Politics and leadership do not mix

This blog is not a political statement. The issue of leadership in a political world affect political parties the world over.

What I am referring to here is the mess Gordon Brown got into when he told us that he did not take into account the latest upswing in the Tory support in the latest opinion polls. The truth or the fact is that we all know that he did. The problem is that some would rather not acknowledge that fact. So he and his reluctant supporters would rather argue a lost point than lose face.

That is not great leadership. A great leader inspires through depth of character. They know that in the times of great adversity they will be called on to make tough decisions. The supporters expect the decisions to be made with the right motives, not through acts of spin to save a faltering reputation.

As a business leader, what would you have done? Would you have continued to argue the point despite all around you acknowledging that you were in the wrong or would you have acknowledged the truth of the situation and demonstrated true leadership?

The importance of succession planning

I attended a talk recently at the DBA by one of the grand fromages of the M&A world called Jim Surguy. He gave an excellent talk about what companies need to do to maximise their value at the exit point.

One of the key points to come out of his talk was the importance of having a succession plan in place. Who are the people who will succeed you and your fellow Directors when the time comes for you to take your hard earned cash and relax on the beach. Even if there is an earn out period they know that your intention is to ease down. Who will take up the slack is the question on the minds of the prospective buyers?

So think about it whilst you are not on the descent path. Who will take over? What skills do they have and what skills do they lack. Are they good as a team or simply as a group of individuals.

If you want to talk to someone about the make up of the succession team call me on 0117 904 7874 to set out the agenda for their progression into filling your shoes.

Exit strategy improves performance

In today's frenetic business climate it takes something special to succeed. It takes that something extra beyond the norm for success to happen. We cannot rely any longer on the received wisdom of today.

The traditional methods for increasing performance such as honing the creative edge, better utilisation of the talent pool, or streamlining the business processes do work to some degree. So do some of the more in-vogue ideas like enhancing culture through becoming more interdependent, enhancing client life time value through relationship marketing, and “user chooser” flexible reward schemes. They have all demonstrated their success over the years.

However, our insight into the media sector suggest that many owner managers exhibit those characteristics of the rolling stones Bob Dylan was singing about when he asks “How does it feel, to be on your own, no direction home, a complete unknown”. They have focused all their attention on doing the work of the business but lack the skills required to maximise the performance of their agency and therefore do not fully develop the capital value.

However, recent independent research in the marcoms agency sector suggests that owner managers in the marcoms sector can significantly enhance their performance by developing:

1. Belief in your own capabilities
2. An exit strategy

If you would like to know more on how an exit strategy can help you to build your agency, please call me on 0117 9047874 or email me at Exit.strategy@credence-uk.com

ABC of Growth - C = Corroboration.

High growth companies have evidence to corroborate their brand and expertise.
They have easily recognised trophy clients. They advertise their successes and promote their expertise through the skilful use of testimonials, reviews, articles and PR.

Prospective clients are looking for ways to reduce the risk of using new suppliers. One way they do this is by looking for evidence of satisfied clients. A list of names is not enough. What they want to see are recognisable names and realistic assessments of what you did for them and the benefit they derived from it.

Do you have corroborative evidence that demonstrates that you are as good as you say you are? If not, then start thinking about asking your clients for a testimonial or writing up your intervention in the form of a case study.

Finally, use every piece of corroborative evidence as many times as you can. Insert it on your website, your blog, your newsletter and so on

If you need any more information - please give me a call on 07956 532963 or email on blogresponse@credence-uk.com

ABC of Growth - B = Brand

High Growth companies recognise the value of their brand. they cherish it and nurture it. they know that it takes times to build a strong brand but only a few minutes to destroy it. It has lasting value that ensures a legacy to future employees and clients. Everything they do adds value to their brand and their reputation.

It is not enough to have a logo, or good stationery. A brand is so much more than that. Wally Olins, a noted thinker in this area has this to say "In a world that is bewildering in terms of competitive clamour, in which rational choice has become almost impossible, brands represent clarity, reassurance, consistency, status, membership. Brands represent IDENTITY".

Does your brand represent your identity. If they see your brand will they recognise you for what you are, what you stand for and what you can deliver?

Call me on 0117 9047874 if you would like to discuss how to maximise the value of your brand.

ABC of Growth - A = Activities

The clearest sign that a business is well led and managed is its ability to deliver consistent, profitable growth.

After years of working with small businesses I have worked out what they need to do to grow.

And it is as simple as ABC!

The ABC of growth – what high growth businesses do well.

High growth companies are hives of activity. They are “doing” orientated. They get it right. They do the right things with the right people to the right customers at the right price in the right place at the right time.

Are you a doing or a thinking company?

How many proposals have you sent out, how many new prospects have you seen, how many networking events have you attended?

The list of activities that will build your business goes on and on.

If in doubt, do the things that you like doing - but do them well and frequently.

The great companies are doing orientated - now go and do like wise

Shout your virtues and boost your profits

Why is it that some companies are more successful at winning new business even though you (and probably they) know that they are not that good? Why do you lose a pitch when you should have won it?

Here is the answer. The client didn't trust you enough to give you the work. So all your hard work spent working on your pitch was wasted.

Here is how you can go about changing things to your advantage.

The secret

You need to build your reputation as a trusted advisor or to put it another way - you need to break through the trust barrier.

Successful businesses promote their reputation by who they are, what they do, who they work for and as importantly, who they do not work for. They have worked out the secret of what makes it easy for clients and potential clients to trust them and as a result they always get selected.

Ponder this well known marketing maxim “In any market where the number of choices is high and the risks of getting it wrong are also high, the more established, trusted or reputable suppliers will win more business.”

Put yourself in the client’s position and ask yourself what you would do if you were faced with a huge array of suppliers, many of whom seem to offer the same service and your job is on the line if you make the wrong choice. Simple, you would opt for an established, trusted, reputable agency. The emphasis is on being “established”. Once you are “in” it takes an enormous amount of effort for a client to change their supplier.

Sadly, the chances are stacked against you usurping the incumbent supplier.

So what can be done to reverse this situation? How can you stand out from the crowd and get in front of more clients?

You build a reputation that makes you stand head and shoulders above the rest.

I will be posting more on how to build that reputation so come back soon to find out more!

Call me for more information on 07956 532963 or email me at robh@credence-uk.com