Lessons from the Maybot


Consider these two newspaper headlines:

South Milford FC win Champions League

Labour win Kensington & Chelsea

Well, you think. A Chinese conglomerate. Don’t see the value in spending £3bn on Manchester United. Decided to do it the romantic way. Small local team – but a million people within 30 minutes. 20 year plan, work their way up the football pyramid. Suppose it could happen…

What was the other one? Labour win Kensington & Chelsea? Have a word with yourself. And don’t forget your medication…

Except last Friday afternoon it did happen. With a majority of just 20, Emma Dent Coad captured Kensington and Chelsea for Labour. And if you want a measure of how completely inept the Conservative election campaign was, there you have it.

‘I didn’t fail. I learned,’ is one the great aphorisms of the positive-thinking industry. Well, Theresa May certainly learned how to take a working majority and turn it into – dare I use the phrase – a coalition of chaos. As everyone knows, she is now dependent on the DUP, whose ten MPs shuffled into the limelight last Friday afternoon like a factory syndicate who had won the lottery.

But this is a business blog, not a politics one. Are there any lessons we as business owners can learn from the election, the Conservative ‘strategy’ and the Maybot? Oh yes…

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First and foremost, don’t ever take success for granted. I hope Ian Hislop doesn’t mind: I photographed the Private Eye cover from May 18th as my illustration this week. At the time it exactly summed up the mood in Conservative Central Office: it wasn’t a General Election, it was a coronation.

…Did the Conservatives underestimate Corbyn? Only by a factor of 300 – in much the same way that the Clinton camp underestimated Trump. In both cases the overwhelming favourite said, ‘You can’t possibly vote for my opponent:’ to which the electorate replied, ‘Watch us.’

Whatever you’re doing – whether you’re pitching for a contract, tendering for some work, making a presentation to potential clients – you must show up, give your best every single time and never, ever underestimate your opponents. No-one – clients, customers or the electorate – likes to be taken for granted.

Yes, show up. Sounds obvious doesn’t it? You need to show up, even if it’s going to be tough. Say what you like about Corbyn – he turned up, he was prepared to speak, his events were free and he connected with people. Theresa May hunkered in her bunker muttering “strong and stable.” I am sorry, Prime Minister, when the going gets tough, the tough do not send Amber Rudd.

What’s next? Ah yes, the personality cult. They weren’t Conservative candidates were they? They were ‘Theresa May’s local candidate.’ The cabinet? Never heard of them: are you talking about ‘Theresa May’s team?’ If you want to make it all about your personality – whether it’s your business or the General Election – just make sure you have one.

Have a vision. How many times have we said that the leader’s job is to lead? To have a vision and communicate that vision. End tuition fees, raise in the minimum wage, a hand-up for the many… Whether you agree with it or not, that was a vision.

Trust your team. When she became PM Theresa May shuffled her team. Whatever your view of Messrs Hammond, Johnson and Davis – and Ms Rudd – they are experienced politicians. They’re used to campaigning. If you’ve handpicked your team, you have to trust them. No business grows or succeeds by the boss micro-managing every single decision himself.

Lastly, don’t always rely on the same people for advice. The apocryphal story is that the only person Mrs May would take a phone call from during the campaign was the Queen (yep, probably asking for her coach back…) Clearly the PM’s advice came from her two, now-departed, special advisers and her husband, all of whom were telling her what she wanted to hear. Maybe she should have joined a TAB Board for the duration of the campaign: she’d certainly have received advice at odds with her thinking but – as it so often does for so many business owners – it would have saved her from some disastrous mistakes.

So did Theresa May get anything right? Well, certainly not the Mexican wave on Tuesday night but – as one of my team in Harrogate pointed out – she always wore nice shoes…

I could go on and on – but enough’s enough. The Conservative campaign was easily the most inept in my lifetime. And yes, I know she is still Prime Minster but go back to the end of April. Record approval ratings and a 20 point lead in the polls. It’s the equivalent of a team leading 6-0 at half-time, scoring six own goals and scraping home 7-6. A win is a win, but at what price in the long term? What will it cost the country, the economy and our businesses?

My First 100 Days


It’s not often I compare myself to Donald Trump – well, not this side of the psychiatrist’s couch – but he’s famously completed 100 days in the White House and I’ve now completed 100 days in my new role as the MD of The Alternative Board in the UK.

I haven’t pulled out of any climate change agreements, sacked anyone or threatened wholesale renegotiation of every trade deal that’s ever been made. Instead I’ve worked with some brilliant people and generally had the privilege of running an organisation that changes people’s lives. So thank you once again to everyone who helped to make it happen, and to everyone who keeps making it happen on a daily basis.

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Quite obviously, I’ve had to get used to a few changes. I’m not driving round North Yorkshire anywhere near as much: I see a lot less of Costa Coffee at Clifton Moor…

I’m now in the office at Harrogate for 2½ days a week, working as part of a team of six. I didn’t realise I’d missed the office ‘buzz’ so much. That’s a bonus that I hadn’t anticipated.

…And I’ve discovered another, equally unexpected but far more important bonus. Every month Mags and I are in London, Birmingham, Newcastle and Manchester.

We always go on the train – and it’s a brilliant place to work. (But why, he asked innocently, could I get a mobile signal under Hong Kong harbour ten years ago but still can’t get one on the train between Huddersfield and Stalybridge? I’ll vote for whoever has that in their manifesto…)

As I was saying, a brilliant place to work – and to pick up on a point from last week, it’s a great place to work on the business. By definition you can’t work in the business, so Mags and I have time to discuss strategy, make plans and generally do all the things phones, meetings and the need to pop out for a sandwich stop you doing.

I’ve always liked working on the train. I’ve written before that if you want to think differently you need to be in a different physical location and I get some of my best work done on trains and in cafés, ploughing through as much paperwork between York and King’s Cross as I would in a full day at my desk.

Why is that?

Why do so many of us enjoy working in locations like that, and why are we so productive? And yes, I have been known to play a ‘café soundtrack’ on YouTube when I’m working in the office.

Early studies suggested that it was what’s known as ‘the audience effect:’ that we work better when we have someone to work with and/or compete with – witness the peloton in the Tour de France.

But according to an article in New Scientist, what applies to Team Sky doesn’t – for once – apply to us. The answer, apparently, is that hard work is contagious.

A study was done which involved sitting people doing different tasks next to each other: neither could see what the other was working on. When A’s task was made more difficult B started to work harder as well, as he or she responded to subtle cues like body posture and breathing.

I’ve often talked to TAB members who say their number one criteria for hiring another member of their team is work ethic: now it looks like there’s real evidence to back up that good old gut feeling.

…Except, of course, the evidence also suggests that I shouldn’t be on the train or in the coffee shop. I should be where people are working really hard. So I may hold future meetings in the library at Leeds University – and if it’s still the same as in my undergraduate days, on the same floor as the law students…

What can we learn from Emmanuel Macron?


Meet the new boss. Definitely not the same as the old boss…

After a year of campaigning we have a new man in the Elysee Palace: Emmanuel Macron, the new President of France with 66% of the votes cast and the youngest leader of the country since Napoleon.

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Judging by some of the paeans of praise for the new President, all of France’s problems – indeed, all of Europe’s – have been solved. In reality, Macron faces huge problems with French unemployment, domestic security, the creaking French pension system and – not least – Brexit.

There’s also the small matter of his En Marche movement not having any MPs. Macron is due to appoint a Prime Minister next week but it may be a short-lived appointment. If he doesn’t win a majority in next month’s parliamentary elections then he could well be forced to appoint a new PM from the largest – possibly opposition – party.

And then there’s the votes: or lack of them. Yes, he won 66% of the votes cast, but on the lowest turnout since 1969. What’s more, between 10% and 11% of those that did go to the polls spoiled their ballot paper. That’s not someone sitting up in bed, reaching for their smartphone and clicking ‘none of the above.’ That’s someone getting up, getting dressed and making a conscious effort to reject both the candidates.

Many of those people will have been supporters of the far-left candidate Jean-Luc Melenchon, whose high-spending, anti-EU platform had many similarities with Marine Le Pen’s message. Many voters do not see Macron as a ‘brave new dawn.’ To them, he was simply the least-bad of the two candidates on offer, with one poll suggesting 43% of voters supported him purely to thwart Le Pen.

But despite all that, what Macron achieved was remarkable. He launched En Marche (On the move) in his home town of Amiens on 6th April 2016, little more than a year ago. He didn’t announce his bid for the Presidency until November. The rest, as they say, is history…

So are there any lessons we can take from the success of the former Minister for the Economy and Finance and one-time Rothschilds banker? The English speaking, German loving politician that “Europe has been waiting for…”

First and foremost, Macron represents change. Conspiracy theorists may criticise him as a creation of pro-banking, pro-globalisation elites, but the French election was notable for its rejection of the established parties. I think that’s reflective of an attitude to change that’s all around us: look at the way traditional industries and professions – banking, the law, accountancy – are now being shaken up by new technology. If your pitch to your customers is ‘we do it this way because we’ve always done it this way’ you’re going to find people responding with, ‘I’m sorry, I’m bored.’ The old way may still work, but there is an entirely different class of consumer out there, who wants to interact with you in an entirely new way.

Macron, apparently, has always been different. At school, according to one of his former classmates, while other boys watched TV and played football, Macron read classic French literature and wrote a novel about Spanish conquistadors. He had, said the classmate, “Olympic intelligence.”

I’m not sure I know what ‘Olympic intelligence’ means, but I do know that some of the very best operators I have ever worked with were multi-dimensional. They had deep and genuine interests outside work: what Denis Healey famously referred to as ‘hinterland.’ This not only made them fascinating people to work with, it also gave them a sense of perspective, and a different way of looking at business problems.

…And, of course, Macron represents a fresh start: someone without baggage. As a general rule I’m an advocate of promotion from within. Occasionally though, you need to go outside and bring someone in who represents a break with the past, an entirely different way of looking at the problems and the opportunities. Whether Emmanuel Macron can do that remains to be seen: I, for one, will be hoping that his En Marche movement gains enough seats on 11th and 18th June to at least give him a real chance.

In many ways I can see similarities between En Marche and TAB. You can’t call TAB a movement, but can most definitely term it a community. Yes, of course there’s a bottom line to take care of and a cheque to send to HMRC. But we’re driven by ideals, not by profit. It’s about changing lives, not about dividends to shareholders.

Let me finish by returning to those murky conspiracy theories. All conspiracy theorists will have heard of Bilderberg – along with the Illuminati and the Freemasons one of three secret, shadowy organisations that rule the world. Emmanuel Macron was a Bilderberg attendee in 2014, along with one Edward M. Balls.

Unlike the Masons, members of Bilderberg do not have a secret handshake: instead, they reveal themselves to each other with a series of very slight, very subtle ‘moves.’ How unfortunate that these ‘moves’ were leaked so publicly

The Best Bargaining Chips


It’s now nine days since Theresa May formally triggered Brexit, beginning two years of long and complex negotiations with the remaining 27 members of the EU. Whichever way you voted last June there’ll be days when you’re elated and days when you despair. Right now, only one thing is certain – the word ‘negotiation’ is never going to be far from the headlines…

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It’s certainly played a central part in my life of late, with the lengthy negotiations to buy TAB UK – and what I suspect may be even lengthier negotiations as my sons go through their teenage years. So you’ll be in for ten? I was thinking more like midnight, Dad…

While I await the grey hair and the whispered ‘was that the front door?’ conversation with my wife, let’s take a look at some of the basic principles of negotiation – and then next week I’ll build on those principles by discussing the rather more thorny question of negotiating with a friend – exactly what I was doing when I bought TAB UK.

First things first: unless you’re in a Moroccan bazaar, negotiation is very rarely about the short term. It’s an area where you really need to think ‘win/win’ because nine times out ten you’re going to have an ongoing relationship with the person across the table. So don’t set out to ‘screw’ someone: in the long run that attitude is unlikely to be profitable.

I’ve always tried to go into any negotiations with three positions: my optimum (sell the car for £20,000); desirable (happy with £19,000) and my essential, bottom line price (I can’t accept less than £17,500).

Your ‘opposition’ – I don’t like to use the word but you know what I mean – will have those three in the reverse order. They’d be very happy to buy your car for £16,500, prepared to pay £18,000 and the maximum they’d pay before walking away would be £19,000.

In the scenario above it’s likely that the car would be sold for around £18,000 – assuming both negotiators are equally skilled.

So what do I mean by a ‘skilled negotiator?’ Looking back over my time in business there are probably four principles I’ve seen that work effectively and consistently: in my view, anyone applying these principles is a skilled negotiator.

  • The first thing is to keep the big picture in mind – and leave your ego at the door. I’ve seen too many negotiations fail because people got bogged down in petty details or tried to score points. It’s not just about demanding, “What’s your bottom line?” It’s also about discovering the other person’s ODE – optimum, desirable, essential. If you can operate within those parameters then you have scope to build – or strengthen – a long term relationship.
  • Sooner or later we all have to negotiate with someone we don’t like: someone who changes his mind, can’t make a decision, can’t remember what decision he did make – or all three. The answer is simple: concentrate on the issues, not the personalities. Stick to what you want, and be patient. It may well happen – as happened to me two or three times – that you sigh, mentally prepare yourself for another frustrating day, sit down at the table – and find a new face opposite you. All the problems vanish and the negotiations are wrapped up in a couple of hours. ‘Keep the main thing the main thing’ applies just as much in negotiation as it does in building your business: and the ‘main thing’ is what you want, not the failings of the person opposite you.
  • And don’t get emotional. At least, not for real. Any emotion is fine as long as you are in control of it. But don’t let yourself get angry, frustrated or sarcastic. And don’t get bored: we’re not talking about smoke-filled committee rooms where the old style politicos turned up with flask and sandwiches and simply bored their opponents into submission – but sometimes you do need to settle in for the long haul.
  • Finally, if you’re talking money, think in real money. We all know the traditional approach of breaking it down into ‘silly money:’ Look, you’re going to have this car for three years. £1,000 is 91p a day: two trips to Starbucks a week. Are you going to let that stand between you and a four year old Fiat Punto in Canary Yellow? A £1,000 is £1,000 however you break it down – which brings me back to my original point about optimum/desirable/essential price points. There has to be a point at which you walk away. If you cannot accept less than £17,500 for your car then you cannot sell it for £17,499 – if nothing else determines that, your self-respect should.

With that have a lovely weekend in the (forecast) sunshine and I’ll be back next week with the more personal side of negotiation. And my apologies to anyone who does own a four year old Fiat Punto in Canary Yellow…

The Skills we Can’t Measure


Before I plunge into this week’s post, let me just take a moment to say ‘thank you’ for all the e-mails, text messages and calls over the last fortnight. Taking over TAB UK is a huge honour, privilege and challenge – but I couldn’t be setting out on the journey with any greater goodwill. So thank you all.

Back to the blog: and who remembers Moneyball?

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The old ways of recruitment in baseball were jettisoned. In came Billy Beane, his stats guru and a transformation in the fortunes of the Oakland Athletics.

The central premise of ‘Moneyball’ was simple: that the collective wisdom of baseball insiders – managers, coaches and scouts – was almost always subjective and was frequently flawed. But the key statistics for baseball – stolen bases, runs, batting averages – could be measured, were accurate and – used properly – could go a very long way to building a winning team.

Well, it worked for the Oakland A’s. As Billy Beane memorably says at the beginning of the film, ‘There’s rich teams, there’s poor teams, there’s fifty feet of $%&! and then there’s us.’ The ‘Moneyball’ approach changed all that, with the film chronicling their hugely successful 2002 season.

Small wonder that business has followed the ‘Moneyball’ approach for generations. “What we can measure we can manage” as my first sales manager incessantly chanted, drumming into me that I needed to make “Specific, measurable” goals.

And he was right. Business has to measure results: goals must be specific and measurable and, as anyone who reads this blog on a regular basis will know, I believe there’s only one long term result if you don’t keep a close watch on your Key Performance Indicators.

But does that tell the full story?

Of course we have to keep track of the numbers: of course salesmen must be able to sell, coders must be able to code and engineers must be able to do the basic maths that means the bridge doesn’t fall down.

But none of those things happen in isolation: all of us in business are part of a team. We have to work with other people and – if our job is to lead the team – we have to get the best out of the people we work with.

And for that we need a set of skills that can’t be measured. I’ve written before about the World Economic Forum and their document on the key workplace skills that we’ll all need by the year 2020. Their top ten list includes creativity, people management, co-ordinating with others, emotional intelligence and cognitive flexibility.

Last time I checked, none of those could really be measured objectively.

So are we swinging back to the pre-Moneyball approach? To a time when ‘gut-feeling’ held sway.

No, we’re not. But I do believe we are in an era where what we’ve traditionally called ‘soft skills’ are at least as valuable as ‘hard,’ functional skills.

This has implications for those of us running businesses – and it especially has implications for the training programmes we introduce. In the years ahead, we’ll still need to train our salesmen and our coders, but we’ll need to give them skills that go well beyond selling and coding.

There are implications for hiring and firing as well: they can no longer be based purely on numbers. And yes, I appreciate that the second one is going to cause problems. As a TAB member said to me last month, “I can fire someone for under-performance, I can fire them for stealing from me. But try and fire them because they bring the whole team down with their negative attitude and I’m heading straight for an employment tribunal.”

We’ve all been there: been in a meeting where someone’s glass is determinedly half-empty and they’re equally determined that it will remain like that. There’s a collective sigh of relief when they go on holiday. You can’t let one person bring the team down: it’s up to us as leaders to use our soft skills to make sure that doesn’t happen.

It’s also up to us to make sure that everyone in the team has the chance to develop their own soft skills. Whether it’s negotiation, creativity, co-operation or flexibility – those are the skills our businesses are going to need over the coming years: those are the skills that will help us turn our visions into reality.

The Road from Newport Pagnell


Over the last seven years it has been my privilege to listen to some outstanding business advice from the members of TAB York. It’s been advice which has transformed businesses [and] transformed lives.

Those were words I used in my final paragraph last week. Some of you may have detected a valedictory tone.

Well, it’s not farewell. It is, however, time for a change.

Seven years ago I ‘pushed my breakfast round my plate in a desolate motorway service station’ and decided that enough was enough. I walked out of Newport Pagnell services determined to start my own business. In December 2009 TAB York was born and the journey since then has been by far the most rewarding of my business life.

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But, you come to a fork in the road: you have a choice to make and that choice determines your future direction.

In 2015 Paul Dickinson and Jo Clarkson offered me the chance to take over TAB UK – to become the franchise holder for the whole of the United Kingdom.

I thought about it long and hard. It was a significant financial commitment and it meant giving up the regular contact with the majority of my Board members. But that chance – and the challenge – had been offered to me. And – like so many TAB members up and down the country – I didn’t want to think “what if…”

I talked it over with Dav – several times – and thought about little else as I drove around North Yorkshire. And then I committed myself.

So I’m delighted to announce that from today I will no longer be responsible for TAB York: I will be responsible for TAB UK. It will be a challenge, but it’s also a huge opportunity for me. I’ll be going into business with an old friend, Mags Fuller, who’ll be my brilliant co-director and co-shareholder. And right now I’d like to place my thanks on record for all the help Mags has given me in getting the deal over the line, and to Paul and Jo for the incredible work they’ve done from the start.

So I’m looking forward to working with her, with all the franchisees and with Suzanne, Rena, Emma, Nathan and Nick – the outstanding team at TAB UK’s Harrogate head office.

Will I have regrets about giving up TAB York? Yes, of course I will. I’m no longer going to have the same monthly contact with several of my TAB York board members, all of whom have been a huge pleasure to work with and who have contributed to my life. As I said last week and repeated in the opening paragraph, it has been a privilege to work with them.

I will still be running one board, with Paul taking over the Board I’m relinquishing. Now, I’ll also be chairing our internal boards of the 28 TAB franchisees: that will see me leave Yorkshire for London and the North West once a month. Breakfast at Newport Pagnell? Maybe once, to reflect on how far I’ve come and how much TAB has given me.

And the blog? EdReidYork? Rest assured that it will continue: the tone and the content may be slightly different, but writing these words every week has been a central part of the last seven years: it’s given me a chance to pause and reflect and – in doing some of the research – I’ve learnt a lot. And the feedback has been consistently brilliant: intelligent, insightful and supportive.

So a chapter has ended – but a new, and very exciting one, is about to start. Let me finish for this week by saying thank you: firstly to the members of TAB York, who have simply been outstanding over the past seven years. And secondly to Dav and our boys for their support and encouragement as I take the next, exciting step in my career.

Rather more prosaically one of the next steps I take will be on to the ski slopes in Morzine. The blog will be on holiday next week as I try to keep up with Dan and Rory and will return on Friday March 3rd., tanned, relaxed and hopefully not aching too much!

The Five Lessons I’ve Learned


I was talking to a potential new member of TAB York last week: explaining what I did, how the concept of peer coaching worked, the benefits it had brought to my members… And looking back on the seven years I’ve been running TAB York.

“So,” she said. “What are the five key pieces of advice you’d give to an entrepreneur?

Five? I thought. More like 55. Or 555. But let me try and answer the question more successfully than I answered it then. What are the five most important lessons I’ve learned in the past seven years – and by definition, the five most important pieces of advice I’d give?

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1.The job of a leader is to lead

You’ve pushed your breakfast round your plate in a desolate motorway service station: you’ve decided that enough is enough. It’s time to start your own business. You owe it to yourself: you owe it to your family. Sooner or later your new business will be employing people – and your job is simple. It’s to lead them: to say, ‘this is the where we’re going, follow me.’ There are plenty of other things you need to do – realise you don’t need to be an expert in everything and don’t be afraid to hire people who are brighter than you – but it is your drive, determination and vision that will carry the company forward.

2.A mistake is only a mistake

I made Spaghetti Bolognese at the weekend. I broke a bowl, tipped pasta sauce on the floor and left the gas on under a pan. They were mistakes – and that’s all they were. No-one (not even my wife) is suggesting that I give up cooking and never enter the kitchen again. So your latest idea didn’t work out: the guy you hired who was going to transform your business transformed it in the wrong direction. Move on: you live to fight another day – your vision is still the same. No-one scores 100% with their decisions – and as the saying goes, ‘the man who never makes a mistake never makes anything.’

3.Keep on Learning

I think we can say that the world has changed since I joined The Alternative Board in 2009. In that year Facebook had 360m users and 20m iPhones were sold. Today the figures are approaching 2 billion and over 200 million. In 2009 Apple had just introduced a fledgling service called the ‘app store.’ The pace of change over the last seven years has been astonishing, and it’s not going to slow down. You need to set aside time to learn – and as I wrote a few weeks ago, if you don’t develop and grow, then your company can’t develop and grow.

4.Nothing can replace your KPIs

Having just written about change, let me turn to something which can never change: your Key Performance Indicators – the numbers and metrics which tell you the current state of your business and go a very long way to predicting its future.

If I’ve seen one cause of business failure over the past seven years it’s not knowing your KPIs. Checking your KPIs every month is simply essential to the continued success of your business. And ‘How much have we got in the bank?’ is not an adequate check. Sadly, it is almost always followed by ‘Can we afford to pay the wages this month?’

5.Your product is more important than anything

Despite the internet, despite social media, despite e-mail marketing and despite every change that’s happened over the last seven years, your product (or service) remains the key to everything. And if it’s not excellent, you’re in trouble. To paraphrase the old saying, stories about bad service are half way round the world before good service has got its boots on. Not only is the world changing, it is spawning a lot of hungry competitors: if you’re not innovating and improving, then someone else will be, and they’ll be telling your customers.

6.We all need friends

Clearly I haven’t learnt to count, but where else can I finish? Over the last seven years it has been my privilege to listen to some outstanding business advice from the members of TAB York. It’s been advice which has transformed businesses, transformed lives and – on at least one occasion – saved a marriage. We all need friends and – in business – you will never find better friends than your colleagues round a TAB boardroom table. As the man said, we all need a little help

Work/Life Balance: It’s Not Just You…


Let me introduce Helena Morrissey, non-executive chair of Newton Investment Managers and campaigner for greater gender diversity in the boardroom. Oh, and mother of nine children…

Someone sent me the link. ‘What does this say about work/life balance, Ed?’ she wittily added.

I won’t tell you what I thought. Nine children and a city career? Despite the fact that husband Richard is a full-time, stay-at-home Dad, Helena Morrissey still describes herself as “chief laundry lady, story-reader, times-table-tester, cake-maker, present-buyer, holiday and party organiser.”

That’s an impressive list by anyone’s standards – although I’m obviously disappointed to see she’s not coaching rugby as well…

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Work/life balance – the underlying and perennial theme of this blog – was much in the news over the festive period and, with due deference to Ms Morrissey, the stories largely focused on men. In particular the BBC featured this article – with nearly half of working fathers saying they’d like a less stressful job if it meant more time caring for their children. Even more significantly, a third of working fathers would be prepared to take a pay cut in return for more time with their children.

We’re entrepreneurs: we choose to do what we do. But that doesn’t mean it isn’t stressful and – as I wrote last week – the problems and uncertainties the entrepreneur faces every day would overwhelm the vast majority of managers.

Why do we do what we do? I’d say that for most of us there are two principal reasons:

  • Providing the very best we can for our families
  • And providing for our own drive and ego: we have to do what we know we’re capable of doing: we don’t ever want to look back and think ‘if only’

But balancing those two aims is one of the hardest jobs you’ll ever do. ‘Providing the very best’ doesn’t just mean material things, it also means time. Quality time doesn’t have to mean the zoo, the swimming pool or a football match: one of the most important lessons I ever learned was that to a small child quality time with Dad is just time with Dad.

“I missed my children growing up” is one of the saddest sentences in the English language and it’s one that too many men are still saying. It’s emphatically not something I ever want to hear around a TAB table.

But as employers, ‘work/life balance’ runs deeper for us. Because we have a duty not only to ourselves, but to members of our team as well. Running your own business brings tremendous pressures – but it also brings control over your own diary. When you’re employed and your boss says, “You need to be in Aberdeen next Thursday,” then you’ll be in Aberdeen, whether it’s sports day or the nativity play. If you run the company, you do at least have the option of thinking, ‘When do I want to be in Aberdeen?’

Not everyone wants to start their own business: but everyone wants to spend time with the children. Entrepreneurs need to be aware of that – and realise that their businesses will benefit as result.

There are now any number of studies showing the benefits of flexible working, for both the employer and the employee: put simply, people who work flexibly are happier and more productive. As technology advances – ‘Alexa, run through the cash flow figures will you?’ – flexible and remote working is going to be on a par with working in the office. Embrace it. Recent results from a Vodafone survey – with 8,000 global employers – saw 83% of respondents say that flexible working had boosted productivity, with SMEs the main beneficiaries.

As businesses fight to recruit and retain key staff, flexible working is going to become as important as someone’s pay packet – and it offers everyone running a business a tremendous opportunity. You can help your team with their work/life balance, improve the quality of their life – and boost your bottom line at the same time.

The Monday Morning Quarterback


It’s just about the perfect description. Instantly, we all know what it means…

So the wide receiver’s wide open. 20 yard throw straight into the end zone. Hell, even my six year old can do that. What’s he do? Tries to run it himself. Gets sacked. Turnover. And it’s game over. Season over. See you in September.

There isn’t an equivalent phrase in the UK, but no office is short of an expert round the watercooler on a Monday morning.

Seriously, he thinks X is a centre back? He needs to buy Y. And no wonder Z didn’t try an inch. My mate’s brother says he’s been tapped up by City.

Whichever side of the Atlantic you’re on, no sports fan gets a decision wrong on a Monday morning. Hindsight is a wonderful thing – and it guarantees you a 100% success rate.

Sadly, the entrepreneur doesn’t have the benefit of hindsight: he has to make decisions every day – and he’ll get plenty of them wrong. As a recent article in the Harvard Business Review put it, ‘The problems entrepreneurs confront every day would overwhelm most managers.’

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…And – just like the QB on a Sunday night – entrepreneurs get plenty of decisions wrong. Any entrepreneur who gets 50% of his decisions right first time is doing remarkably well. Fortunately, TAB members can improve on those numbers. They can bring their problems to the monthly board meetings – and rely on the collective wisdom, experience and insight of their colleagues: the Tuesday/ Wednesday/ Thursday quarterbacks. Once a problem – or an idea – has been run past seven people instead of one, the chances of a correct decision increase exponentially.

But I’m aware that not everyone who reads this blog is a member of TAB York: plenty of readers are just starting their journey as an entrepreneur. So here are three of the most common problems, proposed solutions and – ultimately – mistakes that I’ve seen in my business life. I hope they help – and don’t worry if you tick all three boxes: every successful entrepreneur has done exactly the same.

  • No-one else cares like I care. The only answer is to do it myself

That’s true. It’s your business: no-one will ever care like you care. But you cannot do everything yourself. That way lies fatigue, burn-out and your wife telling you that she needs to talk… Embrace the division of labour: we live in an age where everything can be outsourced online. Your job is to manage the business: let someone else do the tedious stuff that takes away your creativity and your productivity.

  • There’s no more money in the budget. The only solution is to throw more hours at it

Let me refer you to one of my favourite books, Rework, and page 83: ‘throw less at the problem.’ As the authors say, the solution is not more hours, people or money. The solution is almost always to cut back. You cannot do everything and, as I wrote last week, success comes from a focus on your core business – not on trying to please all the people all the time. Besides, more hours simply means a second, more serious, talk with your wife…

  • Fire people: hire people

When you’re starting out you’ll be a small team: that breeds closeness – and loyalty. But not everyone who starts the journey with you is capable of finishing it. Sadly, at some stage you’ll learn just how lonely it can be as an entrepreneur: one day, you’ll accept that Bill’s just not up to it any more. You have to act: if you don’t, you’ll cause resentment among the rest of Bill’s team – and risk losing people who are up to it. And when you hire Bill’s replacement, don’t be afraid to hire someone smarter than you. See above, your job is to manage and lead the company, not to be the expert on every single aspect of it.

 

When I write this weekly post I sometimes ‘let it go cold’ for an hour and then give it a final read through. That’s what I did this week and I need to correct myself. The three mistakes above are mistakes we can make at every stage of our business journey – not just when we’re starting out.

It’s all too easy to slip back into bad habits, to think ‘it’s easier to do it myself’ or ‘If I work through the night I’ll have cracked it.’ We’ve all done it. But at least you won’t make the mistakes for long: those quarterbacks round the TAB table will be watching you…

The Road to 2017


Last week Keaton Jennings made his debut for England, playing against India in Mumbai.

He was dropped off the 21st ball of the day. At the time he’d made 0. Had the catch been taken, he couldn’t have made a worse start to his test career. But it wasn’t – and by the end of the day Jennings was the hero, scoring 112 – only the 19th England player to make a hundred on debut.

Listening to a recap of the first day’s play one of the summarisers made a really important point: even if Jennings had made 0, even if he’d failed in his first few innings, he still looked right. ‘We get too focused on outcomes in very small samples,’ he said.

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That’s something to keep in mind as you head into 2017. You’ve now made – or you’re close to finalising – your plans for the year ahead. You’re convinced they’re the right plans. You’ve run them past your colleagues and in January you’ll do the same with your fellow Board members. Come Tuesday January 3rd they’re the plans that will guide you through the year.

So don’t lose heart if you get a duck in January. If the plans don’t work immediately, don’t rip them up. Refine, tweak, adjust, get outside the line of off stump: but remember that the first month of the year – like the first steps in building a business or the first few innings in a test career – is a ‘very small sample.’

Anyway, the end of 2016 is approaching. You may now be tempted to breathe a sigh of relief. You may carelessly think, ‘Phew, thank the Lord that’s over. Leicester City, Brexit, Trump… Surely we can’t have another year that’s so unpredictable?’

‘Yes we can,’ is the answer to that question: I suspect there may be quite a few twists, turns and bumps along the road in 2017. Domestically Brexit will be triggered: how it will end, no-one (least of all the Government) knows. And I wouldn’t be entirely surprised to see Theresa May call a General Election next year, Fixed Term Parliament Act or not…

But it’s my colleagues in TAB Europe who’ll see their countries become the focus of attention next year. March brings a General Election in Holland with the far-right Freedom Party currently on course to become the largest single party. The French Presidential election is in April/May – the signs are that it will be fought out between Marine le Pen of the Front National and the likely winner, the right’s self-confessed admirer of Margaret Thatcher, Francois Fillon.

And then in September there are elections in Germany: Angela Merkel will seek a fourth term, but she will surely come under plenty of pressure from the right-wing Alternative fur Deutschland (AfD).

May you live in interesting times’ as the supposedly-Chinese curse has it. I suspect we’ll look back on 2017 and decide that ‘interesting’ was an understatement. So next year will not be a year to take your eye off the ball. No, don’t panic if your plans are not on track by January 31st. Even if the world changes so much next year that you need to completely re-write your original plans, remember the words of Dwight D Eisenhower, “In preparing for battle, I have always found that plans are useless, but planning is indispensable.”

What you will need to do next year is keep a close watch on your metrics: the two or three key statistics, ratios or measurements that absolutely determine the health of your business – the ‘pulse’ that I’ve talked about in previous posts.

Through December I’ve had the remarkably enjoyable job of listening to TAB members reflect on the past year: I’m delighted to say that far more has gone right than has gone wrong. Has there been a common thread running through the success stories – apart from measuring those key metrics?

Yes, I think there has. ‘Resilience’ and ‘consistency’ are the two words that come to mind: TAB members have consistently done the right thing and stayed true to their beliefs and their vision. And as a result, they’re reaping the rewards.

So 2017 will be challenging: I suspect the old PEST analysis will be wheeled out several times. But like all years, it will also be full of opportunities: and however challenging, the plans you’ve made, the metrics you measure and the support of your TAB colleagues will ensure that you couldn’t be in better shape to greet the coming year…