As I look back over my forty plus year career, it strikes me that I have learned, and continue to practice, some very salient lessons from some very intelligent business minds. Many of these lessons were not bolts of lightning, rather quietly, even casually mentioned comments, but they have stuck with me over the years. They came, not only from bosses and mentors, but also from people who worked for me, demonstrating that teachings can come from all directions. Here are my top eight.
“If you don’t know the answer, ask more questions.” Exactly what it says, keep asking questions until you feel confident to make a call, it may not be perfect but don’t rush to a decision until you feel ready.
The corollary to that; I had a very successful boss back in 1990. I was starting the Canadian division of a Chicago based stationery business. As I drove him back to the airport after one of his regular visits, he said to me “I would not have done it the way you did it”. I felt a little deflated! Then he said to me “But you are up and running, if I was doing it, I’d still be planning, well done!” Sometimes you have to move forward without all the information, and that’s okay too.
“The income statement is important, but the balance sheet is where you can really see the health of a company.” Everyone always wants to look at the income statement; how much money did we make? Take the time to take a deep dive into the balance sheet; that will tell you the true financial health of the business. A strong balance sheet will get you through the tough times, and as noted by my colleague Darrell Skoreyko in an article published earlier this year, one thing is as true today as it has always been: Cash is King!
“You can’t manage the bottom line.” Management of a business comes from working on the details. Identify the issues and go about working on fixing the problems or clearing the bottlenecks. Many, many years ago, I read a book called The Goal, by Eliyahu Goldratt. His observations in 1984 are as pertinent today as they were then. If you’re looking for a quick, easy and informative read, pick it up.
“You can hear a smile over the phone.” I was running an office supply business at a time when orders came in over the phone. Our Customer Service Manager always included this in her training sessions and had signs in the office reminding everyone of the fact. And even though today we don’t do things quite the same way, remember, if you do get to talk to someone, a smile can be heard!
“Happy employees make for happy customers.” You started as a one person show! But times have changed, and you are now running a team. A client relationship should develop, from ‘one-to-one’ to ‘many-to-many’. Strong relationships with customers need to be like spiderwebs, not elastic bands. The more of your employees that can engage with your customer the better, if one thread breaks, which can happen with a departure or a promotion, the bond remains strong.
“Nothing will kill a great employee faster than watching you tolerate a bad one.” Address the issue of negative employees, poisonous behaviour has a habit of spreading if not treated quickly. That doesn’t mean to say you don’t give them the chance, but if that doesn’t work and it’s necessary to take action, move the employee out of the role, or if necessary, the company.
“It’s easier for the herd to change the individual, than for the individual to change the herd.” Surround yourself with good people; good people will change the attitudes of those around them. I recall the story of I think, Sam Walton, when asked “How is it you have such extraordinary people?” His response was, “I hire ordinary people and help them do an extraordinary job”.
“What does ‘good’ look like.” This is a lesson in teaching, training and process. In any organization you need to demonstrate what doing a good or great job looks like. Employees need to be 100% confident they know what it takes to do a good job.
I’m interested in any one-line words of wisdom that might echo with you. If you want to share, please put your comments below. Maybe your responses will generate a follow up article!
Simon Batcup
Principal
