by William Buist | Jun 9, 2017 | Business, Collaboration
Elections always create a hiatus and more uncertainty than most would wish for, this one has been no exception. One thing to note is the more predictable the results of an election seem, the less predictable it is. For business leaders, the results haven’t made the future more assured, and some things need to be considered in strategic planning as a result.
Firstly, Collaboration is going to be an essential political skill, and it’s mostly absent.
The May government characterised its campaign with a personal presidential style top-down hierarchical control driven agenda, on the manifesto, on the campaign, on Brexit. The result has pushed Mrs May into needing to influence and accommodate the views of others, to build relationships, to find common ground and to accept change. That’s likely to show strains early, and I think this parliament has a limited life. As business owners who recognise a need for collaboration this is a time to focus on meeting the uncertainties by working more closely with our teams and partners. Take the opportunity to build more strength in networks, in bonds with clients, suppliers and associates. Be ready to flex around the uncertainties that may result.
Secondly, Economic change is inevitable, but it will be small and slow.
The May government’s general direction on the economy won’t change much in the short term. Brexit negotiations will take attention from day to day economic matters so that we can expect continued low-interest rates and slightly rising inflation. Your market is likely to remain as it is regarding the activity. The time decision makers take won’t change, the pressure on pricing and profitability will still be there. Tactically you can plan with your existing knowledge of the landscape, for at least the next six months or so. Business is mostly likely to be ‘as usual’.
Finally, What matters is what happens, not what might.
Elections always lead us to speculate about the future, to see many demons in the darkness, to worry about the possibilities so much that we lose sight of the realities. Be alert, look out for what is happening, be ready to spot a change in attitude or mindset in your clients, but act on what happens and not what might.
Unless that is you want to see a change, in which case act as if it has already occurred, and you’ll find that it probably will.
Politically the next few months will be interesting, exciting for some, engaging for many.
Don’t let it stop you leading the best business you have ever run.
by William Buist | Jun 1, 2017 | Business
Every business has one, even if it’s never given any formal thought to what their ‘model’ is, but those that have can short circuit some of the common mistakes that businesses make as they grow.
A good business model can be viewed as having two sides to it, one side is about how revenue is generated, the other how the business is run efficiently.
The two sides link through the core purpose of the business, the reason you are in business. Once that is clear then:
On the revenue side must solve a problem that clients want to have solved. It’s important to know who those clients ideally are, how you reach them and what sort of relationship you want with them.
From there it’s beneficial to know two more things, the reaction you want to get, before during and after you do business with a client and the market position (perception) that they and others will have.
On the efficiency side – your products must map across to solve the problems that they have, and the key activities, resources, and collaborations you need to deliver the work must be designed with care, and be strongly aligned. All of that is possible because of your Knowledge Skill and Experience (KSE) and that is predominantly (especially for speakers) what makes us genuinely unique. Having clarity on which elements of KSE stand you out from the crowd makes it much easier to attract others who recognise that they want access to that. Finally, it’s useful for any business model to map out how others in your market approach what you do. Not to copy, nor to denigrate, just to understand how you differ and why.
Nobody cares about your business model, they care about the products and services you bring to them and the way they make them feel. Nobody, that is, except you, because the people who care about their business model most are the ones whose customers feel consistently fairly treated and valued, and who have sustainable results.
My model is built on the core purpose of uncovering insight – I love working with the owner leaders of established service businesses to uncover the insights they need to build sustainable profits and avoid costly mistakes. I use speaking to demonstrate the KSE that I have in my strategic work, for example, the links between the collaboration and risk management that make both easier and more powerful in business. Plus the skills and experience gathered in times of great personal and business change through the merger of Lloyds and TSB. I’m paid for supporting business leaders who want to change the performance of their business with a calm assurance, a confident, professional manner, that gives them back the freedom they sought when they started the business in the first place.
