Posts Tagged ‘building relationships’

RPM II: The Cornerstone Client Walks

Sunday, April 3rd, 2016

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In the second in our weekly series of Resilient People & Momentum (“RPM”), James discusses how to lessen the impact of a key client exit on the firm’s profitable growth plans. No seriously, clients aren’t for life!

Situational Overview: The Cornerstone Client Walks – you have done a fabulous job. It is not personal but the buyer has decided that they can live without your product, service and relationship. You have a cashflow problem. You have a potential reputation problem within (direct reports and peers) and outside the firm (customers and business partners). You have a potential employee problem (productivity and morale). You have a potential investor problem (earnings and value). Is your first thought to seek blame or come up with a great response? I’d say in 80% of these situations I have been privy to the former explodes virally.

Resilient People & Momentum Mindset: I subconsciously expect this to happen in a growing business when I least expect it. How I respond is more important than what has happened. I earn others respect by displaying the right mix of skills, behaviour and expertise. I am willing to be intellectually honest about my own performance. I will listen to and respond sensibly to solicited feedback while ignoring unsolicited feedback that is largely for the other party’s benefit.

Resilient People & Momentum Questions:

  1. Cashflow: where can we create more short-term revenue, not where can we take money from?
  2. Reputation: where can we earn more respect (new ideas, reciprocal opportunities, return the favour), not how can I save face or pass the blame?
  3. Employees: where can we more productively deploy and offer more gratifying work to our employees, not who needs to be harangued or worse, fired?
  4. Investors: where can we display and exude greater confidence in our talent and judgement to investors such that a short-term set back, is just that, a blip on a road to riches, not a mind numbing defeat that forces investors to thrown their hands up in the air?
  5. Development: what can I learn from the treasured client’s reasons for the decision to walk away that I can apply for the future benefit of the firm (better client communication), its’ existing clients (prioritising investment) and our prospects (market positioning)?

© James Berkeley 2016. All Rights Reserved.

Success Trumps Ego

Thursday, March 31st, 2016

 

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If your ego won’t allow you to share credit with those who have contributed substantially to your success, why should others help you in future (clients, investors, peers, employees, business partners etc)?

Successful people always look more successful when their stories reference people often less successful than themselves, who have helped them in vulnerable situations.

Even Donald Trump in his bombastic interviews rarely avoids talking about the “little people”,  who gave him a helping hand. He just leaves you thinking that only he could walk on water!

Many aspiring business managers and execs would be wise to think about whether their conversations, presentations, speeches, media interviews and marketing collaterals sufficiently share the credit with others.

If it is all about “Me, Me, Me”, why should I return your call, stop to talk or consider working together?

Copyright 2016 James Berkeley. All Rights Reserved.

 

 

 

Just An Illusion

Thursday, March 24th, 2016

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Is this a shot from your evening last night, soon to be posted on your instaGLAM account? Today a great many executives, managers, investors and board members are busy trying to be someone that they are not. Fact. They are instantly recognisable by the disparity between the image that they project and what others see.

At a small intimate event last night in London with David Nish, the past CEO of Standard Life and this week appointed as a Non-Executive Director at  HSBC, we discussed the dynamics and consequences of this behaviour.

The dynamics and behaviour are largely the same in businesses of every size. Individuals are prone to projecting views without hard evidence or strong anecdotal information (shout loudest). They are poor listeners (routinely ignore vital feedback). They lack sufficient self-worth in their own talent and judgement (resort to bolstering their credentials with references to famous names). They have a poor level of self-esteem (they are dismissive of others success). They are prone to passive aggressive behaviour to project superiority (constant one-upmanship). They are prone to excessive exaggeration or downright lies about their own success (false claims in bios, CV’s/Resumes). We’ve all met them at various points in our career.

The consequences differ based on the size, priorities and complexity of the organisation. Here are some observations from my own experiences:

An inability to effect a management buyout of a small or family business, where the Founder’s behaviour results in management never acquiring the skills, traits or expertise to run the business in his or her absence.

A loss of respect for a private investor’s judgement amongst their peers and future co-investment opportunities when they make wild, unfounded claims to be invested in the “next unicorn“. Ridiculous, of course but sadly all too often true.

Raging management distrust in the Board when a non-executive director relays unsubstantiated “insider” claims from a key client, institutional investor or employees about the manager’s negative performance without hard evidence or strong anecdotal information.

A destruction of goodwill amongst analysts and the media when the newly appointed CEO of an investment bank, self-invested with “superman” powers, promises near instant changes to the business model that his predecessors have taken decades to create.

The world is littered with people trying to be someone that they are not. Facebook, Instagram and Twitter couldn’t survive if that human need dissipated. We all have a reputation that precedes us in the hyper-connected world we live in. Reinvention, acquiring new skills and educating others is something that we must constantly commit to but without absolute credibility (tangible results and visible behaviour), it is just an illusion.

© James Berkeley 2016. All Rights Reserved.

Referral Momentum

Thursday, March 10th, 2016

A trusted source sends you a referral. How you handle the solicited or unsolicited help says more about your own professionalism and value than the results that often arise from the introduction? Your “responsiveness” to the referral source (speed of sending a “thank you”, time taken to set up a follow up call or meeting). Your “respect” for the referral source (time, care and attention given to the referral). Your future “reciprocal value” to the referral source (the increased chances of more valuable help being sent your way).

Collectively, there is a momentum which can positively build and strengthen trusting peer-level relationships, have a “blip” effect on your relationship or indeed have a negative impact. That ball is largely in your court.

Most people don’t do this well because they lack a focused and disciplined process and structure. Ask yourself, “Are we suitably set up to impress our referral sources?” If not, “what must change immediately?” A week’s unanswered call or return email,  an inability to leave a voicemail message or a failure to update the referral source on the progress, is not unfortunate, it is amateur.

Ironically, friends, colleagues and business partners who know you well are in my observation some of the worst culprits.

© James Berkeley 2016. All Rights Reserved.

 

Conviction and Reinvention

Monday, March 7th, 2016

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I have long been fascinated by how people and businesses apply “conviction” (beliefs, investment, action) when there is an immediate requirement for “reinvention”.

In 1999, opposite where I worked on Hollywood Road in Hong Kong was a large commercial real estate company, whose business was fitting out and renting shared service offices. For many years it had a unremarkable name and neon sign over the 1960s building, overnight it added the sobriquet “.com”. Curious I asked a friend who worked in the building what was happening, “Oh the Chinese owner thought because tech is red-hot right now, why not change the name of the company. Don’t worry as tenants we have seen no changes.”

Now you might not be as brazen in convincing your target audience à la Donald Trump and Mitt Romney that your polar opposite views are instantly credible but there is a mindset change needed first to kick start reinvention. Here is 3 simple questions, apply it to any situation you personally or the organisation are experiencing:

  1. What are the beliefs that inform my convictions today about how I and/or the business needs to look in 12 months time? (relationships with clients/investors/ employees/regulators, changing customer base, financial condition, valuable and profitable offerings, discretionary time and so forth)
  2. How do I apply those convictions today to where I/we plan to invest tomorrow? (capital deployment, people, innovation, strategy implementation)
  3. How do I best put today’s convictions into action tomorrow? (priorities, organisational structure, process, exemplars, skills, behaviours, expertise, technologies, accountabilities, rewards system, communication and feedback and so forth)

I can barely think of a sector where the nature of work is not changing dramatically today. With it comes fear (irrelevant, loss of clients or even, unemployed) and opportunity (new investment in new products and services, new markets and new roles).

People believe what they see, not what they hear or feel. If you really want to convince me today that you are serious about reinvention, I want to see immediate changes of attitudes and behaviour amongst influential figures in the business and new, impressive results fast.

If you are willing to be intellectually honest, click on the link below. Ask yourself where do our current attempts sit on the chart and where do they need to be in the future. The distance between the two points is indicative of the small step or giant leap your business and key people need to take.

 

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Endless needs analysis informing our future strategy (AIG), managers preoccupied for hours creating and talking to the media about our “new culture” (Anthony Jenkins at Barclays) or changes to the plaque over the building door won’t cut it for customers, investors, employees and regulators, however, well intentioned. It isn’t easy but I need to see in your actions that you really believe what you are saying, not merely spouting platitudes to buy time or protect your ego.

© James Berkeley 2016. All Rights Reserved.

Interview with Me: Economia

Wednesday, February 17th, 2016

Nick Martindale, a senior reporter with economia, the “go to” publication for the global accounting profession and their clients, interviewed me on the logic and emotional challenges top managers face when they decide to “go global”. Specifically, the fears that distorts their decision-making and the consequences for their growth objectives. The fears are largely similar in large and small firms, what is different is the impact the consequences may have on top line revenue growth, profit, cashflow, brand perception, employees, investor relations and clients.

http://economia.icaew.com/finance/february-2016/foreign-riches

 

Tell The Truth: You Don’t Know Your Clients Well

Monday, February 15th, 2016

We think we know our clients but many of us are kidding ourselves or unwilling to be intellectually honest. If the objective is to profitably grow our business, we can help ourselves by having a finer understanding of the logic and emotion that drives our clients’ decision-making. I am talking about the individuals with the ability to approve, fund, veto or set major strategic initiatives for their organisations and the tactics to implement it.

You don’t accomplish that in a mid or large client organisation by placing yourself in a subservient position to a Risk Manager, an HR Director or a mid level banker. When did they last sit in, and contribute to, the firm’s strategy meeting? How would they be privy to the inner most thoughts of the firm’s top management, the Board and its’ owners? How would they be in a position to influence those individuals’ decisions?

If you must exclusively hang out with these shared service experts or mid-level managers consider the risks. You are placing your future well-being and financial condition at the behest of individuals, who rarely get “air time” with the ultimate decision-maker(s). They have a vague understanding of the competing priorities in the executive office. You are left to sort through the information they wish to share with you, their interpretation of events and their biases. So what is the alternative?

Shoot For The Top.

A senior figure at a Big Four consulting practice admitted to me “I sit across the table from C-level execs all the time but I don’t really know them.” Another, Vice-Chair of a market-leading brokerage and advisory firm, revealed how distant he and his colleagues are from the strategic decision-making process at major European insurance companies, yet they have billion dollar trading relationship. Faced with increased competitive threats, both individuals talked about the increasingly precarious position their organisations are in. In both cases, the businesses haven’t placed sufficient accountability on key people to build relationships with the right people and provide them with immediate and impressive value. Rather they have stayed in the transactional layer of the firm, cultivating relationships with mid level managers, convincing themselves that getting closer to these individuals will enhance their well-being (improved top line revenue, happier clients, stronger brand).

Getting There Fast.

Here is what my best clients do,

  1. Identify who those key people are in Board, ownership and management positions that you ideally need a relationship with to exploit exciting and anticipated needs?
  2. Who do they hang out with? (peers, friends, acquaintances, media and so forth)
  3. Where and with whom do they like to be seen? (professional, personal interests, charity etc.)
  4. Where do they speak, publish and support events?
  5. What are they passionate about? (hobbies, innovation, people and so forth)
  6. How might you meet them and increase your prospects of establishing a peer level relationship? (referral, charitable or professional association boards, shared experiences etc.)
  7. How might you provide immediate value? (a name, an idea, a sponsor, a success practice and so forth)
  8. How might you parlay that into a continuous conversation with reciprocal value? (each time you meet, you both leave with exciting ideas and impressive value, looking ahead to the next social or business gathering)

I find there are a great many people who “get” and studiously study the logic. However they fail due to poor credibility (entry path, lack of substance), an inability to build a rapport (intellect, social skills and chemistry weak) or a lack of trust in themselves (blow up the relationship with their transactional buyer). They can be coached or mentored but many are reluctant or their boss doesn’t see it as a priority. Lo and behold the organisation will forever be at risk to client strategic decisions that it has zero control over and an unwillingness to influence.

© James Berkeley 2016. All Rights Reserved.

 

An Investor’s View: Attracting Intelligent Capital to Innovative Ideas

Thursday, February 11th, 2016

I am thrilled to announce that I have been asked to be a contributor to VC-List, the pre-eminent online source for advice on turning innovative ideas into billion dollar businesses from people, who have invested in, led and advised real businesses. Here is a link to the first article “Getting Started in Raising Venture Capital” drawn from my war stories, experiences and insight with over 75 businesses in North America, Latin America, Europe and Asia that have successfully attracted funding from corporate venture capital, traditional VCs, HNW investors and so forth at various stages of their journey:

Getting Started in Raising Venture Capital

 

 

Your Contacts Are Running On Empty

Tuesday, February 9th, 2016

Most of us, particularly those entering into or in the second half of their careers are increasingly in peril because our personal and professional networks are not strong enough or sufficiently relevant for the challenges that lie ahead. If the objective is to transition seamlessly, you dramatically increase the odds by identifying, cultivating and nurturing the right relationships now.  You don’t accomplish this by relying on a burgeoning contacts folder, LinkedIn database or Twitter account made up of people, who have long past their usefulness to you or random names.

Who are the five most influential people in your personal and professional life today? Who are likely to be the five most influential people in your future personal and professional life? What needs to change in how you establish, build and leverage your key relationships?

I ask this question because in profitably growing and expanding a business, our networks and the utility of those relationships are fiercely tested. Whether it is launching successfully into a new market or the speed and quality of an organisation’s reinvention it is heavily dependent on your lists, databases and the warmth of your relationships. Who you know is as important as what you know? How you have been providing immediate value is as important as how you resolve the client’s problem or improve their condition? Time, skills, volition and technology are the key enablers.

  1. Personal Time – how much time in a week is spent renewing relationships and cultivating new ones that discernibly help you with BOTH current and potential future needs? You are all almost certainly spending too much time with people who cannot help you in future. You are doing so because it is easy or safe. You must be concious of the return on your time invested.
  2. Skills Deficit – do you possess the skills, strategically, to decide who you need to cultivate to accomplish your goals and tactically, how to ask for the introduction, how to best present it in their self-interest and how to elicit your desired response? If you don’t get professional help.
  3. Volition – are you maintaining the right mindset? Where do you currently sit on the spectrum, the “Know It All, Know Everyone” (no need to learn new ideas from new people) or the “Intellectually Curious” (drawn to meeting new and impressive people with thoughts on what the future will resemble)? Do you feel comfortable in all social and business settings approaching others, who you may not know and seeking to establish a relationship? Are your best efforts de-railed by “fear” (being made a fool, rejection, in the specific setting)? The latter is a common occurrence even in successful mid-level managers. Conquering it is essential for career progression.
  4. Technology – are your efforts to cultivate new relationships and renew existing relationships with the help of technology having a dramatically positive, negligible or negative impact on both your short and long-term goals? Where is the hard evidence? Where do you need forward-looking help to enhance your personal productivity? To whom are you turning for “qualified” advice? A huge number of executives and managers have allowed their lives to conform to their firm’s technology, in so doing, they are working extreme hours to stay on top of client email, return prospects calls and nurture effective relationships. That doesn’t have to be the case if they are willing collectively to intellectually examine whether there is a better alternative to conform technology to their clients changing needs.

“Your contacts are your lifeblood” one of my first bosses said to me. What I have observed working with some outstanding peers, business partners and clients, is that they need constant attention, cleansing, and good nutrients. If left to their own devices, they will coagulate in ways that are not good for my future health and well-being.

© James Berkeley 2016. All Rights Reserved.

 

7 Life Savers Every Business Can Adopt Tomorrow

Tuesday, February 2nd, 2016

 

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Endlessly overwhelmed by the demands of profitably growing your business? Want to find quick ways to increase the valuable use of your time and reduce your labour intensity? Here is 7 instant improvements that will give you an 5 extra working days every quarter this year and more impressive results:

  1. XpenseTracker – an all inclusive expense tracking and reporting app for business or personal use
  2. Refresh Letters and Templates – every step of your organisation’s client acquisition process, methodology/technology and delivery process to your clients, can reasonably be broken down into a toolkit. Many people waste endless time unclear in their own mind what to write and how to rapidly elicit the response they really want. Stop it. Whether it is a cold call letter, follow up meeting response, response to a media enquiry, meeting agendas, proposal template, chasing overdue invoices, presenting findings and so forth don’t reinvent the wheel. Constantly replenish your toolkit and use technology (intranet, cloud servers etc) to leverage it.
  3. Reciprocal Promotion: find 5 publications and reporters your ideal buyers read and are quoted in. Follow those reporters on Twitter, Google+ and other social media platforms. Respond to stories they post with thoughtful and provocative responses. Look out for their presence at industry events and introduce yourself in person. From time to time, suggest article or interview ideas or names of others that might be particularly of interest. You’ll find yourself, increasingly short cutting the process of becoming an object of interest to your ideal buyers, irrespective of your firm’s brand, geographic proximity or other credentials.
  4. Hootsuite – so you want to build a social media presence but don’t know how to accomplish that with minimal time. The Hootsuite app is your lifesaver, allowing you to access, schedule and generate fresh and valuable content.
  5. Citymapper – so you are meeting a new client or exploring a new city with the family, yet unsure how to get from where you are standing to your destination, what the alternatives are and your expected time of arrival. Arguably one of the impressive travel apps ever created provides all those answers and more in real time on your smart phone.
  6. Unroll.me – your frustration with junk email and subscriptions that you never knew you had has reached epidemic proportions. Two bright people, Josh Rosenwald and Jojo Hedaya have transformed the way you view email. Allowing you to instantly and permanently unsubscribe, roll up daily emails into a single email for quick scanning and storage of those most pertinent to your life. How good does that feel? Try it now.
  7. Tiny Scanner – you need to quickly scan, save and send a receipt, a meeting handout or tracked changes for a presentation while working away from the office or home. Here is the simple, fast and highly reliable answer, a brilliant app with free and modestly priced paid options for the iPhone.

Pick any of the above and you will conservatively save yourself a minimum 1 hour a day, 5 hours in a normal working week, 65 hours in a quarter. Think about that, I am suggesting every three months, you can create an additional 5 working days, at zero cost to you!

© James Berkeley 2015. All Rights Reserved.