Posts Tagged ‘learning’

A Fool’s Wisdom

Wednesday, March 23rd, 2016

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In this Trumpian era where people are encouraged to say anything however crass or non-sensical to get noticed on social media platforms, I see so called business advisers increasingly adopting the tactic.

Today on Hotels the global hotel industry’s foremost media blog, a guest contributor and acclaimed expert, writes a two part post suggesting the industry is retarded if it doesn’t adopt a nickel and dimeing strategy! His point is that hotels need to follow car rental and airlines in better educating their customers about the hidden value they are providing, the best way to accomplish that is to charge them for every extra. I read the posts twice to check it wasn’t April 1.

What the writer fails to consider is how much more customers would pay if the product was better. It is this type of poverty mentality that kills growth businesses.

Don’t be drawn into a fool’s wisdom just because it is seemingly coming from a highly credible source. Ridiculous advice really says more about the source’s credibility than the advice itself.

© James Berkeley 2016. All Rights Reserved.

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.

Competitors Leaving Christmas Presents

Friday, October 2nd, 2015

One of the joys of autumn in England is escaping to the countryside at the weekend and taking a lazy walk that often ends up at a friendly watering hole. On many of those walks at this time of the year, you pass bushes laden with ripe blackberries and horse chestnut trees laden with conkers. Inevitably, you are not the first to spot them and indeed, many of the obvious places have been stripped bare. On occasion, where the light has created a shadow or stinging nettles have made it difficult to reach them, a plentiful supply of “virgin” berries and conkers sit waiting to be picked with a little ingenuity.

I see the very same situation with many of my best clients. They have an uncanny knack of looking where their competitors have partially or fully withdrawn and spotting difficulties their competitors face that hide profitable growth opportunities for them. What they are skilled at is deciding whether their competitor’s growth difficulties are important. If they are, they dig to find the cause, what are the business fundamentals (market demand, marketing, sales, delivery etc), what has changed in one of those fundamentals to turn the competitor negative on the opportunity and what would we need to do to profit from their difficulties.

When you receive feedback from your sales team, your clients, your prospects, analysts and media reports, can you spot profit in your competitor’s growth difficulties? If so, jump on it immediately. Christmas has arrived early.

© James Berkeley 2015. All Rights Reserved.

Global Gaming and Lotteries To Twist

Thursday, February 5th, 2015

Here is a few reflections from the largest global casino, lottery, mobile and social gaming event, ICE Totally Gaming 2015, held in London this week:

  • With regulation on a par to the nuclear and energy sectors, can investors really be sure that the valuations for most gaming businesses today have adequately priced changes in regulatory risk?
  • Industry faces unparalleled level of intrusion. In the next 5 years a prominent gaming or lottery business will be a target of cyber terrorism from those whose values conflict with gaming and lottery operators.
  • When the overt marketing message is pushing girls in skimpy outfits with bad fake tans rather like a tired 197os porn film, does it really create a seductive rapport to your brand and its’ products and services or signal that your business has runs out of new ideas and excitement?
  • The sector doesn’t lack for people with abundant enthusiasm but it does lack abundant leadership prowess. Crossing that divide arguably biggest challenge.
  • When the immersive mobile and social gaming experience is so life-like why get on a plane or train to travel to Las Vegas or a London casino with the added cost of rooms, food and beverage and transport?
  • The future of gaming and lotteries is either (1)  a fully immersive gaming offering or (2) fully immersive gamification
  • Expect a significant rise in strategic collaboration, particularly additional services added to the lottery’s offerings
  • “Live” gaming experiences (casinos, sports betting, and so on) will close in even bigger numbers this year, when the consumer can find more excitement and value at home or in other pursuits.
  • The failure of major casino, sports betting and lottery operators to embrace innovation within their business will preface exponential growth in reactive/defensive investment in early-stage growth business this year.
  • Technology vendors in the sector face an increasing gulf between the “have’s” (knowledge, capital and scale) and the “have nots” predicating increased merger and acquisition activity in 2015. (IGT-GTech, Amaya and Scientific Games just the start).
  • Government agencies that are tethered to outdated legislation (Canada, US, Europe) are accelerating the irrelevance of regulated gaming and lottery products as the market diverges with changing customer preferences, demographics and so on. Expect greater friction and legal disputes in the next 12 months.
  • With few barriers to entry, the sector doesn’t lack for entrepreneurs wanting to create and build businesses but how many really “cash out” with a meaningful cheque? Expert a rise in incubators, accelerators and corporate venturing in the next 12-24 months.
  • While ICE like G2E has positioned itself as a “go to” trade show event, the learning opportunities (seminars and conferences) and the value derived from them are still no greater than 4/10. Organisers, sponsors and participants have a lot of work to do to attract a more impressive crowd. Expect the smarter exhibitors to fill this thought leadership “gap” in the next 12-24 months.

© James Berkeley 2014. All Rights Reserved.

Are You Thinking What I Was Thinking No.1

Thursday, May 8th, 2014

From time to time, I get requests to share my expertise with members of my professional communities. I am delighted to respond briefly and encourage you to email me requests to james@elliceconsulting.com

Q: I would like your perspective, it is no longer good enough to be an order-taker or a passive account manager in market-leading businesses. In today’s economy, companies with high growth opportunities need to recruit people who can close business and fast. Robert McGarvey, Chicago

A: Robert, outstanding account managers and their brands have learned to adjust their approaches, behaviour and attitude in the following three ways:

1. Account managers do not wait for the right time, they make now the right time. That means identifying or creating a client need, which the client is willing to write a check for now, not in six months time.

2. Account managers adopt a process of constant reinvention and communication with their best clients. Their mindset is that the world never stands still and neither does the competition. Their weekly routine would consist at a minimum, most if not all of the following:

  • Rapid completion of existing client assignments
  • Progressing the discussion with prospects towards clients
  • Contacting past clients, seen or spoken to them and presented 1 new, relevant product, service or relationship offering
  • Creating 1 new alternative way for their target buyers to utilise and purchase their products, services or relationships (for example, a workshop, a video, live-streaming meetings, a tool or template, a breakfast seminar and so on)
  • Eliciting three referrals per week from their highest potential clients and positioning the introduction to each referral candidate
  • Investigating and formulating a plan to attend 1 networking event
  • Contacting and proposing a speaking opportunity to a meeting host or sponsor
  • Identifying and developing a relationship with an internal or external alliance partner
  • Routine calls outside of current assignment to target buyers without a particular agenda
  • Sending targeted mailing or newsletter with relevant information to a target group of buyers or prospects
  • Identifying opportunities for an article in media regularly read by their target buyers
  • Disseminating ideas and gaining internal support (financial and non-financial) amongst peers and subordinates for additional client development activities

You would be right to say that requires a lot of focus and discipline but that is precisely the pace that the very best people in your sector are running at. They have learned to adapt their behaviour, skills, experience and resources to get to this level. They have become much more time concious (meetings attended, time usage in meetings, travel to/from meetings, email management, other technology disruption and so on) Why can’t you?

3. Education is the “currency” of outstanding Account Managers. Repeat business success and an abundance of referrals creating an overflowing pipeline of new opportunities is largely about people with the skills and volition to educate their customers. That presumes that they have built first, a peer-level trusting relationship with the buyer. My observation in professional services, re(insurance) brokerage, private banking, financial services and so forth is that selling in a conventional sense is fading fast. The remnants lie in the commodity ends of those businesses but even there technology is acting as a dis-intermediating force for change (price comparison sites, business to consumer capabilities and so on). The future for traditional transactional sales is weak. Who wants to be sold to? Corporate buyers want to be better educated, make more informed decisions and enjoy a collaborative relationship with experts that creates impressive results. That means harnessing data and technology, transforming it into information, knowledge and ultimately, wisdom consistent with the buyer’s goals.

My advice for outstanding account managers who want fresh and exciting challenges and the commensurate rewards:

  • What new, relevant value are you capable of bringing to clients now that you weren’t able to do 3 years ago? (the benchmark at a minimum should be an additional third of your capabilities. Anything less and you are plateauing, whether consciously or not)
  • What are you doing to re-invest in your educational competencies? (at a minimum each year, you are reading 5 new publications, you are listening to 5 new influential opinion-makers, and you are regularly taking advice from 5 new powerful voices, largely operating outside your industry sector)
  • What new skills and behaviours can you readily acquire and apply profitably in the short-term for your best clients? (at a minimum, each year you should be able to pint to 3 new skills or capabilities)
  • Can others readily see a strong “fit” between your skills and the opportunities in today’s markets? (at a minimum, quarterly you should be able to point to 3 occasions where buyers have remarked on your strong alignment with their needs)
  • Are you  emphasising those skills and results in your conversations, presentations and credibility statements regularly or sporadically with target buyers? (at a minimum, monthly you should be able to point to 5 different marketing activities where visibly buyers can see your new, relevant skills) If not, why not?

Success goes to those who are the fastest to adapt in today’s global economy.

Endless Capital Chasing Limited Opportunities

Wednesday, April 23rd, 2014

A phone call from a longstanding friend, who has recently returned from China to Dubai, full of great ideas to provide the mass affluent Gulf buyers with a digital portal to purchase  luxury retail goods at hugely discounted prices, reminded me that today’s challenge for most entrepreneurs is not access to capital rather it is access to great ideas. Travel, observation, ingenuity and self-confidence are the keys to profitable growth. Yet so often entrepreneurs and particularly corporate executives self-limit their own potential.

1. Short-sighted artificial travel bans are randomly applied to rescue management failure or excess (Barclays). Restricting travel, restricts learning opportunities, meeting new sources of innovation and creating new powerful relationships that will positively impact the firm’s productivity, image, growth and ultimately, profit.

2. We are so in love with our methodology and the beliefs that have defined our past, we fail to observe the changes that are affecting our futures (shifting demographics, technological advancement, wealth transfer, customer buying preference and so on). Failure to observe is largely a management failure in most organisations, to hold people to account firstly, for generating new ideas and secondly, applying that creativity (innovation) in the workplace.

3. We overly hold our brightest and best people to account for compliance with endless policies and procedures that stifle creativity, in the name of increased “security” (solvency etc) and minimising risk to the consumer (banks, financial services, insurance, farming etc.). Precisely at the point when technology is accelerating our lives and competition has never been more intense, demanding that we find  new ways to compete, new ways to attract new customers and new, relevant value for our best customers. Indeed many firms’ incentive compensation systems disproportionately reward those, who comply rather than those, who demonstrate high levels of ingenuity.

4. “Self-confidence” largely comes from acquiring the skills and behaviours needed to profitably grow a business. “Experience” is the culmination (the victories and defeats) of applying those skills and behaviours to particular growth initiatives. We don’t grow and become more experienced without trying and in many cases, failing, at first. Economies, governments, industry sectors and corporate organisations, who prioritise investment in and incentivise their people to acquire new skills and behaviours without a fear of failure are more often than not the ones today creating the most impressive growth opportunities (US, China, UK, Germany, pharma, healthcare, hospitality, technology and so forth). That isn’t so difficult to work out unless you choose to ignore the facts.

Most businesses with solid business goals can attract capital. What they lack are sufficient great ideas. When the top management of those firms shoot themselves in the foot, it is time for their Board and significant shareholders to speak up and hold them to account.

© James Berkeley 2014. All Rights Reserved.

Powerful, Disruptive Equity Analysts

Wednesday, April 9th, 2014

An op-ed piece in this morning’s New York Times, titled “Powerful, Disruptive Shareholders” written by Wall Street veterans

http://www.nytimes.com/2014/04/09/opinion/powerful-disruptive-shareholders.html?_r=0

Why do most earnings calls reveal so little about the management and so much about equity analysts’ fears? If the objective is a forward-looking collegial debate on value creation, then first those analysts should increase their own odds of identifying and welcoming high potential areas of debate with management. How many times do you see an equity analyst with the right language skills and self-esteem control the discussion with management (off target, verbose questions and fears about management’s response)? My guess is 1/20. Consequently the relationships are virtually never peer-level or built on trust and the results (the observations and hard evidence shared) is formulaic, minimal value and dull.

If Equity Analysts really want to excel they should check back here this Spring for a new upcoming podcast, “Changing Analysts Perspective.”

© James Berkeley 2014. All Rights Reserved.

 

Herding Cats or Chasing Mice, No Thanks

Wednesday, January 29th, 2014

All of us in support of building profitable businesses must get in front of a larger number and a higher quality group of buyers of our products, services and relationships. Whether those are internal or external “clients” I don’t care. “How” we do that and “what” results are critical.

By and large it requires some form of travel. We need to get in a car, board a train, ride the subway or jump on a plane. Unless of course, you are Barclays, who in an act of desperation this week announced a global employee ban on travel to all internal and most client-facing meetings (is this decade’s Wolf of Wall Street a “virtual” reality?).

Outstanding industry meetings, conferences, trade shows and events serves a vital purpose. Demonstrating credibility (track record of success, your value and potential results), building effective relationships (trust, shared values, intellect, personal chemistry) and converting those relationships into closed business and referral opportunities. It is that simple.

Yet so often I see event organisers and hosts, indeed the whole MICE industry as they are often termed, in a fog (“we need to find out what our sponsors, speakers, exhibitors and attendees want”, “we need to do something different this year”, “we want to attract a  more impressive crowd”). Yet year after year they repeat the same tired format with a “new” tweak. When the answer is very simple.

I coined a term the “RICH” experience, here is what you must provide if you want to stand apart from the crowd:

1. Remarkable content (tell me something I have never considered, challenge myths, help me improve my focus and discipline on profitable growth and the valuable use of my time)

2. Impressive peers (give me opportunities to interact with a diverse and stellar groups of peers, people at the top of their game, cross-industries and geographies, people who aren’t afraid to speak openly, share insights etc.)

3. Compelling value (give me high impact, immediate opportunities for personal and professional growth, new ways to compete, new potential customers, new ways to reach them and they to reach my organisation etc.)

4. Huge excitement (let me leave buzzing with ideas, recounting impressive success stories, shared experiences, fun relationships, “one moment in time” images that immediately make me an object of interest to others).

The finance, asset management, private banking, art, private aviation, leisure, real estate, hospitality, re(insurance), luxury, franchise, auto and other sectors have created a huge global calendar of events that resembles the Formula 1 circus. Some are profitable, some scratch a living off the benevolence of loyal sponsors and exhibitors.

In many sectors, “event fatigue” has set in, there is only so many white table-clothed InterContinental Hotel ballrooms with drab flower arrangements that you can sit down to another three course lunch surrounded by a random group of faces. Spot “Kevin” the impressively coiffeured American CEO of a small Middle Eastern business, backed by new Arabian Gulf riches, espousing how his business will be a Top 10 player in five years. Religously, his name appears as a guest speaker at the next month’s industry event, “didn’t I see you in Singapore or was it San Diego or Dubai?”, out comes the “same old-same old” soundbites in the industry roundtable, headlines appear dutifiably in the local and industry media regurgitating his grand vision and so it goes on. These people are bores, they don’t bring anything meaningful to the party, please their “generous” (heavily discounted) gold sponsorship doesn’t make them an opinion-maker.

I neither want to be part of a group of herding cats ushered from the plenary session to a breakout session or chasing mice around the conference event. I want a RICH experience, are you prepared to give me that in return for my registration fee, three night hotel stay and the business class air fare? Make that clear now.

© James Berkeley 2014. All rights reserved.