Self awareness

I meet a lot of people, interview a lot of people and hear many descriptions of career highs and lows.

I often reflect on how often really talented people sabotage their careers by displaying a lack of emotional maturity or self awareness.

Self awareness is an attribute that used to be called 'humility'. A complete and radical understanding of our own emotional landscape, a realisation of all our strenghts and weaknesses, an acceptance that we have many faults and that our successes are not neccessarily a result of our our own individual efforts or strength of character.

Our society does not place high value on humility. Being meek is seen as a weakness. Could it be that having the maturity to realise shortcomings is actually the beginning of wisdom?

Bubble Thinking

Interesting chat today about 'bubble thinking'; its all about what I can consume, house prices will continue to rise, personal debt is good, live for the now....

Was talking to a client about how businesses practice 'bubble thinking'; its all about growth, sustainability is a concern for the future, high gearing is good.

This particular client commented that although the bubble has burst, he does not expect to see a return to bubble thinking anytime soon. If he is right, we are about to see a reordering of economic behaviour that will have radical effects for a long time to come...maybe long overdue?

Building better business

I hate cold calling, I think most sane people do. It takes a masochistic streak to really enjoy the adversarial nature of overcoming objections, etc etc. I have always believed that there is a better way to build business, and in my experience there definititely is, it's called being a professional.

Here is how it works. Make sure you focus on the clients you have in hand. Really be attentive and make sure you satisfy them as your number one priority. Invest in them, take time to understand their business, try to find new ways to make their business better, add some value. Give them the best of your attention. When you are in front of a potential new client remember it is all about them. Don't bang on about your business. They don't care. Listen, listen, listen.

That's it. It is a long term approach but it just works. Oh, and I hate pitching for work. Beauty parades are boring. If I can find a way to not take part in a competitive pitch, I do. I much rather agree a deal that works for both parties up front than go through the whole charade.

Accountability & Values

Without accountability, most of us will 'cruise' along at a level far below our real potential. To get things done, we have to to held accountable.

The things we hold dear and demand that our people are accountable for, also reveal our true values.

We hold people accountable for financial reporting, because we value revenue. If we don't hold people accountable for outstanding client service, if we treat it as an occassional thing to be done when we have the extra time, then we don't really value client service.

A firm will never become known for its deep understanding of clients' businesses if individuals within it can decide whether or not they choose to meet this standard. To really make this change stick, firms have to become intolerant on matters of values and strategy.

If we make a commitment to change, but don't have the self discipline to measure our progress and demand accountability, then we really haven't decided to change at all.

War Metaphors

Some time ago McKinsey & Co coined the term 'War for Talent' to describe the cumulative effect of demographic change and lack of new qualified talent coming into the labour force.

Now, for an undefined period of time as yet, we are seeing the supply side of the labour market flipping to surplus. The game has not only changed, it is changing every day.

The new reality will make the 'War for Talent' seem like a minor skirmish. Now the war is for business, and executive search firms are fully engaged in that battle.

Here are a few 'strategies' we can expect to see in the marketplace:

1. Price reductions - not so much a strategy, more of an adjustment as we are now in a deflationary market, prices are falling and professional service fees will feel the pressure too.
2. Consolidation - in tandem with price reductions, firms will be pitching for greater share of current client business
3. Diversification - some firms will start to pitch for business outwith their core competence
4. Focus - some firms will decide to dig deeper within their sector and concentrate on their core

What is certain is that some firms will not have a plan for this market. If you don't have campaign objectives, you had better get some.

Dealing with tough times

There is a lot of noise in the market about dealing with the 'new economic reality'. In the workplace there a lot of people who are worried and anxious about the future.

Personally I welcome the 'new economic reality'. It is a return to sanity. Someone once said, 'Life is tough, 3 out of 3 people die, so shut up and deal with it'. Or to put it it another way, even if we are going through tough economic times, must I whine and complain going through it?

The key is not to let the constant economic gloom perpetuated in the media overwhelm clear thinking. Business wise and personally I believe that there are three reactions we must avoid:

1. Rabbit in the Headlight syndrome - negative news overwhelms and causes us to 'freeze'.
2. The frantic action syndrome - the fire, ready, aim approach, being busy, chasing every 'opportunity' that moves.
3. Famine mentality - turning on each other, building individual survival positions, taking care of number one and not working as a team to pull through.

The answer is radical. Slow down. Think first. Get strategic and bring your team with you. Of course we can take advantage of easy opportunities for new business that come our way, however short termism has a short shelf life.

This is a great environment to really assess ourselves - are we in the right business? Are we doing the right things? How should we be positioned in the market? What should we look like as an organisation?

Making Predictions

Yogi Berra once said, 'Making predictions is tough, especially about the future'.

The Energy sector is so unpredictable just now that it changes on a day to day basis. Somes days there seems to be an inkling of positive change, but then the effects of the credit crunch find a new and interesting way to cause the sector to stall.

I was asked at the weekend for my view of the oil price. I paused, knowing full well that if I could accurately predict it I would be in a different job altogether. So I predicated my response with, 'Here is what I want to believe....':

• We are approaching peak driving season in the States
• The 'glut' of oil stocks is starting to dwindle
• Recent Opec production cuts will start to have an effect
• The underlying trend is still scarcity of supply, even with reduced worldwide demand

With all that in mind I suggested that the oil price could recover from the low to mid $40's to around the $60 per barrel mark. 'But would you bet your mortgage on it?' I was asked. I said no, but on reflection, I already have.