“team building”

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Win-Win WCP 2014

 

How To Become A Great Negotiator

Most of our successful leaders and entrepreneurs are great negotiators. The skill of negotiation is recognised as one of the important ingredients of success and yet so few of us truly understand what it is that makes a great negotiator.

It is often said that children are great negotiators; they are persistent and return to their objective time and time again, attempting differing angles to win their parents around. From here it often goes wrong as well-meaning parents impose rules and suggest that this constant negotiation is both bad manners and plain naughty!

Recovering from childhood scaring we recognise that negotiations are a fact of life, we are constantly negotiating in both our personal and professional lives.

Those that are not strong negotiators tend to fall into one of two camps: the first dislike or avoid negotiating and this can lead to problems in resolving issues or progressing their careers, the second see the first rule of negotiating as the need to “win”.

Both attitudes are problematic the first is both self-defeating and confusing to others and the second is always going to leave behind a bruised “loser” – neither is a good outcome.

There are THREE key steps essential to becoming a great negotiator:

Applying these three negotiation processes will significantly increase the impact and success of your future negotiations.

1.0 NEGOTIATING ATTITUDE

What you bring to the table in terms of your attitude and approach will have a significant bearing on the outcome, you should always:

Show Respect & Trust

See the other team or person as an equal and treat them with the courtesy and respect you would expect, it’s surprising how this opens real discussion.

Listen to what isn’t said

Look carefully at what the other side is really saying, this will tell you what they really want.

Remain Flexible

Successful negotiators view each key point from multiple perspectives; they are flexible in which points to concede to achieve the end game. Be prepared and willing to change.

Target Continuity

Always view the other team as a valuable, respected and long term contact. Armed with this attitude you will never be tempted to “rip off” the other team.

Win-Win Outcomes

This is the ultimate outcome in any negotiation; it will leave all parties satisfied and lead to productive, successful long term relationships. Sound groundwork, an open mind and a fair approach will find more win-wins than you would at first imagine.

2.0 THE NEGOTIATION

A successful negotiation is usually based upon 3 distinct stages: Preparation, Negotiation and Documentation. Each stage is of equal importance; a great negotiator knows this and allows for it when planning.

Preparation

“By failing to prepare, you are preparing to fail.” (Benjamin Franklin).

The key to preparation is to place yourself mentally into the other party’s position. Assess where they are at within the negotiation, what they want, what they need and what they can live with. Understand their motivation, perspective and opinions on the topic. What are the minimum conditions they can accept and at what point are they likely “to walk away”.

Define your own goals and objectives, analyse what you must have, what you can concede and where your fall-back position is. Develop several potential options; identify your best possible outcome and your least attractive “fall back” position.

Search for “win-win” solutions

Negotiating

Be relaxed, respectful and most importantly be prepared to really hear what is being said and retain an open mind.

Listen rather than speak, silence is your friend. Search for common points of agreement rather than the differences; agree these early to develop trust and comfort.

After the initial discussion take the initiative and start the actual negotiation by tabling your offer. This initial offer forms a subconscious reference point, a middle ground if you like. If you are buying start low and if you are selling start high.

An excellent tactic is to make multiple offers each with different terms and conditions this demonstrates your flexibility whilst the other party’s response to the choices tells you much about what they really want or need.

Always show “Samurai Sympathy”; that is do not box the other party into a corner from which they cannot escape without a loss of face.

Once you have established the other parties bona fides and you are satisfied they want to reach a genuine solution don’t be afraid to be the first to concede points but do so in a “give and take” scenario. Know what you want to take. Focus on the end point rather than the current position. Being pro-active will build trust and goodwill.

Showing respect for the other party does not mean that you cannot show strength or participate in the theatre of negotiating. If unreasonable demands or proposals are put forward demonstrate your dissatisfaction, show your surprise and your disappointment strongly but do not allow any genuine anger or frustration to develop, remain calm and remain in control.

Don’t be in a hurry, abide by your timetable (especially when buying), confrontations will occur, board approval may need to be sought, lawyers consulted all of which are normal. A great negotiator allows for this, allows time for parties to cool off when discussion becomes overheated. If tension builds, ask if you and your team can have 10 minutes alone to discuss the situation, be pro-active, remain flexible and remember your objective.

In the closing stages of a negotiation the great negotiator seeks a creative solution, they look beyond the box, they expand the available options rather than fight the detail and they stand firm to their position. This is the time to bring everything you have learnt into play in the best win-win solution you can offer.

3.0 DOCUMENTATION

I have seen people leave a negotiation “pumped-up” by the result and ready to party only to find out a day or two later that the other party has had a “change of mind” and called the deal off.

After reaching agreement around the table it is best to re-iterate the key points of the agreement, hand write them have two copies made and each party sign them off. This isn’t a binding agreement but it is a moral statement.

Confirm the agreement in a written Heads of Agreement and get this document signed within 24 hours of the meeting. The HOA should cover any conditions precedent and a timeline to contracts.

Call the other party as soon as appropriate after the meeting to thank them for their time and professionalism, work with them and strengthen the bonds for the future.

Finally food for thought…………….

“Let us never negotiate out of fear, but let us never fear to negotiate”

Unknown Quote        

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By, Neil Steggall

 The Barking Mad Blog

Business Advice with Bite

http://wp.me/p401Wv-jd

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Leadership

5 Traits of a Great Leader

Leadership is an extraordinary skill so much so that it is often difficult to define that certain something which differentiates the great from a good leader.

 When assessing investment opportunities we always look at the leadership first and foremost, particularly in start-ups. To guide us we have developed the 5 Key Trait test. It is rare to find all of the traits in one person but when we do we know we have a winner.

 So what are the 5 Key Traits?

 1. Simplicity of Vision.

Einstein once said that if a theory couldn’t be explained simply it was probably false and much the same can be said of a business. A leader needs to convince investors, employees, bankers and customers that their vision is sound and each person needs to be able to understand, believe in and take that vision on board the first time they hear it. This sounds simple but it it’s not, indeed it is extremely rare, most leaders become bogged down in detail and blur the vision.

 2. Persistence.

An exceptional leader is motivated, single minded and above all persistent. We look for leaders who when knocked down get up and get back on track. Taking Churchill’s advice they “Never, Never, Never, Give Up.”

In today’s competitive and constantly challenging business environment the great leader quickly recognises potential corporate risks or opportunities, assesses the situation and develops strategies to move forward. This style of entrepreneur isn’t a talker they are doers and they deliver.

 3. Focus.

It is so easy to be distracted when managing a dynamic, growing business, as CEO you are deluged with ideas about finance, marketing, stakeholders and more. It takes extraordinary courage and focus to identify the small number of key actions which absolutely must be completed for the greater good of the venture, to stick with those actions and to complete them perfectly.

The more focused a leader is the more comfortable we are in believing this person can and will deliver results.

4. Culture.

Again a great leader understands and manages the value of culture. They care about the details which build corporate culture and brands; they manage those details because intuitively they know the importance of the seemingly small in building large. You can never be too important to let go of this detail. Look as Steve Jobs and Apple, how he micro managed form and function to build culture, brand and following. Those small details became the definition of his corporation.

 5. Magnetism.

Great corporations are built by great leaders who build the strongest teams. A great leader, supported by a strong team will always succeed. To attract the best people to a business, prospective employees need to believe in its leadership, to want to work within it, to help share and build the vision. To achieve this a great leader needs a special charisma, something we call magnetism.

Leadership is complex and ever changing but understanding these 5 Key Traits has proved helpful to our company when identifying great leadership.

By, Neil Steggall

 The Barking Mad Blog

Business Advice with Bite

http://wp.me/p401Wv-iy

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Rotten Apple

Loyalty, respect and support for team members are values instilled in us from childhood and they are certainly amongst the key attributes of successful leaders. A recent review has caused me to recognise that at times we may carry loyalty too far and we risk severe consequences by doing so.

In a recent review of two unrelated corporate failures I realised that each business suffered enormous damage as a direct consequence of disenfranchised and under performing senior managers. With the benefit of hindsight we can see that it is possible that if these managers had been removed 12 months earlier each company may well have survived.

Why are such managers retained? It is likely that their shortcomings have been recognised and discussed with them during performance reviews or following poor management decisions or errors of judgement. When faced with the prospect of dismissing them their line manager has almost certainly taken into account:

  • The monetary cost of replacing them

  • The productivity loss from replacing them and retraining a replacement

  • The disruption within the team or business unit

These are rarely valid arguments a bad manager will cause a disproportionate level of problems which may well lay hidden for months before something finally breaks. Further a bad manager is fracturing the team and negatively influencing others.

What are the solutions?

  1. Only recruit the best: By recruiting the best possible people you are taking primary responsibility for quality – you dramatically reduce the risk of future problems.

  2. Always Reference Check: When recruiting don’t be afraid to ask the tough questions of current or ex employers, yes we need great technical and educational skills but what about their interpersonal skills. Are they team players, do they play favourites or get involved in office politics.

  3. Formal Process: I have a policy that senior people are employed on the understanding that they will face a 180 day performance review – fail that review and its sudden death.

  4. All or nothing: Being mostly a team player is like being “slightly pregnant”; it’s just not on and it’s not going to work.

Now it may sound tough but if one of your apples is looking bad throw it away and do it quickly. Your team will thank you and your bottom line will prosper.

By, Neil Steggall

 The Barking Mad Blog

Business Advice with Bite

http://wp.me/p401Wv-ip

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Connect with me on LinkedIn, Twitter or Wardour Capital:

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New Ideas - wcp 2014

Leader or Manager? – Vive la Différence!

The terms leadership and management are often used to describe the same person or even used as though the words are interchangeable. They are not. The differences between leadership and management are vast and varied and placing the wrong person in the wrong position could have dire consequences for your business.

Leaders are rarely great managers and vice versa. Both are much needed and both have very different skill sets needed to build and sustain a successful modern business.

In his book: Management, the Individual and Society, Peter Drucker stated that “Management is doing things right; leadership is doing the right things.” Whilst the phrasing of this is a little “clunky” I have thought about the quote over many years and I cannot really improve upon it.

There is no hierarchy between the two but it is important to recognise which is which as early as possible both to ensure each individual receives the best training and support and to plan where in your organisational structure these Leaders and Managers are going to fit. Understanding who your leaders and managers are will assist in strengthening your organisation and its corporate culture and morale.

Good leaders have a unique ability to rally team members around a vision. Their belief in the vision is so strong, and they are so passionate about achieving it that team members will naturally want to follow them. Leaders also tend to be willing to take risks in pursuit of the vision.

Managers, however, are far more adept at executing the vision in a very precise and systematic way, taking responsibility for the infrastructure and detail of the vision and working with the team to see the job done. Managers are usually very risk-adverse.

It is the combination of these two skill sets working in harmony which often differentiates two seemingly similar organisations.

I have often likened leaders & managers to composers and conductors. The composer creates the dream or vision and the conductor delivers it.

By, Neil Steggall

 

The Barking Mad Blog

Business Advice with Bite

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 www.wardourcapital.com

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Leadership Attitude WCP 2014

“The Essence of Leadership”

 

I recently completed a series of short presentations on the 10 key aspects of SME Management. They are deliberately short, condensed and to the point, so much so that I have used an expression from the kitchen and called the series the “Essence of Management”

Those of you who know me or are regular readers of my articles you know my reputation as an unmitigated waffler so reducing complex points to an essence whilst retaining both relevance and interest was quite a challenge!

To be a good leader you need to grasp, understand and build on “The 3 C’s of Leadership”

  1. Competence: your ability to do the job

  2. Credibility: ensuring others believe you can do the job

  3. Confidence: knowing you can do the job and that others believe in you. You have a sense of purpose.

So there you have it!!….Leadership Essence.

Now to provide a little polish before you pin on the Gold Leadership Star.

  • It’s okay to show humility. When you make a mistake admit it, own it and own the solution. Don’t wallow in a bath of negativity, just fix your mistake and move forward.

  • Accept that we all lack some awareness of our own strengths and weaknesses. This acceptance allows people to see and know a little about who and what you are as a leader.

  • Set time some each week to reflect on your leadership. Respect this time as you would an important meeting and be there.

  • Praise and thank your team. Let them feel the win! Take your pride in theirs. Your win in their win.

  • Lead. Show a sense of purpose. Where are you leading? Why are you leading? Why is it important to the organisation?  Communicate these points clearly and frequently lead your team through them.

 “Leadership Presence” . . . is the way you connect with people. Look and act the part.

Leadership is about the people you serve, but it’s also about you. As the leader it is your responsibility to create the conditions and supply the tools for your team to succeed. If you lead well the team will follow, there is a quotient of reciprocity, your team will realise this, it’s called respect.

As the leader you have an advantage; use it for the good of your team. Humility is a sign of strength of character, a sign of self-awareness, and also, it’s a sense of humanity.

Sip on this essence and think about leadership!

Neil Steggall

The Barking Mad Blog

SMS Advice with Bite

http://wp.me/p401Wv-dE

www.wardourcapital.com

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Winning WCP 2013

The Power of Marginal Gains

I first heard of the power of marginal gains as a student. Back then “the power” of ideas such as marginal gains, marginal pricing,  marginal costing, marginal probability and compound interest were all being used in business studies to show how something didn’t have to be “wiz, bang, new, fast and you beaut” to make a difference. It was power man!

Compounding interest has continued to fascinate me and occasionally I while away the odd hour on Excel running compounding options. Truly fascinating…..really! The largest deal I ever closed was when as a young executive I convinced the board of a major American company to supply us on the basis of marginal costing.

Recently on a quiet Saturday (I know it’s sad) I googled “The Power of Marginal Gains” expecting to find a plethora of MBA theses on the subject but instead I found page after page of British cycling triumphs and a guy called Dave Brailsford – Now Sir Dave all thanks to his marginal gains!

British Cycling…….Why?

No British cyclist had ever won the Tour de France, but as the new General Manager and Performance Director for Team Sky (Great Britain’s professional cycling team), that’s what Brailsford was asked to do.

His approach was simple.

Brailsford believed in a concept that he referred to as the “aggregation of marginal gains.” He explained it as the “1 percent margin for improvement in everything you do.” His belief was that if you improved every area related to cycling by just 1 percent, then those small gains would add up to remarkable improvement.

They started by optimizing the things you might expect: the nutrition of riders, their weekly training program, the ergonomics of the bike seat, and the weight of the tires.

But Brailsford and his team didn’t stop there. They searched for 1 percent improvements in tiny areas that were overlooked by almost everyone else: discovering the pillow that offered the best sleep and taking it with them to hotels, testing for the most effective type of massage gel, and teaching riders the best way to wash their hands to avoid infection. They searched for 1 percent improvements everywhere.

Brailsford believed that if they could successfully execute this strategy, then Team Sky would be in a position to win the Tour de France in five years’ time.

He was wrong. They won it in three years.

In 2012, Team Sky rider Sir Bradley Wiggins became the first British cyclist to win the Tour de France. That same year, Brailsford coached the British cycling team at the 2012 Olympic Games and dominated the competition by winning 70 percent of the gold medals available.

In 2013, Team Sky repeated their feat by winning the Tour de France again, this time with rider Chris Froome. Many have referred to the British cycling feats in the Olympics and the Tour de France over the past 10 years as the most successful run in modern cycling history.

And now for the important question: what can we learn from Brailsford’s approach?

The Aggregation of Marginal Gains

It’s so easy to overestimate the importance of one defining moment and underestimate the value of making better decisions on a daily basis.

Almost every habit that you have — good or bad — is the result of many small decisions over time.

And yet, how easily we forget this when we want to make a change.

So often we convince ourselves that change is only meaningful if there is some large, visible outcome associated with it. Whether it is losing weight, building a business, travelling the world or any other goal, we often put pressure on ourselves to make some earth-shattering improvement that everyone will talk about.

Meanwhile, improving by just 1 percent isn’t notable (and sometimes it isn’t even noticeable). But it can be just as meaningful, especially over time.

And from what I can tell, this pattern works the same way in reverse (in other words an aggregation of marginal losses) a 1 percent decline here and there — that eventually leads to a problem.

In the beginning, there is basically no difference between making a choice that is 1% better or 1% worse. (In other words, it won’t impact you very much today.) But as time goes on, these small improvements or declines compound and you suddenly find a very big gap between people who make slightly better decisions on a daily basis and those who don’t. This is why small choices (“I’ll take fries with that”) don’t make much of a difference at the time, but add up over a period.

The Bottom Line

Success is a few simple disciplines, practised every day; while failure is simply a few errors in judgement, repeated every day.

Most people love to talk about success (and life in general) as an event. We talk about losing 50 pounds or building a successful business as if they are events. But the truth is that most of the significant things in life aren’t stand-alone events, but rather the sum of all the moments when we chose to do things 1 percent better or 1 percent worse. Aggregating these marginal gains makes a difference.

There is enormous power in small steady wins. This is why the tortoise usually beats the rabbit, the system is greater than the goal.

Where are the 1 percent improvements in your life?

Neil Steggall

The Barking Mad Blog

SME Advice with Bite

http://wp.me/p401Wv-di

www.wardourcapital.com

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Presenting WCP 2014 Stick Drawing

Speak Clearly and Communicate

How well do you convey your messages? Is it a question you examine or do you concentrate on the content of your speech?

We spend plenty of time thinking about what we say in business, but not necessarily how we say it.

When it comes to professional settings the way we speak including tone, pitch, and volume is every bit as important as content and dramatically affects how our message is received and how people perceive us.

It’s hard to recognize our own verbal errors so if regular presentations and occasional public speaking are starting to occur in your career it could be worth practicing speech in front of a specialist or a mentor to ensure you are hitting the right notes.

Pitching your voice and presentation at the right level is quite easy and becomes natural with experience and as you become less nervous. The important word here is NATURAL. The natural vocal sound is pleasing to hear, easy to follow and quietly authoritative.

Most of us can become good and interesting speakers with just a little skill and practice. Here are a few pointers on how to improve your presentations.

Speaking too quickly

Understandably when you are new to public speaking you are going to be nervous and rapid speech is a very common effect of nerves. Rapid speech not only makes the speaker hard to follow, it distracts the listener and undermines the strength and authority of your message.

Susan Finch, a New York based voice and speech coach who works with business professionals, says hasty speakers often end up “mumbling, rushing, and swallowing” their words. To address this, she instructs clients to take a breath before they begin speaking and again before each major point. That simple action creates a natural break in speech and helps the person to slow down.

Being Australian; or “up talk”

Australians are known for “lifting” the final vowels of a sentence, the best way of understanding this is to watch British comedy and see how they poke fun at us. This issue in speech is known as up talk; ending a statement on an upward pitch so that it sounds like a question even when it’s not.

According to Sydney speech coach Sandra Harris, this issue is more common in women. Speakers struggling with up talk should record themselves and then make an effort to keep their pitch from rising at the end of a sentence.

The Monotone

Nothing turns an audience off like a dull and boring presenter and the worst speaking mistake is to use a dull, monotone voice. We want to hear in the voice a relaxed enthusiasm and a pleasant assertiveness, keep your audience interested by projecting your excitement and passion for your subject.

That doesn’t mean going over the top with high and low pitches, but rather allowing for some degree of variation in the tone and colour of your phrasing. And the easiest way to achieve that effect is to breathe and relax, try to place a smile into your voice.

Duh, um, fillers

These, um, filler words are ubiquitous in everyday speech. “Like,” “um,” “er” and others are used routinely in casual conversations and often go unnoticed. But they really stand out when used in professional settings.

John West, head of the speech division at New York Speech Coaching, refers to words like these as “vocalized pauses.” People typically toss these sounds into speech because they fear that allowing for a pause will lose their listeners. On the contrary, West says it’s the speakers who use excessive “ums” and “uhs” that tend to lose their audience the fastest, and that a well-placed pause can pique listeners’ attention.

Whispering quietly

Speaking at the correct volume and with strong voice projection is important. Sandra Kazan, a New York based vocal coach, says the ability to project depends on each individuals voice. For example, high-pitched voices naturally project better and further than lower pitched ones.

“A nasal voice will carry, will probably not have very much problem projecting, but it is a very annoying voice to listen to for any amount of time,” she explains. As with pace, experts say the best fix for volume is to breathe well. Projection problems tend to occur when people tighten up, constricting their vocal chords and preventing a smooth flow of air.

Trailing off

In general speech we have a tendency to get quieter at the end of a sentence, to “trail off”. A commonly recognised speech pattern is to trail off toward the end of phrases, clauses, and sentences. This means important words can easily get lost or messages can appear incomplete. You need to keep your voice supported, level and your message carrying all the way to the end of the point you are making.

At the end of the day be it in a meeting or a conference people want to hear your comments, words, ideas and knowledge. Give just that, hone your presentation but most importantly be you. Breathe deeply and regularly, pace yourself and impart your message. You will not only become an interesting speaker but you will enjoy the process.

Neil Steggall

The Barking Mad Blog

SME Advice with Bite!

http://wp.me/p401Wv-bH

www.wardourcapital.com

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Integrity 2 WCP

Leading with Integrity

Leadership goes hand in hand with the power team of Trust and Respect. To build a reputation for Trust and Respect you need to demonstrate a high level of Integrity and unfortunately integrity can be a contradiction in today’s workplace.

Some years ago I had to dismiss a team member who was great at his job and he and his wife had become good family friends. The reason was simple; he had made a fatal error of judgement and in doing so had, to the wider team, lost his integrity.

The label of integrity is hard to earn and yet it can be lost in a single action. I am not even sure it is something we consciously look for in someone but we notice when it is missing.

It is only after we have considered our own actions, evaluating how they align with our personal values, intentions, and deeds, that we are most likely to make a contribution of integrity to the world.

We are each responsible for our own integrity and the best leaders create cultures that nourish the integrity of others.

At its root of the word integrity we find; to “integer” and “integrate”, it speaks of unity and wholeness. We still think of the word in this original sense when we talk about “structural integrity,” the quality that enables a building to stand and that, when lost, lets a building collapse under its own weight.

As US Rabbi Jonathon Omer-Man said, “Integrity is the ability to listen to the place inside oneself that doesn’t change, even though the life that carries it may change.”

Most of us evolve and develop throughout our journey as leaders. Our character and our integrity are remembered long after the glitter of the deals has faded.

Having integrity leads to the building of trust as we practice honest conversations with others. Integrity is a positive deposit in the bank of our connections.

Trust is an inherent part of integrity. People need to trust that leadership is serving everyone’s best interest and leadership needs to trust that team members are fulfilling their own responsibilities.

HOW DO WE IMPROVE LEADERSHIP INTEGRITY?

This possibly varies person to person but the following points, in my opinion, cover integrity within leadership.

  • Respect – practice integrity with others by treating them with respect — even when they do not live up to your personal expectations of them. Recognise that your own standards can be subject to question. We get and give the best of each other in a culture that supports respect.

  • Reliability – This is a more functional definition of integrity and a basic practise of a natural leader. It includes showing a little humility, keeping promises, meeting important deadlines and being there when people need you.

  • Sharing – It’s important for leaders to clearly articulate their values and expectation of integrity. Share these values as a culture-building objective as to how we collectively define integrity.

  • Responsibility – We need to acknowledge our responsibility for every one of our actions. It demonstrates that we are not using other people or external events as the cause of our problems. Wherever possible blame no one, accept the behaviour of others and the circumstances of an action as a given, and move forward.

  • Considered Actions – This is the leader’s obligation to take the right action. It means embodying our integral principles and accepting the consequences for our actions.

  • Thinking 360° – Think of the whole not just this one problem or decision, integrity can be viewed as a culture of wholeness, of being able to support all of the components for the long term good of all.

I have to admit that I have on numerous occasions made decisions or taken a course of action that would not withstand scrutiny of the points above. This is where self-awareness comes in and that question; “What is the correct course?” and remember life is a journey, good and bad……we can only do our best as we see it at the time!

Corporate responsibility and integrity make strange if not incompatible bed fellows and over the years have formed much discussion over the dinner table. In this article I am really only trying to examine questions of integrity in leadership.

Examining integrity at an intellectual level seems to raise more questions than answers. Mistakes will always made and occasionally poor judgement will be shown. Importantly we are now aware of some of the questions and it’s what we learn and how we adapt to our mistakes that we should now contemplate.

Neil Steggall

http://wp.me/p401Wv-bj

The Barking Mad Blog

Business Advice with Bite

www.wardourcapital.com

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A Great Mind Map - WCP 2014

 

Mind Mapping: let it work for you.

MIND MAPPING

Some of us think better in pictures etc. Before thinking through a big idea, I usually visualise it as a diagram. I have always “solved problems” graphically. Sometimes entirely within my mind and then A1 sheets of paper, followed by whiteboards, and eventually computers. Now I use a combination of all three. I called it mind mapping long before the phrase became popular – it just seemed to fit..

Basically mind mapping is the task of transferring thought and ideas, group or individual into a written form. I find brainstorming sessions are so much more powerful if there is a mind mapper in the group and especially so if that person is good with pen, paper or the whiteboard.

Are you a mind mapper? Are you able to get those amazing business ideas you toy with when driving or in bed down onto paper? It’s a skill but not a hard one to acquire, it can be fun and importantly the results can really change your business.

WHAT IS MIND MAPPING?

A mind map is a powerful way to generate and visualise new ideas, analyse problems, brainstorm, plan, show or research, complex ideas. Isn’t this just good old fashioned “brainstorming” under a new name? I hear you ask. No, mind mapping is a more structured approach to analysing and solving problems.

We now operate in a world where graphic representations are used more frequently and our brains are responding well to graphic analysis. Here are a few handy tools you can use to incorporate mind mapping into your business process.

WHITEBOARDS

The most basic tool you can use for mind mapping is a whiteboard. If you have a whiteboard you can start mind mapping individually or as a team to solve problems or to formulate new ideas. Today life is so easy, when you have the whiteboard full of ideas, take a picture of the whiteboard with your phone and upload it to your computer and share it with the team. Sometimes I get the original whiteboard data on the 60 inch screen in the meeting room so the whole team can see it and we start again on the whiteboard testing out our earlier ideas. This is a great way to mind map as a team.

THE BIGGERPLATE MIND MAP

If you want to up the ante and introduce a little more structure and sophistication into your sessions there are now several free or inexpensive mind mapping programs available.

Biggerplate’s mind map should meet most of your needs. In this extensive mind map collection, you’ll find templates for almost every task and challenge, including business mind maps, training mind maps, and general mind maps which you can use in your everyday life. The Biggerplate templates include everything you need from SWOT analysis (strength, weaknesses, opportunities, and threats), time management matrix, project management, task management and even tracking objectives.

If you and your team are struggling to get the mind mapping started, the Biggerplate templates can lead you into and through the process. I enjoy looking through Biggerplate’s top 10 mind maps just to see which templates other professionals are finding useful.

MINDJET

Very easy to use and inexpensive to buy Mindjet is an easy to use program designed for a variety of tasks, including mind mapping and brainstorming, Mindjet has flexible features which can be used in a variety of tasks including mind mapping, strategy development, marketing, sales and information technology.

MAPS FOR THAT!

The title just about says it all. Maps for That is great if you’re looking to share the mind maps you have just created or if you want to browse mind maps submitted by other teams or team members. It comes with amazing features and includes user-submitted mind maps in a variety of categories; including business, analysis, management, education, entertainment, events, and productivity, just to name a few.

If you’ve created a mind map you think others may find useful, upload it to the Maps For That site so that other users of the service can share. Initially just sign up for a free account, you can download and upload mind maps, comment on other users’ mind maps, and rate the mind maps you find the most useful.

MOBILE APPS

If your business uses smartphones or tablets as a way to communicate or work on projects, check out the mobile apps available from Mindjet. These apps allow you to create, edit, and view mind maps while you’re on the go or away from your computer. Available for the iPhone, iPad, and Android devices, these mobile apps can be downloaded free of charge directly to your smartphone or tablet.

If you haven’t started using mind mapping in your business, you may be missing out. Mind mapping can be used to create new business ideas, solve complex problems, and brainstorm with other team members — whether you’re in the office or on the go.

As I said at the start we all think and work differently, I enjoy mind mapping, let me know what you think.

Neil Steggall

http://wp.me/p401Wv-b8

The Barking Mad Blog

Business Advice with Bite!

www.wardourcapital.com

Logo Small wcp 2014

Communication 2

The Power of Great Communication

And……..How-to-become-a-great-communicator.

Often after first drafting a speech or an article I look through and ask myself the question “what would my wife cut out of this?” Invariably its 60% or so of what I have written. My wife, I should add, is a successful author, journalist and historian and she can paint amazing mind images with such economy of words.

What I realise is that with discipline I can and do communicate well but I am not a natural. As I commence a story around the family dinner table the “children”, largely grown and successful now, groan and shout “make it quick or we are leaving” or “oh not that one again.”

Whilst not comparing myself (lol) with great communicators such as Winston Churchill, Franklin Roosevelt, John F Kennedy, Ronald Reagan, Nelson Mandela and Paul Keating I do occasionally wonder how Sunday lunch went down at their house.

Peggy Noonan was presidential speechwriter for most of Ronald Reagan’s presidency and she explains why Reagan’s presidency had such an impact on the world stage.

“He was often moving, but he was moving not because of the way he said things, he was moving because of what he said. He didn’t say things in a big way; he said big things … Writers, reporters and historians were in a quandary in the Reagan years. ‘The People,’ as they put it, were obviously impressed by much of what Reagan said; this could not be completely dismissed.”

Reagan was known as “The Great Communicator”, yet it’s a nickname he didn’taltogether agree with.  In his farewell address to the nation and to the world, in his own humble way, he redirected the praise by saying:

“In all of that time I won a nickname, ‘The Great Communicator.’ But I never thought it was my style or the words I used that made a difference: It was the content. I wasn’t a great communicator, but I communicated great things, and they didn’t spring full bloom from my brow, they came from the heart of a great nation — from our experience, our wisdom, and our belief in principles that have guided us for two centuries.”

My take on this is that it doesn’t matter whether you are a president or a manager – your success will depend heavily on your communication skill.

What are the key actions of great communicators?

Engagement

Communication is just that, it’s a two way flow of information. Great communicators know how to give and take and understand its importance. They not only initiate conversation, they steer the direction of and encourage others to join in the conversation.

Connection

Great communicators know that people won’t listen unless they connect both intellectually and emotionally. Know your audience and start by conveying emotional stories that connect to their heart. It’s all about the quality of the relationships the leader has with the people they communicate with.

I know several tough and very senior Australian business leaders who have met Bill Clinton on separate occasions both in Australia and in the US, each was impressed. In my post meeting discussions with them each said that when Bill Clinton talks with you, he makes you feel like you are the only person in the world. Wow. Show your listeners your empathy let them feel it and know you value their importance.

Humour

Great communicators are skilled in relaxing those with whom they communicate. An audience is often suspicious or defensive from over-communication and perhaps afraid of being “sold something”.  Great communicators show genuine interest in the other person and use humour and authenticity to come across as understandable and authentic..

Clarification

If you overwhelm your listeners, you will lose them, they will tune you out from boredom or confusion. Reagan was best known for being simple and clear. Never assume just because you understand what you’re saying that your audience does as well. Great communicators find ways to simplify though issues without being condescending.

Reinforcement

Great communicators know that an audience will retain only ten percent of what they hear, and therefore they are skilled at subtly reinforcing key ideas. They re-run their message throughout their presentations, speeches and writings. It is all about context and repetition.

Well I reckon that given the chance “my editor” would have pulled 15% of this and yet I think we are communicating OK!

Neil Steggall

http://wp.me/p401Wv-b0

The Barking Mad Blog

SME Advice with Bite!

www.wardourcapital.com

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Shhhhhhh!

4 Words to Avoid 

 

I have never really believed in New Year’s resolutions. Perhaps because as a child I constantly resolved to behave better the next year only to be involved in further mischief the first day school resumed.

 Move forward many years and I find myself contemplating change and wondering how I can improve myself in 2014.

Along with many others I need to be more positive, to look at the stars again and see just how brimming with opportunity life is and yet without realising it we have a tendency to introduce negatives into our thoughts and everyday conversations and getting rid of some of these negatives is my resolution for 2014.

So what am I proposing?

Really big resolutions always fall by the wayside so let’s consider something smaller; eliminating the use of just four simple, yet negative words, from our everyday vocabulary. Hate, Cannot, Never and Impossible.

These words are rarely used in context, rarely make sense and rarely if ever contribute to anything positive.

Let’s look at the words individually and see what we think:

HATE: “A transitive verb; to dislike somebody or something intensely, often in a way that evokes feelings of anger, hostility, or animosity”

Now this is a very strong, negative and unpleasant word and one I would like to see disappear from use. If you are like me you probably don’t actually hate anything and yet this word creeps insidiously into conversation…”oh I hate the idea”…..”oh I hate Social Media”, “I hate this project”.  Do you really?

Interestingly when reading or listening to stories of Holocaust or Kokoda Trail survivors they had most often realised that to survive and move on with life it was important not to hate their captors.

Most great achievements in history have followed periods of struggle and complexity and I am sure that at times Pythagoras was frustrated by his formulae but did he hate them?

Let’s change our thinking to “not sure I am in love with the idea but let’s think it through” or “I just don’t get Social Media!!”

We have still let our feelings show through but in a positive way.

CANNOT: “a model verb used to indicate that it is impossible for something to be done or made use of in a particular way

In our everyday lives is there really anything that we cannot do? Accepting that we must abide by society’s rules, we are then able to do pretty much anything we put our minds to.

When you are next tempted to say “I cannot get this report finished in time” or “I cannot get to the gym today”, think of the Para-Olympics and the CAN-DO attitude in use and on display each and every day to do what many would say “Cannot” be done.

So often cannot is used where “don’t want to” or “it will be hard” should be used.

Let’s become a can do person. Let’s consider the task and look at the different ways it can be approached and remember. You CAN do it, you WILL do it and soon you HAVE done it!!

NEVER: “an adverb indicating that something will not happen at any time, or that somebody will definitely not do something.”

Never is not so aggressively negative and yet in real terms what does it mean? I always see never as never really arriving and therefore non-existent, but it slides quietly, and negatively into our conversations….”that will never work”….”we never do it that way”…….”she will never work out/fit in etc”.

What does this mean?

Just by saying never we are limiting our possibilities. We may for whatever reason not be able to do something this minute or this day but who knows what tomorrow or next week will bring.

Perhaps we should be thinking “how is that going to work?”……”can we do this another way”…..”how can we help her fit in”

Interestingly never can be turned around…..”I will never rest until I achieve this” but that’s a different story!

IMPOSSIBLE: “not able to exist or be done”

We never know what is “possible” until we really try. Quite often we achieve the “impossible” just because we didn’t know it was “impossible”…..yes think on that!

Imagine waking up from an accident to hear the surgeon say you will never walk again or never talk again. This is a situation faced by accident and stroke victims around the world and yet against all medical evidence people move forward and do the “impossible” they walk again, they talk again!

Let’s think of these people and take our lead from them, yes the task is tough, we don’t know how but we do know we can do it!

Every day in large and small ways someone, somewhere does “the impossible” and that is one of the enduring features of being human and being successful.

So you know what I am up to in 2014

Neil Steggall

The Barking Mad Blog

SME Advice with Bite!

http://wp.me/p401Wv-aO

 

Wardour Capital Meeting #2  2014

10 Tips to Organize a Successful Business Meet

What do you do to ensure that the business meet you organized doesn’t fizzle out?

As a top entrepreneur in the lead, you must take the initiative to arrange business meets to connect with others. But that isn’t all; you need to create an event that people enjoy. Not something they dread!

If you create a platform where entrepreneurs share their thoughts, views, opinions and crises. It helps you earn the trust and respect of your fellow entrepreneurs. And it boosts that collegiate  feeling. You just need to make it a success. But it is easier said than done.

Let’s take a look at 10 simple but effective things that can help you achieve your goal.

Take Your Time to Plan Every Detail

You cannot wait until the last minute to send out the invites and think everyone will turn up. Decide the time and date, select the venue and inform the business meet group members about it in advance. They have to fit it into their busy schedules too.

Check Every Important Aspect In Advance

How will you feel if the audio doesn’t work when someone’s making a presentation? Reach the venue and double check every detail. Make sure the space is adequate for all and the audio-visual equipment works.

Make It An Exclusive Event

Identify the niche you are in and create a group with a strong focus on the core concept. When you make it an invite-only event, you generate interest about it among the entrepreneurs in the niche to participate. This also encourages the aspirants to be part of the community.

Make Introductions Easy With Name Tags

It isn’t easy to remember the names of hundreds of entrepreneurs at an event. Create name tags. It will make introductions a breeze! You can also add their business name and relevant details to it.

Adhere To Your Goals to Meet Expectations

As an organizer, you need to have a clear idea about what the meet is all about. Make sure this is in keeping with the image of your business. For example, if you are into apps development for educational institutes, educational meets are more suited. Plan the meet according to the purpose.

Organize Topics to Keep Everyone Engaged

What do you want people to talk about? Decide the things you want to interest people in at the meet. Use the topics to initiate conversations. You can also throw in some challenges to keep things in motion.

Offer Exposure for Start-ups

You may also incorporate talks, events, quizzes and such other elements into the business meet. But when you let a start-up offer a demo at the meet, you add to its interest. It supplies food for thought for the entrepreneurs present and gives them an excellent topic of discussion.

Give Conversations a Direction

Don’t let the conversation die down. Place your contacts at opportune points to keep it going. With this simple tactic, you will create an environment where people learn new things without a hitch.

Foster Relationships

A business meet is all about the relations entrepreneurs create. And the community they build. It is possible to boost entrepreneurial efforts when people have the support of their peers. Don’t just keep it professional. Let entrepreneurs connect with each other on a personal level. Social hangouts can help you with this.

Keep It Confidential

No entrepreneur will open up unless they are sure that their secret’s safe with the attendees. This is possible only when you assure that it remains within the group. Open and frank discussions will be possible only if you do this.

It isn’t difficult if you are aware of how to keep things in motion at the meet.

With a little planning and effort, it is possible to organize a business meet where the group members can share their stories, offer others positive challenges, help others get back on track and create a strong community.

 And what do you get out of it? Well, you become the proud organizer of a business meet that isn’t another monotonous hour of long conversations between people who don’t even connect with each other. But something that gives everyone their fair share of exposure in the community and ample food for thought.

The Barking Mad Blog

SME Advice with Bite!

http://wp.me/p401Wv-az

 

Teamwork

A STRONG TEAM

IS

VITAL TO SUCCESS

Early in my career it was noted that “I didn’t suffer fools gladly”. At the time I took it as a compliment as I couldn’t understand why some of the people in the organisation just couldn’t grasp the problem, yet alone see the solution and fix it. Clearly they were fools!

As I travelled around the organisation from city to city reviewing performance I was unbeknown to me leaving a trail of emotional disaster and disharmony. One day the CEO sat down in my office and declared that if he could lock me in that room, push problems under the door and wait for me to push the solutions back out some time later, we could change the world. Yes this was the pre computer age and I had to change.

Whilst I had grasped problem solving I had little idea of or interest in the team. I was just so absorbed with problems and their solutions.

I am now much better, though still not good, at team work but I have recognised that a good team is both high performing and exciting to work in. Results flow from great teams.

Cerebral loneliness is a very real problem, I need the companionship of strong thinkers to challenge and spark my own mind. Brilliant ideas are rarely born in isolation, and successful projects stem from a strong, collective team. Without the spark of companionable challenge I find I can become almost self-destructive in my thinking.

In other words, to do great work, you must surround yourself with great people.

It’s an interesting exercise to define what this means for the type of thinkers you want on your team. I find that my best work comes from interaction with people who think differently than I do – and differently from each other. A diversity of mental profiles yields the richest results. Here are six personality types I would have on my dream team.

1. The dreamer: This person never ceases imagining what’s not, what’s next and what’s possible. They think big and hopefully, stretching the bounds of what is considered achievable. They never stop asking, “what if?’ and supply your team with an electric and optimistic creative energy.

2. The debater: Debaters question your assumptions, call out your leap of faith logic and point out the flaws in the plan. They see problems long before others, and they keep everyone grounded and prepared. Their questioning nature forces you to strengthen the rigor of your arguments.

3. The disruptor: The disruptor challenges the status quo and breaks others out of their mental ruts and insular perspective by bringing fresh and far-ranging perspective. My favourite disruptors are intellectually curious, lateral thinkers who are first to spot latent competitors and untapped opportunities in the market.

4. The driver: Drivers are natural leaders, bringing a crusading, concentrated vision to all work and supplying forward momentum when everyone else is losing steam or motivation. They are positively relentless in pursuing an idea, galvanizing political support for it and keeping it on track. They can be fantastic advocates for the customer, and at times hard drivers keeping the team focused on the problem you’re here to solve.

5. The detailer: This type digs into every facet of a project. Detailers focus on practicalities and save everyone else from silly mistakes and fatal design flaws because they think through all the angles and implications. They identify what’s missing in even the best-laid plans and can diagnose the precise point when something could break or be improved.

6. The doer: The doer is the wonderfully resourceful team member who gets stuff done, no matter what. Doers roll up their sleeves and find the practical solutions to delivering products services and “what-nots” on time and on budget. They are great colleagues to those who devise the grand strategy because they get it delivered on time, all the time.

Do you recognise your team members here or see gaps in your own team? Do you think of attributes that I may have missed. Let me know or post your comments below.

Neil Steggall

The Barking Mad Blog

SME Advice with bite!

http://wp.me/p401Wv-7N

www.wardourcapital.com

Logo Small wcp 2014

 

October 22, 2013

The Perfect Storm

(A Modern Horror Story)

Because it Rains in Paradise

Why be so negative?……. well let’s use  Paradise as a metaphor.

Because It Rains in Paradise…….!!!!!! 

Come along take a short ride on this little thought wave, let’s see Paradise as a metaphor for a well-run business, a prosperous and growing concern and let’s see the rain as a metaphor for an approaching economic storm.

How well protected are we in terms of our ability to weather the storm? We have our business plans to hand but they make no mention of a storm. Have you been through a storm before? What changes? How do we survive? How bad will be storm be? Can we rebuild post storm?

So many questions and yet so far so few real life answers.

Breath deeply, let us relax together and read a little story……….

At times business can appear a lot like paradise, it’s a great place to be, and everyone wants to be there to enjoy life with you, to know you and to bask in your reflected success. You are the visionary, the hard working, creative, entrepreneurial brain who made this all possible, your adrenaline flows, your energy and ideas come together, your staff are happy, motivated and successful, they respect you, the cash flows in, you drive a nice car, dress well, you eat at the best restaurants, you fly at the front of the plane, you speak at conferences, and…….ahhhh you sit back, relax and you reflect on just how good your life is.

One day, a small cloud passes between you and the sun, sending a slight shiver through you, but it quickly passes. Utilizing your latest smart devices you send a few more ideas, instructions, queries, emails and more pictures of Paradise to your office, you check your bank balances, transfer a few funds here and there and it’s not yet lunch time.

The sun still shines but the palm leaves rustle again this time with an unsettling sound and in the distance the ocean appears darker, are those clouds, building in the far distance or a trick of light on the horizon?

Far, far away from Paradise and way over the horizon is The Land of Plunder (LOP). A terrible, bleak, dark miserable environment that draws the humanity, skill, resourcefulness and entrepreneurial spirit out of you like a black hole draws energy from its surrounding universe…..no profit, not even a scrap, ever escapes its clutches.

Populated almost entirely by wise and educated sages such as investment bankers, credit providers, speculators, derivative traders, stock brokers, securitization specialists, short sellers, long sellers, fund managers, promoters, actuaries, lenders, accountants, auditors, receivers, managers, liquidators, lawyers, barristers, regulators, and their shiny suited minions oh it’s a soulless place to exist yet alone to live.

The problem is that in the Land of Plunder no one actually makes, grows, manufactures, produces or sells anything. Nothing. Not a single thingamajig or even a widget. Not a single truly commercial activity in the whole land. Yet its population consumes the funds made in Paradise, it lives to play games with those funds converting them into concepts and instruments called spreads, market sectors, cash, gold, minerals, fuel, pork bellies, red bean futures, long and short positions, options, shares, derivatives, differentials, margins, rates of interest, rates of exchange, incremental ROI, leveraged positions, contingent assets and equally contingent liabilities. Perhaps the favourite game of all, played only by the most knowledgeable of sages, is the interpretation and discussion of meanings…..net, gross, before, after, on or off the balance sheet, earnings brought forward, deferred debt, provision for, contingent, or not and most importantly the holy grail itself………THE BONUS.

That night as you lay back in your king size bed, sipping a final glass of Comte de Taittinger, the wind rises and the palm leaves rustle, indeed as the tree trunks bend under the increasing force of the wind you get to thinking about The Land of Plunder. Who actually pays them and what for? What happens historically? Doesn’t the LOP like totally fuck up at least once every generation? And what happens when they do? Could it damage your business? What could you do to protect your business and the thousands like yours?

Another perfect day in Paradise dawns and already your CFO has confirmed that your cash registers are still singing caa-ching, your revenues are up, your staff are motivated, your customers are happy, your suppliers are on time and on budget and your R&D team is about to make yet another technological breakthrough and yet that lingering fear niggles away at you. How would I get by if the LOP was to get it all wrong?

Much of your new day is given over to this dreadful thought, and with the help of your laptop you reflect on history’s greatest LOP fuck ups. Dating from the Roman Emperor Diocletian’s disaster in the fourth century to those wicked Medici’s and their Pazzi Conspiracy and the subsequent Banking collapse of the fifteenth century, to the collapse of the Spanish economy in the mid sixteenth century….oh how could the wise sages have got the gold price so wrong? Of course no one within the LOP’s Dutch branch could have imagined that one day a Tulip Bulb would be worth less than its weight in gold but alas it came about. All of this further distresses you.

You of course realise that in the eighteenth century the sages came up with a brilliant plan, they sold the South Seas Company the exclusive rights to trade with and to import gold and other untold riches from South America. Sadly the sages didn’t actually clear this with the owners of South America, (Spain) or even mention it in the prospectus, small oversights they later realised and thus came about the South Sea Bubble. To date this is still history’s largest corporate collapse. Those damned Spaniards just didn’t play Cricket, did they, the sages were heard to mumble.

Racing forward, you find we have the sages of the LOP, engineering a convenient double act, in the Railroad and Silver collapse in nineteenth century America. Again the sages were ever so slightly wrong. More rail road carriages and rail roads were built than there were people and stock to travel on them. Some railroads went to towns and cities yet to be built. Proving that a double act was possible, the sages funded one or two, or was it ten or twenty, US silver mines to be opened on virtually the same day and surprise, surprise, the silver price fell through the floor. The US economy plunged into recession, jobs lost, families homeless, Railroad stocks crashed and companies failed but God Bless the sages……they still had their fees.

Still good hardworking entrepreneurs just like you were soon back at work in Paradise building their businesses, making and selling thingummy bits, widgets and the many whatnots needed by the people of Paradise. The sages were so impressed they decided to buy shares in these solid enterprises and trade them at a profit in LOP, whilst of course charging fees and profitably clipping tickets along the way.

Alas the shares were oversold and overpriced and in 1929 the entire global monetary system collapsed causing the worst depression, loss of jobs, homelessness, self-respect and starvation the world has ever known. In fairness some of the sages did feel quite bad about this and threw themselves out of their Towers of Babel to the pavement below. Though not many; and for the few that fell it was often as close to reality and real people as they ever came. One could go on and on mentioning the sages doing so well out of the provision of two glorious sessions of twentieth century global war debt, the Credit Squeeze of the early ’70s, the stock market collapse of 1987, the Banking Crisis of the early 1990’s and that monumental fuck up of 2008, but by now you really need a drink;

More importantly you need to recognise a the pattern, call in some real people and plan!

Please lets us know your thoughts, ideas and feedback. Contribute to this debate is both free and important to do so!

Post your thoughts below and………………….give some bark to your thinking!!!

October 2013

Neil Steggall

http://wp.me/p401Wv-aS

The Barking Mad Blog

SME Advice with Bite!