productivity is poor. The ‘productivity gap’ – the amount we lag behind the other major industrialised countries – is consistently around 16% in ‘output per hour worked.’ If you measure productivity in ‘output per worker’ terms then the gap is even higher – rising to 16.6%. And where the productivity on other G7 countries has improved since the economic downturn, the UK’s has not.

That is hard to understand. The UK is home to some of the most innovative companies not just in Europe, but in the world. And virtually every business in the TAB UK family – even if they are not at the leading edge of innovation – is simply too busy to worry about any productivity gap. 

So why the problem? 

Writing in City AM, Tej Parikh, senior economist at the Institute of Directors, suggests that we should all ‘think like a small businessto solve the productivity puzzle.’ That rather than looking to do ‘the same with less’ businesses should instead look to do ‘more with the same.’ 

In many ways that goes right to the heart of what we’re trying to do with TAB UK. I have been writing this blog for a long time but one of the earliest – and now one of the most perennial – themes has been the need for business owners to work ‘on’ their business as much as they work ‘in’ their business. 

It is by no means a new idea – Michael Gerber first wrote about the e-myth in the mid-80s and my battered copy of The E-Myth Revisitedwas published in 1995 – but the principle of working on your business is as important today as it has ever been. Perhaps more important. 

Despite the fact that the world is demonstrably changing at an ever-faster pace, people remain resistant to change. It’s human nature (especially as you get older, according to my sons…) 

Right now people are also taking the labour market into account. UK unemployment has just come down by another 47,000 in the three months to August and there is a real shortage of talented people. So if a small business has some of those talented people, it is understandable that business owners are reluctant to disturb the status quo. 

But as the last post on Uber showed, sooner or later all our status quos will be disturbed. We either manage change ourselves or some outside agent takes it out of our control. 

There is, of course, a second part to the quote I used above. ‘Give me the serenity to accept the things I cannot change – and the courage to change the things I can.’

Change takes time and it takes work. Initially it will almost certainly feel like two steps back – and the three steps forward may seem a long way off. But now, more than ever, we need the courage to change those things we can change. Let’s see if the Chancellor has that courage a week on Monday…

Uber and Out?


The time: the future 

The scene: the Wastelands.

Two vagrants huddle round a slowly dying fire. There’s a super-highway in the far distance, sleek cars heading to an even-sleeker city. 

Tom: Is that all we’ve got? 

Dave: (holding up a rat) All we caught in the trap

Tom: Guess that’s it then

(Tom drives a skewer through the rat. He holds it over the fire. But the fire will go out long before the rat cooks properly…)

Dave: My anniversary today. Three years. 

Tom: Yeah? Must be closer to four for me

Dave: What did you do? 

Tom: Sent some food back in a restaurant. Chicken wasn’t cooked. But they still gave me one star. Took my rating down below four. You? 

Dave: TAB Conference. Too many beers. Threw up in an Uber. Letter arrived two days later. Can still see the words…

Tom: Me too. ‘Your behaviour has fallen below the rating required to continue in society. You have a week to put your affairs in order…

Tom and Dave together:   …You will be escorted to the city gates.’

If you have never used Uber, it’s simple. You download the app, and use it to call a cab (more correctly, a private hire vehicle). The app tells you the name of your driver, the type of car he is driving, the registration number and when it will arrive. A map shows you exactly where your cab is. 

As many of you know, we had a family holiday in California this summer – a state that is about as far from the Wastelands as it is possible to get. But it is the state where Uber was founded less than ten years ago – and where Uber leads, society may one day follow…

You don’t pay the driver – Uber drivers do not accept cash – and the money is taken direct from your bank account. And then, when the ride is finished, you rate the driver and – crucially – the driver rates you as a passenger. 

Phew. I’m rated at 5 stars by Uber and yes, I do what I can to protect that rating. As more than one driver said to us in California, “If someone’s rated below 4.5 most of the guys I know won’t pick them up.”

It used to be said that ‘the customer is always right.’ Well, as businesses start to rate their customers that old maxim is disappearing out of the window. 

I am giving no secrets away when I say we do that at TAB. We want the product we deliver to be the best it possibly can be – and it is a product that depends on mutual trust and co-operation. It also depends on a mutual contribution: if someone consistently fails to prepare for meetings, then they lessen the value and experience of the meetings for the other participants. If the 7thmember of a TAB board is not preparing properly, we owe it to the other six members of that board to take some action – and we do. 

What we don’t have, of course, is an app that rates TAB members. I can just hear our Uber driver, ‘If a couple of Board members are rated below 4.5 most of the guys I know won’t join that Board…’ 

But I believe that where Uber leads other businesses willfollow: that the idea of businesses rating customers will become commonplace. 

As my boys get older, I become increasingly fascinated by the developments that will shape their future. They will shop almost exclusively online: they will use Uber – and I think they will be entirely comfortable with the idea of rating a service and being rated as a consumer. 

At this stage in a post I usually have a sentence along the lines of ‘so what lessons can we draw for our businesses?’ For once, I’m not sure: maybe it’s a topic for a few boards to consider…

But I am absolutely certain that ‘ratings’ will play an ever increasing role in all our futures. We may be a few years away from Tom and Dave being consigned to the Wastelands, but the penalties of a ‘low social rating’ may be closer than you think. 

And before you say it is a big leap from getting a low rating on Uber to being thrown out of society: that I’m painting a dystopian vision of the future that is never going to happen – or that I’ve written this on a Friday night after one Shiraz too many – consider this. 

China has already introduced a social rating system, and people are already being penalised. People’s routine behaviour is being rated and scored and the data is being accumulated and used.

A high score can lead to perks – lower energy bills, a better rate of interest on your savings – while a low score can see penalties imposed. Your children might not qualify for certain schools, or you might be denied rail or air travel within the country. 

That, I think, is sinister and Orwellian in equal measure: but once the tech exists, it is almost always used. So you, and your business, need to be aware of the developments. 

Uber came along and ‘disrupted’ the taxi business – and I, for one, am delighted that it did. Similarly Amazon has ‘disrupted’ our high streets. But link Amazon’s tracking with Uber’s popularisation of ratings and there are implications for all our futures. 

A Brave New World indeed…

The Seven Ages of the Entrepreneur


I like a nice drop o’ Shakespeare…

Macbeth’s my favourite, but as far as speeches go, I’m drawn to As You Like It, and Jaques’ speech to Duke Senior, which many of you will know…

All the world’s a stage/And all the men and women merely players/They have their exits and their entrances/And one man in his time plays many parts/His acts being seven ages. 

This idea of the world as a stage wasn’t new, even in the 16thCentury. Shakespeare borrowed it from the Greek dramatists, who no doubt borrowed it from someone even earlier. 

Neither was the idea of ‘seven ages’ new: in Shakespeare’s case, infant, schoolboy, lover, soldier, the justice, the lean and slippered pantaloon and – finally – sans teeth, sans eyes, sans taste, sans everything. 

Which, of course, raises a simple question for me, and for any man:which age am I at? 

Am I a soldier, still ‘seeking my reputation, even in the canon’s mouth?’ Or am I now the justice? In fair round belly with good capon lined/With eyes severe and beard of formal cut/Full of wise saws and modern instances. 

Perhaps more to the point, what age am I as an entrepreneur?

There are, I think, seven ages of the entrepreneur, just as Shakespeare had seven ages of man. Let’s see if we can define them – although, sorry, I won’t be doing it in iambic pentameters…

Pushing your breakfast round the plate 

My story of the first age of the entrepreneur is well-known now. If it’s characterised by one word, that word was ‘frustration.’ 

‘There has to be a better way.’ ‘What am I doing in Milton Keynes when my son is in the nativity play?’ 

The first age of the entrepreneur is the age when you decideto be an entrepreneur: when you make the decision that – for better, for worse; for richer, for poorer – you are going to be in charge of your own destiny.

“Doesn’t Daddy have a job any more?” 

And running through all those seven ages is a common thread: your family, the people you love, the people you are doing it for. Ultimately – as I intimated last week – ‘family’ comes to mean a lot more than immediate family. I’m very, very conscious now that my family – the people for whom I feel a responsibility – is far wider than the three people in South Milford, but when you start your journey, you musttake your immediate family with you. 

Your partner will need to come to terms with the fact that – for now at least – her security has gone. She may suddenly be the main breadwinner. And you’ll need to explain to your children that yes, Daddy doeshave a job – ‘and the reason I’m working in the spare room, sweetheart, is that nothing is more important than collecting you from school.’ 

A man and a lad 

I remember this from years ago – before I became a ‘coach’ and I was just giving advice to a friend. “There was me an’ a lad,” he said. “And I was doing alright. Now there’s me an’ seven lads and an office manager and I’m not making any more money.”

This is a key age for the entrepreneur. It’s the age where you learn two valuable lessons: businesses progress in steps, not straight lines and – much more importantly – you can’t go back. If the first age is characterised by ‘frustration’ the third age of the entrepreneur is characterised by ‘unemployable.’ You wake up one morning and realise that you’ve changed too much. You cannot go back to your old, corporate world. As you turn round, the bridge is burning brightly. 

The man who couldn’t play frisbee any more 

The title of this age is taken from one of my favourite blog posts. Just as you wake up one morning and realise that you can’t go back, so you wake up and realise that you’re no longer ‘one of the lads.’ You’re the leader, your job is to lead and – sooner or later – that means difficult decisions, quite possibly affecting someone’s career, family and mortgage. That’s when the loneliness of the entrepreneur hits home – and it’s when The Alternative Board appears on your radar. When you realise that the only person who truly understands is another successful entrepreneur. 

Make Good Art 

If ‘The Man who Couldn’t Play Frisbee’ was one of my favourite blogs this one – blog post no. 99 – possibly still ranks as my absolute favourite. The title came from a commencement address which writer Neil Gaimangave to Philadelphia’s University of the Arts in 2012. 

His message was simple: ‘make good art.’ Whatever you do, that is your art – and you should do it to the very best of your ability. And that’s where you are as an entrepreneur. Your business is established, you’ve accepted that you can’t play frisbee any more – your children even believe you have a proper job again! And every day, you are striving for excellence. Whatever your business does – from web to widgets – you ‘make good art’ and you do it consistently and remorselessly. 

Building something serious 

Remember those steps? Businesses progress not in a straight line but in a series of steps? ‘Good art’ may now consist of a lot of time with solicitors, bankers and accountants. 

But one morning you wake up and realise that you havetaken another step. Maybe your profits or your turnover have hit a level you once considered impossible: maybe your staff levels have done the same. Either way, you’re no longer just a business, you’re part of the community – maybe part of the regional or national business community. Which means that suddenly there are demands on your time which start to take you away from the business, and – although you don’t realise it immediately – prepare you for the final age of the entrepreneur. 

Giving Back

That little girl who wondered if ‘Daddy still had a proper job?’ Well, she’s all grown up now and – despite your best efforts – you can no longer convince yourself you’re 39…

It’s time to sell the business, pass it on to the team you’ve built or maybe even stand aside for your son or daughter. But that doesn’t mean your time as an entrepreneur is at an end. Far from it: and this is one of the key lessons I learned from Paul. 

When an entrepreneur sells his business, very often he gets a new lease of life. Because there’s a new generation of entrepreneurs who need coaching, guiding and mentoring. There are challenges and opportunities in your local community. The entrepreneur’s age of giving back can be the best age of them all…

So where am I? Unquestionably I’m ‘building something serious.’ If TAB York took me through the first five ages of the entrepreneur, TAB UK is the sixth (and yes, complete with bankers, solicitors and accountants…)

And – together with the extended ‘family’ I talked about earlier – we are unquestionably building something very serious. 

So let me end exactly where I began, with Shakespeare. ‘Tomorrow and tomorrow and tomorrow’ said Macbeth, again using the stage as a metaphor for life.

Macbeth ends the speech with ‘signifying nothing.’ But for TAB UK, ‘tomorrow and tomorrow and tomorrow’ signifies a verybright future. I couldn’t be more excited about our plans for the years ahead and I couldn’t be more excited about the people I’m privileged to work with every day.

A Question of Trust


Two weeks ago I was heading to Denver, for the annual TAB conference.

The plane was circling Denver International, I could see the Mile High Stadium in the distance and I was feeling reflective.

It was 9 years since I’d first flown to Denver. I’d come as someone who’d just bought the TAB franchise for York. I’d pushed my breakfast round my plate in the service station, told myself there had to be a better way, looked at a hundred different businesses and opted for TAB.

“Are you sure?” my wife had said, looking at our newly increased mortgage and feeling the serious pressure to keep working.

“Yes,” I said. “Absolutely.”

But let me be honest. During that initial training in Denver I had some doubts. Would sceptical businessmen in the UK really pay for peer to peer coaching? And I’d bought the York franchise – surrounded myself with hard-bitten Tykes, people with a reputation for being careful wi’ t’ brass…

To use a well-worn cliché, the rest is history. Building TAB York was hard work, but it was simply the most rewarding experience of my business life. And I am now privileged to be in the same position with TAB UK.

This was my second conference as the MD of TAB UK. Looking back to last year, here’s what I wrote about the 2017 Conference:

The long flight took me to Denver, for TAB’s annual conference – as many of you know, one of my favourite weeks of the year. It was great to meet so many old friends and (as always with TAB) make plenty of new ones. The best part of it for me? It was simply going back to basics. After the whirlwind of becoming the MD of TAB UK – after spending so many hours with solicitors, bankers and accountants – it was wonderful to be reminded of the simple truth of why we do what we do.

And later in the post…

TAB is now in 16 countries and is becoming a truly international organisation. The latest country to launch is India.

Well, that needs updating for a start. TAB is now active in 19 countries and we duly had our ‘national CEOs’ meeting – which prompted an obvious question at the start of our two days together. ‘Is 19 too many for a meaningful meeting, especially as an increasing number of people don’t have English as a first language?’

The answer – which was obvious in the first few minutes – was an emphatic ‘no.’ The reason was simple – and in many ways that reason was the main message I took away from Denver this year.

Summed up in one word it was ‘trust.’

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Trust is simply at the heart of what TAB is, what it stands for and the benefits it delivers to everyone in the ‘family.’ (Yes, another cliché but with TAB it just happens to be true.)

The annual conference means a lot of old friends for me – of course trust exists with them. It’s like the very best relationship with someone you’ve known all your life. You may only see them for three days out of 365 but instantly you pick up the conversation where you left it a year ago.

But this year there were a lot of new friends as well, especially those who’d made the significant decision to buy the franchise for a whole country. And what struck me was how immediate the trust was with them.

The atmosphere for our two days CEO meeting was unbelievably positive. We shared, we co-operated, we exchanged ideas and we trusted each other implicitly. Language barriers? They simply melted away.

So when I talked about ‘back to basics’ last year, what I was really talking about was trust – just about the most basic, and essential, human currency.

It’s the willingness to sit round a table with half a dozen other people and tell them the most detailed information about your business and – in many cases – to open up to them in a way you haven’t opened up to your professional advisers, your bank manager or even your partner.

I’ll confess it now: that was another worry of mine all those years ago. Would one Board meeting be much like the last one? Were there a finite number of business problems to solve? Would a Board – would I – eventually go stale?

I know now that nothing could be further from the truth. I’m renewed on a weekly basis as I meet with the TAB franchisees in the UK and continue my work with individual TAB members. And once a year I get a double-espresso shot of renewal in Denver – this year from the most important business commodity there will ever be.

Failing Your Way to a Trillion Dollars


I have not failed 1,000 times. I have successfully discovered 1,000 ways not to make a light bulb.

We’ve all heard the famous quote from Thomas Edison – and whether it was 1,000 times, 5,000 or 10,000 (the quote varies) the message is the same: ‘he ‘failed’ any number of times but learnt from each failure until he successfully invented the light bulb.

Edison was born in Milan, Ohio in 1847. He spent most of his life in New Jersey and his inventions – the phonograph, the motion picture camera, the long lasting light bulb – have hugely influenced life today. But my question is simple: would he have been as successful if he’d been in the UK instead of the US?

Failure is celebrated in the US: it’s seen as a necessary step on the path to eventual success. In the UK, failure is all too often seen as failure. ‘Run your own business? Not working out? See, I told you it was too risky…’

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I was thinking about that as I flew back from California, prompted by the news that Apple had won the race to be the world’s first trillion dollar company – that’s around £770bn, depending on this morning’s exchange rate

The Apple Computer Company was founded on April Fools’ Day 1976: 40 years later it is worth a trillion dollars. It’s tempting to airbrush the history, to think. ‘Oh yeah, they started with those cute computers and then moved on to Macs and iPhones.’

But along the way, Apple has had some spectacular failures. It’s been perilously close to bankruptcy. In the early 90s the company was in more or less continuous decline, only returning to profitability at the end of the decade. Does anyone remember the Apple Pippin? The Newton? The Macintosh Portable? The Apple Lisa, on sale for $9,995 in 1983 – the equivalent of around $25,000 (£19,200) today?

Apple’s record has not been one of continuous success: exactly the opposite. And as anyone who has seen the Steve Jobs biopic knows, there were a few personality clashes along the way…

What Apple has done so well over the last forty years is learn from failure. Every time something has gone wrong they’ve bounced back. There’s a constant drive to get better, to improve the product. Clearly it has gone wrong a few times: but it has gone right enough times to generate that trillion dollar valuation.

(Interestingly, Apple has achieved that trillion dollar valuation with the  shares selling at 15 times expected profits – that compares to 82 times expected profits for the Amazon shares which have made Jeff Bezos the richest man in the world.)

So what business lessons can we take from the company which – according to the most reliable estimates I can find – has supplied an iPhone to between 1 in 5 and 1 in 6 people in the world?

Clearly there are the obvious ones. Never stop innovating and – as with Jeff Bezos and Amazon – a clear, simple, unforgettable brand.

I was going to add a ruthless focus on delivering what the customer wants but – as Steve Jobs famously said – “People didn’t know what they wanted until I showed it to them.” Maybe the key lesson there is continuous improvement of the company’s core products.

But hidden away in the numbers from Apple’s latest figures are two other lessons we can learn.

First and foremost, the top end of your market is important: don’t be afraid to concentrate your efforts there. The recent rise in the share price came after Apple reported strong demand for its most expensive phones – that sent revenues up sharply, despite just a 1% rise in phones shipped.

Secondly, Apple had a 31% growth in their service business, which includes over 2m apps now available in the App Store. I’m going to cover the ‘subscription model’ for business in a future post, but there’s all the evidence you need. It may only be a pound or a dollar, but if a large number of people are paying it to you regularly, it can add up to something very significant.

By the time you read this I’ll be back in the States, ready for the annual TAB Conference in Denver. So once more I’ll be among people who – like Edison and Apple did – simply see failure as finding another way that doesn’t work.

I love the entrepreneurial, can-do, anything’s-possible enthusiasm in the States and the fact that the general attitude to failure is not schadenfreude but, very often, empathy. ‘Yeah, I was down there once. But I picked myself up, learned from it and look at me now. And if I can do it, so can you…’

The Biggest River in the World


Do you remember when you first heard of it?

“There’s this company in America. Only sells books. And only sells them online.”

“Really? What’s it called?”

“Amazon, I think.”

“Right. Well good luck with that. I read somewhere that people aren’t reading books any more. And it’s not like this internet thing is going to last…”

You probably had that conversation some time in the late 90s. Just 20 years later Amazon is the biggest online retailer in the world as measured by revenue and market capitalisation. And Jeff Bezos, founder, chairman, president and CEO, is the richest man in the world.

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How has Bezos built Amazon to where it is now? And more importantly, are there any lessons we can apply to our rather more modest businesses?

Amazon was founded in July 1994. It was originally called Cadabra, but that name was jettisoned after someone mistakenly heard it as ‘cadaver.’ Bezos also considered calling the company ‘Relentless’ – but that was dismissed for sounding “slightly sinister.”

So why did Bezos settle on Amazon as a name? Because it sounded “exotic and different” and because it was the biggest river in the world and he intended to create the biggest bookstore in the world. “There’s nothing about our model that can’t be copied,” he told a reporter. “McDonald’s got copied and still built a huge, multibillion dollar company. A lot of it comes down to the brand name: they’re more important online than they are in the physical world.”

So lesson number one, brand names are important and lesson number two – not that I’ve ever said this before – the job of a leader is first and foremost to lead, to know where the company is going. “We’re going to create the biggest bookstore in the world.” Good, that’s the destination sorted: and if you want to join me on the journey, that’s fine.

Since then, of course, Amazon has gone on to become rather more than just a bookstore, even going back to a substantial bricks and mortar presence with the purchase of Whole Foods for $13.4bn in 2017.

Now Amazon supplies everything. I am constantly amazed by how many everyday items I buy from them. It simply isn’t worth going shopping – we’ll leave the rights and wrongs of Amazon’s impact on the high street to another day – when I know that Amazon will deliver for free tomorrow. And yes, I still remember the sense of wonderment when I first ordered something late at night and it turned up – as promised – the next day.

There are now more than 100 million members of Amazon Prime: that’s equivalent to 64% of the households in the US and for me it’s lesson number three. Deliver what you promise to deliver, on time, every time.

But the biggest lesson from Amazon is simple. It’s one that all of us in the TAB family know all too well – but it never hurts to be reminded.

No regrets.

When he founded Amazon at the age of 30 Jeff Bezos was a vice-president of a Wall Street brokerage. He was presumably on course for a successful and wealthy career.

But he went west, as a result of what he described as his ‘regret minimisation framework.’ In a 2010 speech at Princeton he described the decision as “the less safe path.”

“I decided I had to give it a shot,” he said. “I didn’t think I’d regret trying and failing. And I suspected that I would also be haunted by the decision not to try.”

The company was funded with $100,000 of personal and family money. Within a month of the launch it had already shipped to every US state and to 45 countries. In the first five years customer accounts jumped from 180,000 to 17 million. Sales went from $511,000 to $1.6bn – and Jeff Bezos was one of the world’s richest men.

One final lesson? An absolute focus on your customer. Amazon has always been a company willing to spend money to make money. It failed to make an annual profit in 10 of its first 23 years as it ploughed money back into what Bezos described as a “heads down focus on the customer,” cutting prices, offering free shipping and developing new devices like the Kindle.

Along the way Amazon has revolutionised our shopping habits: the current buzzword, disruption, doesn’t begin to describe it. And like every successful company, plenty of ex-employees have gone on to found very successful companies of their own – always a measure of an entrepreneur’s success.

But none of it would have happened without Jeff Bezos’ regret minimisation framework – his decision to take the less safe path. The poet Robert Frost put it rather more eloquently, in words which speak to every single entrepreneur:

Two roads diverged in a wood and I –

I took the one less travelled by,

And that has made all the difference.

The Power of Momentum


I was going to talk about momentum this week – the irresistible force that can carry an entrepreneur and a business forward like a surfer catching a wave.

…But first of all I suppose I’d better comment on the two national sideshows. In their own way they’re both fine examples of momentum in action. But a caveat: I’m writing these opening paragraphs on Tuesday morning. But the time you read the blog Downing Street and the England dressing room may be very different places…

Monday brought us the resignation of David Davis and Boris Johnson. More government resignations are rumoured to be imminent. Her Majesty’s Government most certainly has momentum, but sadly it’s the momentum of a downward spiral. ‘Complete shambles’ doesn’t even begin to describe it and Boris Johnson’s reported comment – “£$%& business!” – all too accurately reflects what most politicians think about the people who produce the country’s wealth.

So let’s talk about momentum of a much happier type. Again, Croatia might have had something to say by the time you read this, but for now Gareth Southgate can do no wrong. As I write, the England team’s momentum is carrying them straight to the Luzhniki Stadium on Sunday afternoon.

…Ah, damn it. It’s now Thursday night: football’s not coming home. At least not until 2020.

Does that mean the momentum of the England team has been stopped dead in its tracks? Far from it: people are already talking enthusiastically about the 2020 Euros. Southgate doesn’t think his team will peak until 2024.

And the nation has fallen back in love with the national team. Southgate himself has a lot to do with that: engaging, honest, articulate – and clearly a great man-manager. He’s trusted his players, believed in them and given them a clear direction. They’ve responded by giving him every last drop of blood, sweat and – sadly on Wednesday – tears.

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But give them a week and the team’s morale and momentum will be right back where it was. Goodness knows where our government’s momentum will be in a week’s time, so we’d better talk about business…

Momentum is a subject that comes up a lot at TAB meetings – whether it is a meeting of business owners or TAB franchisees. No-one says ‘momentum,’ obviously. They’re ‘on a roll,’ or ‘can’t do anything wrong.’ Meanwhile across the table someone else is ‘stuck in a rut’ and ‘doesn’t know where the next sale is coming from.’

We have all been there – and experienced both emotions. I very clearly remember thinking that I would never, ever sell anything to anyone ever again. I can picture exactly where I was when my phone buzzed with yet another ‘no thanks’ to TAB York and I began to have doubts…

What’s astonishing is how quickly momentum can change. You see it in sport and you very definitely see it in business. And what’s equally astonishing is that it can change with something relatively unimportant: a small sale, someone you’d written off getting back to you – or just getting some exercise and feeling better about yourself.

That’s why mental resilience is so important in business: we all go through periods when we can do no wrong – and we all have those moments of self-doubt. As I’ve written many times, what’s important is consistency of effort: do that and – in the long run – the results will take care of themselves. And when the momentum is with you, then you’ll be unstoppable.

Which takes me back to England, the Euros and 2020. The final’s at Wembley: book your ticket now…

(The end of this month will find the Reid family booked into Hotel California for a much-anticipated family holiday. If you’re going away in the next four weeks have a wonderful time, and – assuming we can check out and want to leave – the blog will be back on August 10th.)