Posts Tagged ‘communication’

Presence

Wednesday, July 3rd, 2019

When you invite a prospective client, investor or business partner to meet you, is the following visible:

  • Your meeting location is easily found without staring aimlessly at unmarked building entrances in the street or staring into a backlit screen.
  • Your office reception and the behaviour of those working there is representative of your desired first impression (warmth, professionalism, responsiveness)
  • Your office environment is consistent with who you are today, not overly consumed by your past glories (deal tombstones, portraits of the founders) nor achingly futuristic (think a legal practice in a WeWork building).
  • Your guests are treated like grown up adults, not children awaiting the headmaster. They are directed to the appropriate meeting place, offered common courtesies (drinks, facilities etc.), and the meeting starts on time.
  • Your meetings respect all parties time, objectives and competing priorities.
  • Meeting objectives are discussed, and agreed, at the outset.
  • Appropriate time is given to get acquainted (what’s your story), move onto important issues (relevant expertise), pivot towards areas of obvious and less obvious mutual benefit and agree on “next steps” (next call, next meeting, information shared) and appropriate follow up (accountability, timeline).
  • Both parties feel like they are in the presence of a confident peer, intent on building a trusting relationship with the other (offering immediate and relevant value) rather than merely rushing to get to a deal or to get the other party out of the room before their 10am conference call or executive committee meeting.
  • They are in the company of someone, who is demonstrably a peer of, and of interest to, a diverse and global group of impressive people, irrespective of their title, wealth or age. They have sort, and acquired, life experiences and relationships that leave you wanting to spend more time in their company.
  • They use humour and language intelligently. They don’t resort to crude or inappropriate comments.
  • They avoid “one upmanship”.
  • Although they do drop names, not to bloviate their own importance, but because it is relevant and in keeping with the conversation.
  • Points of agreement or disagreement, victories/defeats and viewpoints or opinions, however, contrarian are substantiated by hard evidence or strong anecdotal information. Not “blow-hards” pontificating or “passive-aggressives” seeking to assert their superiority (intellectual or material wealth).
  • Both parties feel the other, is leaving “informed” on the route ahead, the credibility they confer and with greater value than when they walked into the room. That doesn’t presume they agree on the value but at a minimum, they feel they have had a “fair hearing”, and a genuinely engaged party across the table. Not someone using the other person’s business card to pick their teeth (I have seen that happen!).
  • Basically, someone who you’d leave your company respecting your accomplishments (business and life), the way you work with others (ethics) and your value (results). Not necessarily, someone who they personally like or agree with what they have heard, although that may be a helpful bonus.
  • Follow up commitments are routinely adhered to, and accomodation is made for exceptional matters (illness, a promotion or competing business).
  • Whether there is immediate business or not, the relationship building process and value received doesn’t stop when they leave the building . With their approval, the guest is added to your mailing lists and other non-promotional activities where it is in their self-interest. Including “virtual” and hard copy communication with your firm and awareness of where you might be of greater and relevant benefit to each other’s future (ideal buyers, networking events, media, pro bono promotion activities etc.).

Most businesses think too mechanistically about their presence, physical or virtual, and way too little about the emotional and psychological aspects. How they behave and the attitudes they express, says way more about them than the shiny offices, the skills they teach their employees or the corporate gifts.

If you don’t think there are areas of improvement in your own presence that you can, and must, begin working on today, your competitors do, and they are waiting to pounce.

Clueless

Monday, June 3rd, 2019

Don’t you love those people, who opine an opinion about everyone’s behaviour (friends, sports stars, politicians) without a shred of hard facts or strong anecdotal information? The “know it alls”.

Places like Twitter, Facebook and other platforms have provided a public platform for opinions that in earlier times merely inhabited the bar or the office water cooler.

That people in the media, sports, business or arts profess “shock” about unsolicited and unfair feedback expressed on social media (I am not talking about death threats) says more about their “compound cluelessness” than the actual comments. Their inability to differentiate between valid and invalid sources, to highlight valid comments (even if they take a contrary view) and offer a reasoned response or ignore it entirely.

Advocate

Saturday, May 4th, 2019

If you are in a loving relationship, and your other half (your most passionate advocate) cannot explain to someone else, in simple words, what you do for a living (unless you are in the Security Services), how impressive are you really?

The Power of Listening

Monday, December 10th, 2018

Don’t you smile when the loudmouth cannot control him or herself wading in with an uninformed opinion because they simply have to be heard. Whether it is in business, politics, or other aspects of life, we underestimate the power of “active” listening, at our peril.

Negotiating Change

Friday, October 12th, 2018

If you insist on telling me my discretionary time, my personal interests and my enjoyment must be curtailed BEFORE we conceptually agree a plan for an improved set of conditions, you weaken not strengthen your negotiating position.    

Uncommon Market Attraction

Wednesday, September 19th, 2018

The Secret of A Seductive Rapport

When business or investor prospects are drawn to your intellect, social interaction and your communication style, the relationship moves to a depth of reciprocal trust and respect where doing business together becomes “probable”, not  “possible”. Counterintuitively, you get to that point, not by submerging business prospects in everything there is to know about you (marketing collaterals, credentials, deals) but impressively answering what the prospect wants to know.

You help yourself in advance, by visualising where you want the conversation to end up, the obstacles that might lie ahead, and natural responses to keep your conversation on track with maximum momentum.

You help yourself after the conversation, by examining what worked well and you can repeat successfully next time you meet, what didn’t work well and what you must improve when in the same situation.  

   

Friends Reunited

Friday, October 6th, 2017

The squirrel in the garden this morning made his usual tour of the more verdant patches of the garden but on his way home, he made a stop at a less verdant area that was once one of his favourite hunting grounds. Turning over a few empty conker nut shells, he found a couple of worms drawn to the surface by the increasing cover of autumn leaves and increasing soil moisture. It reminds me in business, how easy it is to forget the converging value that lies with past friends, past school and university acquaintances, past customers, past investors, past employees, past business partners, past media contacts and so forth, who we have ignored for a good few years. Yet circumstances change in some of theirs and our lives causing our interests to increasingly converge rather than diverge. Yet for most people that is an accidental occurrence. In a world with greater connectivity, there is no real excuse unless you are poorly disciplined. My advice, on a quarterly basis throughout the year, trawl through 2014 and prior email inboxes, client and prospect files, personal photo storage boxes or albums. Write down a list of 40 names. Over a gentle two hours, perform a maximum 3-minute google or social media search, highlighting those that are of “known” and “questionable” converging value. Make a diary note to call the top half of your list (“knowns”), and at a minimum, drop a brief four sentence “re-connecting” email to the rest.

Explain that “I’ve been remiss in keeping in touch but I heard/read/saw something of interest (new job announcement, award, an interview) and thought it might be an opportune time to talk? Recently, I have undertaken ____ assignment/project/deal/experience with ___ (high relevance to the other party)  and it reminded me of our past relationship. I would love to hear your news and what you are priorities are today and share my news.  I am in your neighbourhood visiting clients/friends on dd/mm, would you have 30 minutes or time for coffee/breakfast or lunch?”

If 50% respond, you have 20 people of interest. If you are accurate with 50% in terms of their mutual interest, you have 10 new people of short-term interest. Meet two of them a week, you have 10 valuable relationships to nurture over the next month, where you at a minimum start with some meaningful trust, past affiliation and a discernible interest in how you might be of help.

© James Berkeley 2017. All Rights Reserved.

Warning Light!

Friday, September 22nd, 2017

 

When an entrepreneur or his/her Adviser overlook or cannot clearly articulate in 3 or 4 sentences, the greatest anticipated weaknesses in their business growth plans (markets, products, technology and relationships) given competitive market trends, you have a plan that won’t survive serious investor scrutiny. To pretend otherwise is to start driving a car where the wheel nuts lie strewn on the ground.

© James Berkeley 2017. All Rights Reserved.

 

 

Inconvenience Squared

Monday, July 10th, 2017

Sitting on a EasyJet plane last night in Nice’s Côte d’Azur Airport minutes after boarding and the Captain gets on the microphone apologising that due to inclement weather on route, we must wait 55 minutes on the tarmac in Nice because “he needs to free up the gate”. He then invites those who would like to look around the cockpit to pay him a visit when the engines are off.

Kudos for the leader of the ship for addressing the audience and his openness to entertaining the frustrated passengers (quite how that is squared with EU security protocols preventing access to the cockpit is something of a mystery). Yet the obvious thing to ask is why would you ask 170 customers to be inconvenienced to a great extent in boarding a plane that you know is going nowhere for a considerable amount of time? Why couldn’t you move the plane 200 metres to another stand?

Perhaps you don’t care or perhaps the airline’s priority is more important than that of its’ customers comfort?  I see the same thing in a number of businesses.  Think about the unnecessary inconveniences that you are asking your customers to tolerate for your benefit? What stops you changing your behaviour and applying common sense? Is it a material or immaterial reason (safety or Company Policy)?

Too often our best intentions to manage customers expectations are largely overlooked because we insist on dumb decisions which are clearly not in our clients’ best interests.

© James Berkeley 2017.

 

Uncommon Culture and Family Office Direct Investing

Monday, March 27th, 2017

 

I often ask CEOs in high growth investee businesses controlled by sizeable Family Offices,  a simple question: “Are you being treated as you would treat others in the business? Be honest, in reality, how often is that the case?” The single most common underlying issue, is conformity to the prevailing belief system.

CEOs have differing levels of propensity to conform to the beliefs that govern the behaviour of a Family and the key people in its’ Family Office (the culture). At one extreme, highly inflexible, and at the other end, highly flexible.

The most successful families in direct investing have adopted a belief system that is highly similar to outstanding for profit and not-for-profit organisations. Think of Weybourne Partners (James Dyson’s Family Office), MSD Capital, (Michael Dell’s Family Office) or Grosvenor (the Duke of Westminster’s family entity).

In contrast, where direct investing has historically been a very small part of a Family’s wealth but a decision is made to ramp up its’ activity, culture is a huge issue. The Family Office wants to increase control and involvement of the capital deployed in profitably growing the portfolio businesses. Yet, the operating beliefs that pervade the Family Office rarely change or not quick enough, to support the new or enhanced direct investing strategy.

Take a recent example, the newly installed CEO in a European luxury business, who arrived with a strong industry reputation but zero experience working within, distinct from consulting to Family Offices. The coterie of key people in the Family Office, what I term the “protectors” sought to immediately reinforce and immerse the CEO in the existing belief system. “This is how the Family has always done things….” “This is what Mrs X expects…” “This is how you communicate with her….”  Yet, if the luxury business was to achieve the shared vision of the Family Principal and the CEO, some quite radical changes needed to be made to the Family Office’s typical direct investment approach – changes to governance, speed, communication, rapid access to resources and so forth. The “house style”, wasn’t going to work in a fast moving, highly competitive sector.

Does the CEO conform or push back? If they do the latter, how do they do that without upsetting the apple cart? How do they accomplish that if the protectors, and the Family Principal, consciously create distance? How do they stop the protectors “playing” the Family Principal (self-interested feedback) and not projecting their biases?

There are three means of the Family Office getting the investee company’s CEO to conform: by coercion (threat), by peer pressure (“the in-crowd”) or by self-interest (personal benefit). Only one alternative works, self-interest.

Ultimately, it requires

  1. A CEO with a high level of self-worth and the skills to not only formulate strategy but implement it.
  2. A flexible and intellectually honest CEO. Not to the extreme of absolute conformity and equally never compromising where it is detrimental to the critical and highly important aspects of their strategy.
  3. A Family Principal and their key people with the volition to listen and act appropriately.
  4. A willingness to adapt the Family Office belief system to the needs of the new direct investment strategy and where appropriate, the performance, accountability, feedback and rewards systems.

There is a lot of talk about an inability to change family culture, most of it is rubbish. Of course, the Family Office can change but does it possess the will to do so? If it doesn’t that needs to at the top of its’ direct investing criteria in selecting portfolio businesses and the leadership traits it hires in.

© James Berkeley 2017. All Rights Reserved.