You set up your business with a plan, a direction of travel, and then set sail, hoping for a fair wind. But as the months and years have gone by it’s worth taking stock to ask - do you know precisely where you are, and what steps to take next to reach your...
You may have set up your business to make a profit, achieve sales targets, or have a positive impact on the planet and society. Maybe all of these things. But there’s something you’ve possibly not put much thought to – how is your business going to thrive without you...
I recently spotted a sign I’d never seen before. It was in the window of a small restaurant. It said – ‘owing to lack of staff we are having to close down.’ This was in London, a city with over eight million people. There is clearly a big issue right now regarding...
In a world of constant change, you may be tempted to keep changing course. But there’s a lot to be said for ploughing the same furrow. Think about brands you know and like, that are successful year in, year out. They have one thing in common- they keep on doing what...
How do go about building a global technology enterprise, employing over 10,000 people and selling innovative products across the world? You start with a problem. That’s what James Dyson did way back in 1978. He was annoyed and frustrated that normal vacuum cleaners...
Finding the right people to succeed is never an easy task. The answer may lay in being creative. Take the case of Hugo Alavarado. For more than a decade, he scoured the internet for players who might improve El Salvador’s national teams. He quickly identified...
Many companies suffer from growing pains. An issue that often arises is – how many people can one person successfully manage? Harvard Business Review estimates the ideal range for an experienced manager is between five and nine direct reports. The sweet spot is...
Most businesses need fresh ideas for new products or services. But finding them is not always easy. You may not have the capacity to dedicate a large chunk of time to idea creation. Your team may not have the creative flair you’re looking for. Your finances may not...
The idea for pre-flight checklists was first introduced by management and engineers at Boeing Corporation in 1935, following a fatal crash of the prototype Boeing B-17 Wright Field in Dayton, Ohio. Both pilots in the aircraft were killed, and after an investigation it...
In business, like many things in life, everything is interconnected. What happens in one part of your operation will ultimately affect a different part. That’s why it’s so important that all the different components are working as smoothly as possible. The same...
Most owners started their business with a good idea, one that got them really excited, that made them leave their old company, that attracted new talent, new customers. The idea brought them stability, happiness, and maybe even some wealth. You can sense a but coming....
When your business is faced by a problem you may look to tried-and-tested solutions to fix it. These may be things that have dug you out of holes in the past. The problem with problems is that they’re often unique. The last few years have thrown us enough curved balls...
An interesting question for you - how well does your company operate when you don’t show up for work? The answer can have a significant impact on the value of your business. If your company could survive your absence for a while, you will score well on something...
To grow value in your business it goes without saying you need to recruit the right people. But where does sustainability come into this? It used to be a case of asking – is this person right for the job? Now those seeking work are asking – is this company right for...
In the BBC comedy, League of Gentlemen, there featured a ‘local shop, for local people.’ There was a time when there was value in being the local provider. It made good business sense to have a loyal customer base, and the...
What is your greatest strength as a CEO? Sales? Marketing? Operations? Whatever you do well, you need to know that it might one day become your Achilles’ heel. As owners, we tend to invest in areas where we know we’re weak. We realise we have limited resources with...
As leaves start to fall, you hope your profits don’t follow suit. The pandemic is still playing havoc. Supply chains have been severely disrupted. Consumer confidence is not what it was. So, at times like this, what can you do to boost the value of your business? Here...
Switzerland has pretty mountains, good tennis players and an efficient railway service. But why should I want my business to be more like them? The answer is independence. The Swiss value it highly. They don’t use the Euro currency despite being sandwiched...
You’ve probably heard the phrase, poacher turned gamekeeper. It describes someone who protects the interests they previously attacked. But what can happen in business is that the gamekeeper turns poacher. Someone you paid money to, relied on, now works against you by...
If your goal is to build a more valuable company, then you need to stop selling your time. Billing by the hour or day means customers are renting your time rather than buying a result, which means your business model lacks leverage. To grow, you...
A question for you. When was the last time you calculated the percentage of your net worth tied to your company’s value? When you started your business, its value was almost certainly negligible. Unless you purchased or inherited your company, it probably wasn’t worth...
You've probably heard the adage that it is far easier to cross-sell a new product to an existing customer than it is to find a new customer. It follows that if your goal is to grow at all costs, then cross-selling makes sense. Time for a reality...
The past year has been a roller-coaster for many businesses. The disruption in many sectors and general uncertainty among customers has thrown many plans into disarray. But If you’re one of those that has come through the last twelve months in a strong position you...
Why do gyms like you to sign up? How is Netflix able to produce programmes as costly as “The Crown?” Why is Amazon Prime such a successful offering? The answer in all these cases is subscriptions. Getting customers to sign up for regular payments for the goods or...
The pandemic has destroyed many growth plans. Customers staying at home, sitting on their money. Uncertainty the word on everyone’s lips. New working patterns that no-one had planned for. But this very long tunnel finally has a glimmer of light at the end. The...
As a species, we need to communicate. It helps us build friendships and relationships, trade, share news and information. It’s vital to our development. But in the business world meetings can become like Japanese Knotweed, infiltrating every corner of our operations,...
The most expensive painting ever sold is Leonardo da Vinci’s Salvator Mundi, which sold for a mere £323 million in 2017. It’s a very nice painting. And that’s a very large sum of money. So, what is it that makes something like this so valuable? The painting itself, as...
A lot of people have recently reported eye strain from spending so long on their laptops at home. One of the recommended cures – take a break and look into the far distance. The same can also be said of your business. You may be one of those people who don’t look far...
At times like this it may seem hard to plot a way forward. Another lockdown, the pandemic wreaking havoc, the economy heading in totally the wrong direction. You have two alternatives. Do your best ostrich impression and bury your head in the sand, hoping it will soon...
It’s that time of year when thoughts turn to pantos. Bawdy innuendos, corny jokes, strange costumes, and lots of shouting from the audience (if there happens to be an audience). It probably seems a world away from your business. But is it? We’ve decided to take some...
In these difficult times you may be faced with an array of challenges, many of which are outside your control. So now may be a good time to turn your mind to something you’re in charge of – the state of your business. Whatever stage you’re at, it pays to get your...
As we roll into the fourth quarter of the year, you may be starting to consider your business goals for next year. Given how 2020 has gone, maybe your primary ambition is to simply survive in 2021. Perhaps you’re going to create a recurring revenue stream or finally...
Much is made of analysing the personality traits of successful entrepreneurs. Some appear outgoing. Others are introverts. Some lean right, others left. Some are flashy. Others are monk-like with their money. Their diversity can lead one to the conclusion that there...
There have been many big battles over the years - Ali v Frazier, Thatcher v The Unions, Road Runner v Wile. E. Coyote. To that list, we can now add something new – Office v Home. Six months ago, it was a one-sided contest. Office won every time. It was the flame to...
When I was a Partner at an ad agency, after every pitch we used to ask, next time what can we do differently? That wasn’t because we’d lost the pitch, or it had gone badly, but because we wanted to continually improve. The change didn’t have to be huge. Perhaps...
We’re living in difficult times. A world of masks and economic melt-down. You may be tempted to bury yourself deep under the duvet and pray for a vaccine. But until that day arrives, you need to take this particular bull by the horns and come up with a plan. Now is a...
A quick question for you. Does your business rely primarily on offering a service to your customers? If so, you've probably been disproportionately impacted by the economic disruption caused by the coronavirus pandemic. Consumers are cutting back on services to avoid...
Learning to write emails is probably somewhere near the bottom of your to-do-list right now. We’re in the middle of a pandemic, for goodness sake, why should I bother worrying about how to write emails? The answer is that an email is often your first point of contact....
Hope is what drives us. It can take many forms. You hope for a better working life. You hope your business survives the pandemic. You hope for freedom. You hope to make a difference. But hopes can be quickly dashed. 56%...
The game of Snakes and Ladders can be an infuriating one. You’re just about to reach the top of the board when you land on a snake and go slithering right to the bottom again. That's what owning a business can feel like at times. A bad roll of the dice, and you’re...
Some interesting take-outs from our Sixty-Second Survey. From the poll, it seems that most of you are in a good frame of mind right now. 91% were positive about the future. 82% said business was good. Only 8% said that home working had had a negative effect on their...
Mastermind is a successful TV quiz show that’s been on the BBC since 1972. Its creator, Bill Wright, drew inspiration from being interrogated by the Gestapo during World War Two, creating the famous black chair, moody lighting, and challenging questions. There’ve been...
Abraham Wald was a Hungarian mathematician working for the United States during World War Two. He was tasked with working out the optimum amount of armour for a warplane. A crucial calculation. No armour and the plane could be shot down. Too much armour and the plane...
There’s never been a better time to unearth the big idea that will help solve the issues you’re currently facing. Businesses have many problems right now, in multiple areas – cash flow, talent, customer retention, production, sales, operations, marketing. Is the...
Walk down the streets of any British city centre and sooner or later you’ll find someone playing cover tunes by the likes of Elton John or Ed Sheeran. These buskers eke out a modest living while the stars they impersonate run...
Most company founders are good at the early stages of entrepreneurship. They’ve got an idea to kick-start their operation. They’ve got energy, ambition, confidence. They’ve got the support of friends and family. They can manage whatever comes along. But in the phases that follow, they may discover they haven’t the wherewithal to truly increase value. Just because you have a knack for starting companies, doesn’t necessarily mean those skills will translate into growing one.
As we enter a new decade, it’s interesting to look back at a company that’s stood the test of time.
Despite the growth of well-financed chicken-focused start-ups, a plethora of new burger chains, mounting pressure to reduce our dependence on meat, and a growing addiction to fancy coffee, McDonald’s has managed to thrive. This year McDonald’s is celebrating its 80th anniversary with a market capitalisation of around $150 billion — up roughly 10% over last year.
Business owners, like homeowners, occasionally like to see what their prized asset is worth. You’ve put the long hours in, built a business, attracted customers, surely they’ll be someone out there prepared to pay a decent price for all your hard work. Unfortunately, the picture isn’t quite as rosy as it seems.
You probably think the desire to exit your business depends on the size and age of your company, but in our experience it’s not the age of the business but the age of the owner that has the biggest impact on exit.
Business owners are called “Captains of Industry” for a reason. A captain knows the destination, plots the journey, checks the weather, ensures the right crew and resources are on-board, and how to steer a safe course. That is the core of vision. Not just knowing...