Tips from the trenches: Part 1

People who don’t take risks generally make about two big mistakes a year.People who do take risks generally make about two big mistakes a year.

-Peter F. Drucker

This blog is a prelude to the recently published book, Diving In – Lessons learned since business school. It covers some of the core philosophies around business building and development

From someone who has done it all before

The key tips and traps of building a business are woven into the fabric of the book, but to give you a bird’s eye view, this blog revisits them in the order that they were presented originally. They are not ranked in any order specifically, but should be read as independent ideas.The points under each tip do not necessarily cover all the material related to that tip. Rather I have taken one small slice of the idea to put the tip into context. The detail of the tips is covered in the book.

TIP 1: Never ask staff to do anything you wouldn’t do

In starting and running an organisation, you need to be on top of each and every potential aspect of the business. There are many things I don’t do anymore in the business, as I have staff to fulfil these roles. But I always bear in mind that if need be, I could do that job. These tasks range from the complex, specific aspects of the business through to the mundane or everyday, such as making tea and coffee for clients and fellow staff members.

TIP 2: People can get promoted to a point of no return – so keep them challenged

I have a short attention span and get bored easily. That is why I have enjoyed the mortgage business, where each and every client provides a set of unique challenges. By that same token, I always try and keep my team challenged by providing unique and interesting tasks for them to do.

TIP 3: Find the blue ocean and swim in it (or - work smarter not harder)

A few years ago I was at a conference themed around the book Blue Ocean Strategies. The blue ocean strategy maintains that ongoing success doesn’t come from battling competitors, but rather from creating “blue oceans”― previously untapped market spaces ripe for growth. I understood from that conference that what I had been doing for many years over numerous businesses is exactly that. I had never defined or refined it into any actual ‘strategic terms’, but we had always tried to find the blue ocean – unique ways of getting our business name out there and identifying differentiators in industries that have become almost generic and commoditised.

TIP 4: People, people and people are critical to any business

In all my businesses, people and their interaction with the customers and fellow staff has been critical to the business success. I am considered ‘soft’ as a boss - I prefer to respect everyone and their own unique abilities and try to work with their strengths, whilst helping them grow and improve weaknesses. Fostering this kind of environment can make all the difference to the performance you get out of your staff.

TIP 5: Have a relaxed office environment

When interviewing new staff, I make the point that we will give them ‘enough rope’ to either pull themselves out of the water or hang themselves. The office environments in all my businesses have been very relaxed, but have an underlying principle of ensuring that everyone pulls their weight. There is nowhere to hide in a small businessFor more tips and traps from the trenches, check out Part 2 of this blog.

I finish every blog with “why am I writing this?”

The answer is BECAUSE –

• Because I want to share the ideas, stories, anecdotes and business tips and traps.
• Because I want to pay it forward.
• Because I want to help people grow their businesses.
• Because I want managers to become better managers.
• Because I believe that I can “Give your business the EDGE”