Archive for August, 2019

Entrepreneurs & Media

Tuesday, August 20th, 2019

I meet a great many owner-managers highly frustrated with perceived negative media comment about their business, particularly in periods of high complexity and ambiguity (accessing capital, loss of a key client or employee).

Compose yourself before responding. “How are my self-interests going to be best served by any response?” If you don’t see a meaningful benefit, ignore it. Most comments are for the benefit of the media commentator (ego, seeking a reaction or click bait).

If communications is not your strength or passion, hire a media expert that understands your business and your requirements (preventative and contingent advice). Keep in mind that they are there to advise on media strategy and tactics, not to run your business or its’ strategic direction.

Awards

Monday, August 19th, 2019

Contrary to allot of bogus advice given out by Awards Hosts (polishing presentations), if you want to win an award, start by focusing on those judging the award and their subjective needs. Having judged many competitions around the world here is, a quick primer:

Q: What are the judges’ probable emotional and psychological needs in determining the winner?

A: They want to feel a personal and emotional connection with the winner, their story and their beliefs. They want to convince themselves and their colleagues that they were smart in selecting the “right” winner. They want to look good in front of their key constituents (boss, employees, clients, business partners, investors, media and so on). They want to be invited back.

How can you best ensure those outcomes for the judging panel?

Tawking

Saturday, August 17th, 2019

I am the first to admit a fascination with people, particularly those with a depth and breadth of intellectual curiosity. Important people tackling important issues.

In business, where accomplishing a particular goal is heavily reliant on establishing, building and leveraging peer-level trusting relationships that is a very helpful trait. A lot of my clients, prospects and business partners remark that I am a good listener with wonderful manners and a great conversationalist (“we could speak for hours”).

That is nice to hear but it doesn’t, in isolation, feed the family.

Here is the “kicker”: any business conversation must lead to a relevant destination to me, preferably fast and be immediately useful. That destination doesn’t need to be financial, although that is helpful but it must be in my self-interest. When I see people seeking to “pick my brain” on my business time, I point that out and offer them an alternative (paid advice). What I term “hitting the brakes”.

I see a great many people having coffees, breakfast, lunches and meetings, where there is no “brake” to speak of. That is fine for social conversations but there is a time and place for them, it is not in business hours.

When are you going to get anything done? Discipline, discipline, discipline.

Taking Back Control

Wednesday, August 14th, 2019

As entrepreneurs you can choose to be either beholden to the quality, speed and practices of your advisers (legal, accounting, tax, financial, design etc.) or you can tell them how you expect them to conform to your changing preferences.

Over time I have had need to fire my travel agent, bookkeeper and financial adviser, as my business growth and lifestyle needs have changed. I don’t choose to cede control to others. You shouldn’t either.

Yet a great many entrepreneurs I meet, out of excessive loyalty or inertia put up with behaviour that is totally unacceptable from their advisers. Lawyers taking three weeks to respond to offers of critical growth capital, personal wealth managers encroaching into areas they are not an expert in (business strategy decisions), and missed tax filings due to the financial advisor’s poor discipline. This is your life, safeguard it.

Sanlúcar de Barrameda

Tuesday, August 13th, 2019

In the heat of an Andalusian August is two weekends not to be missed. The Carreras de Caballos (beach horse races) return annually to the Northern Andalusian town on the second and fourth weekends, where Christopher Columbus and Magellan took to the seas to explore the world. Combined with tasting fine local sherry wine in one of the local bodegas (Barbadillo), here is an experience, which largely remains ignored by tourists from outside the region.

Family Office Ideas

Tuesday, August 13th, 2019

In the Summer 2019 Issue of Family Office Magazine, the pre-eminent authority on all international family office matters, James discusses what it takes to get families begging to co-invest in other families’ private equity, real estate and passion investments. Based on his experiences with 25 recent deals sponsored by centimillionaires and billionaires, take a look behind the scenes.

“Uncommon Traits That Families Seek In Other Families’ Ideas” (2 mins)

“I doubt that many attraction approaches that have worked well in the past for an UHNW individual will work well in the future because they are changing expectations fast.”

James Berkeley, Guest Contributor, Family Office Magazine

Andalusia Redux

Monday, August 5th, 2019

12 years on from the start of the financial crisis here, banks excessive lending to Spanish real estate owners and developers, the disparity between rich and poor, the entrepreneur and the technocrat remains highly visible.

Politicians in Brussels, Madrid and locally in Seville and Cadiz have come and gone. They take their August holidays, as if nothing has changed since time in memoriam. It has and it is brutal in parts. Seven of the top 10 poorest post codes in Spain are here. Youth unemployment, those aged 18-35, is stubbornly at close to 30% in many coastal and inland destinations.

Those with real “skin in the game” (the local entrepreneurs, the shop owners, the restauranteurs and the artisans) scrap and scrape their way to supporting their employees and families. They are largely good humoured and phlegmatic.

They are resilient. They go about their daily business serving customers as best they can, encourage repeat visits and charge good value for money. They are highly deserving of our support.

Andalusia, is sadly lacking proper investment in tourist marketing. Where is the global campaigns, the coordination between public and private enterprise to accelerate inbound tourism? The home of Christopher Columbus and Magellan is seeking real leadership and new ambition.

So many wonderful local events remain “hidden secrets”. We are headed to Sanlúcar de Barrameda for the beach horse racing and festivities. Yet it remains a locals event. The after parties, happiness and joy is hugely seductive. We know all about the Palio in Siena, running with the bulls in Pamplona and the Moon Festival in Guangdong but little about the excitement here. Why?

Free Advice

Friday, August 2nd, 2019

Offering “free” solicited advice or help with zero commitment (payment, reciprocity) in return, rarely breeds loyal customers in for-profit businesses. It merely breeds “affluent beggars”, who unless they are broke can reciprocate but don’t choose to. They will knock on your door expecting similar “favours” with zero regard for your time, energy or money until they are ignored. Watch, they will move on when their luck is out and pester another “sucker”.

At least with a cat you can expect some fun and affection, at a minimum.