Showing posts with label Investment. Show all posts
Showing posts with label Investment. Show all posts

Thursday, 17 December 2015

The VW Emissions Saga, and why it could have been you

You only have to type 'VW' (or just 'V' for that matter) in your browser and the following suggestions come up:



VW. A company that was once synonymous with quality and reliability is now so tightly bound with the emissions scandal. These are sad times for the motoring giant, but what happened? How did they get it so wrong, and how can we learn from their unfortunate downfall?

Quality and Deadlines




But it does not have to be the case! It should not be the case. We need to stop seeing deadlines as being purely time-related. If you haven't met the brief, but you delivered on time, you have not met your deadline. Just because it barks like a dog and looks like a dog, does not make it a dog!

When deadlines and targets are looming, the first thing to go is quality. I'm sure we can all identify with that on some level, but why is that consistently the case?

Quality is the measure of a good product or service. It is the main ingredient. It secures repeat business. It underpins good branding. Surely it should be the last thing to go.

Brand Promises. Tell Me Lies, Tell Me Sweet Little Lies...


'It's not just food, it's M&S food', would have a whole different ring to it if they said "It's not just food, it's M&S food, unless we're really under it, and then we'll just shove any old crap in there, but at least it's in M&S packaging."

"It's not just a car, it's a Rolls Royce, but you don't understand what's going on underneath the bonnet anyway, so what difference does it make? We'll make it look pretty and shiny though, so the Jone's will be none the wiser and you'll still look good driving it."

It happens time and time again in every industry. Essentially it boils down to this: This is our ethos, until the crap hits the fan, and rather than admit that we cannot deliver to your timescales using our existing processes, we will compromise our internal practices to ensure that we do not lose face.

Why are we so afraid of managing expectations? Is the sacrifice worth it? I'm sure VW would rather have their reputation in tact by being open and honest, rather than face the current problems they are in.

The Time Delusion


If you don't have time to do the right thing now, it is a fantasy to think that you will have the time later to go back and clean up your mess when nobody is looking. There will always be another pressing issue that requires your full attention.

Don't fool yourself. Do it right or don't do it at all. That's not to say that you won't make mistakes, but they will be honest mistakes. Deception is a bitter pill to swallow. It damages trust, it undermines brand value, and it has severe financial consequences. Your investors will want to distance themselves from you, and worst of all, so will your clients.

Invest in Your Processes


If you find that you are constantly running out of time, that is a symptom of bad processes. You cannot have more time. You must make do with the same amount of time that the rest of us have. If you want your business to stand the test of time, you have to choose your priorities. Either keep on cutting corners and patching things up, and enjoy your dwindling marker share as the sun sets over your business; or invest in your processes. Work Harder and Smarter. Nobody said it would be easy.

It's important to own your processes. Create processes that you have absolute faith in, so you can say what is and isn't possible with absolute confidence, and stick by it. There will always be other clients. And yes, sometimes you may lose out to the competition, but if you are not honest, you will ultimately be the loser.

Thursday, 12 November 2015

Make Yourself Investible! What We Can Learn From The Apprentice

Make Yourself Investible - What We Can Learn From The Apprentice

I love a rags to riches story, and Lord Sugar is an inspiration. The tasks that are set for the contestants in The Apprentice are a reflection of the Lord Sugar's personal journey to business success. That's all good and well, and it's a very entertaining TV show, but it took a while for me to figure out the method behind the madness.

If I went to a venture capitalist with a fashion business idea, I'd be shocked - to say the least - if they asked me to set up a food stall in a market for the day. Something that is seemingly so unrelated to the business plan. That's what the whole process of BBC's The Apprentice (or 'Lord Sugar's Wheeler-Dealers & One-man-bandits') looked like to me, until quite recently.

When I need a bit of inspiration, I go to the Playbook, and have it running in the background whilst I work. It's kind of like a bitesized TED Talks, but it's just for business. Now that I am running my own business, and I work remotely most of the time, I like to maintain a sort of business energy to keep me going and keep my mind fresh. Playbook does that for me.

Something caught my ear a few weeks ago, and I wish I knew who the speaker was so I could recommend the video. This person invests in business start-ups and he was sharing the secrets as to how he decides what to invest in. What struck me was that he said it's not really the business that he's investing in. It's not the what, but it's mostly the who. He invests in exceptional people. The business may or may not succeed, but he is confident that the person behind the business will be a success. He will invest in those people time and again because he knows they have the right attitude and the aptitude for success.

Although the winner of The Apprentice will hopefully not be expected to put up shelves or head to France with a random shopping list, they will be expected to get stuck in. Lord Sugar is not looking for an employee, he is looking for a business partner.

When you are starting your own business, you have to know the whole business inside and out. In most cases, you don't get the million dollar investment capital, so you have to be the whole business! The receptionist, the bookkeeper, the van driver, etc. If you cannot get stuck in and do things that are outside of your comfort zone - get your hands dirty - you won't get far. So what looks very silly and entertaining from the outside, is actually a brilliant business and general life-skills bootcamp that anyone would benefit from.

So, venture out of your comfort zone and Make Yourself Investible!