RESULTS Blog

All boxing fans know that the right strategy can win fights.  A large part of the skill of becoming a great boxer is understanding your opponent’s strengths and weaknesses - then developing a fight plan that will neutralise his strengths and exploit his weaknesses.

Your plan must include a realistic assessment of your strengths and weaknesses.  

I’m short and not overly fast as a boxer, so a plan that has me trying to dance around and land punches from the outside like Muhammad Ali isn’t going to work for me.  Generally my opponents will have a height and reach advantage of four or five inches - so my plan has to be to get in close to take away their advantage – and allow me to exploit the leverage and angles that a shorter fighter has on the inside.

Likewise, developing an effective strategy for your business needs to take into account a number of things:  A realistic look at your business’ strengths and weaknesses; an understanding the external factors and trends; and of course understanding your competitors’ strengths and weaknesses.

Having a great plan is an essential part of success – in boxing and in business.

It’s one thing to have a great plan.  It looks great on paper, until you get in the ring and some 6 foot guy is punching you in face every time you try to get near him.

Business is similar.  You have an offsite meeting with your leadership team and you develop a Strategic Execution Plan – a clear roadmap of how your company will successfully compete over the next 3-5 years.  Then as soon as you step back into the business “ring” you become quickly distracted by the number 1 enemy of execution - “Business as Usual”.

One of the most important lessons that I have learned at RESULTS.com over the last 15 years of growing businesses is that creating the strategic plan is the easiest part.  You have to have one, or you have no chance of achieving extraordinary results.  However the big challenge is always executing your plan when you step back into your business.  

In boxing where a six foot guy is trying to take your head off - you forget that your plan was to stop him by getting in close.  You’re too busy reacting to what is happening right now - ducking punches etc.  

It’s just the same in business.  You get side-tracked dealing with all the day to day operational “stuff” that every business has to deal with – people issues, market conditions, competitor activities etc.

Fight according to your Plan

The key to success in both boxing and business is being able to do what you planned to do while simultaneously dealing with what’s coming at you.  

Execution of your plan is the ultimate key to success in business.  The enemy is “business as usual” and all the day to day things that you spend your time reacting to.  

Surveys show that 90% of strategic plans don’t get implemented - they just get replaced with another one that also fails to get implemented.   There are several key lessons you can take from boxing to help you more effectively execute your plan. Here are a couple…

Keep your plan visible

In boxing you will hear the corner men yelling out instructions (strategic moves) throughout the fight:  “Close the distance; keep moving in; straight right - left hook” etc.  In business you need to share your plan with your team, then keep reminding them what the key strategic moves are, over and over - as they duck and dodge in the day to day of business.  The more visible the plan the more likely it is to be executed.

Keep the score visible.  

You will hear a fighter’s corner men telling him how he did between rounds.  “You’re one round up; we need a knock out” etc.   It can be hard to tell whether you’re winning or losing when you’re in the middle of the fight.  Business is the same.  Use dashboards to make sure everyone in your company can see the score.  Tracking the key numbers and sharing them is crucial to being able to execute a plan and keep on track.  What gets measured gets done.

There are many more boxing lessons that apply to business and I’ll keep exploring them in future blogs.  Post any comments or ideas for other boxing blogs for business here.

Kia Kaha
 
Ben

If you set the pace you control the fight.

 

In boxing one of the earliest lessons you learn is how to pace yourself, how to stay relaxed when you need to and how to ensure you can go the distance.  You can’t go full out the entire fight.  You learn when to use maximum energy and when to conserve your strength so you make sure you last the distance.

The most graphic example of this was the legendary rumble in the jungle where Muhammad Ali tricked George Foreman with the now famous “rope a dope” strategy.   Leaning back on the ropes and goading him to keep throwing punches until he ran out of energy.

 

The person who sets the pace usually wins, if you set the pace you control the fight.

 

Business leaders who win know how to pace themselves and pace their teams, they have a huge advantage over those who don’t.  In business to get to the top you learn how to pace yourself to be at your most effective when it has the most impact.  Like boxing you can’t go flat out all the time, if you do you stop being effective.

 

Unlike boxing, in business you may not have anyone to point it out for you.

 

I have been guilty in the past of letting the world set the pace.  When you build a business there are always more things to do than can be done.  If you don’t set the pace you won’t win the fight and often you won’t last the distance.  So many of us have had stress and health issues, don’t spend the time we should on other parts of our life and don’t understand that it is us and us alone that sets the pace.

 

Large companies understand this too, Apple, Google, Toyota and most others who led their category set the pace for their industry while the rest of the industry reacts and tries to keep up with them.

 

As leaders the impact of the pace reaches far greater than just ourselves, we set the pace for all those in our teams as well.  Even if we can handle the pace we set for a while (sometimes years or decades) before it gets us, we can burn others out along the way.

 

Pacing yourself and your business is about using energy on the things that have the most impact and not wasting it on those that don’t.  Leaders that are the most successful are usually less stressed and prone to stress than those who try and emulate them.  They know when to push for a deadline and when to reset, when to ask more from their team and when to ease up, most of all they have worked out the few things that make the biggest impact and they put their energy into achieving them.

 

Learning to pace myself in the ring has changed the way I operate everywhere in life, from taking regular holidays to learning to say no to more and focus on less.  It’s a skill that I can continually improve and it has made my life and the life of those I interact with more enjoyable and productive…

 

“The smart fighter wins not by his strength or speed, but his control over the pace of the fight”

 

Please send comments or questions to my twitter address @benridler, I have another 6 boxing lessons for business blogs underway and welcome suggestions for any others.

 

Kia Kaha

 

Ben

Ben Ridler - RESULTS.com CEO (Chief Execution Officer) and Stephen Lynch – COO (Chief Operating Officer) spent an enjoyable hour being interviewed by Zane Safrit on Blog Talk Radio in the USA last week. 

In the interview we discuss our personal views on a diverse range of topics including: strategy, execution, transformation, leadership, social media, dealing with the recession, science fiction novels, and boxing!

You can listen to the streaming audio on this link

Download the podcast from iTunes on this link

Or you can read the transcript highlights on Zane Safrit 's blog.

Let us know what you think.

Cheers,

Stephen

RESULTS.com team members Ben Ridler - CEO (Chief Execution Officer) and Stephen Lynch – COO (Chief Operating Officer) are looking forward to being interviewed on Blog Talk Radio in the USA on Wednesday, November 11, Central Time.

The internet radio show is hosted by Zane Safrit - a well known business commentator in the USA.  

The show’s theme is business education and will be live streamed on: 

http://www.blogtalkradio.com/Zane-Safrit/2009/11/11/Resultscoms-COO-Stephen-Lynch-and-CEO-Ben-Ridler

If you want loyal followers you need to earn their trust first.  Here are some simple (but not always easy) actions you can take – inspired by a blog post in Random acts of leadership.

Be on time for meetings

Being frequently late sends a loud message about your unreliability, and your lack of respect for the people who have to wait for you.  Why should they trust you if you don’t respect them?

Be prepared for meetings

Failing to prepare for meetings wastes peoples’ valuable time.  If you waste their time, why should they trust you with other things of value to them?  Poorly run meetings are breeding grounds for mistrust and resentment.  Make sure you send out the agenda in advance and come prepared with your ideas and answers.  Also be prepared to verify that you fulfilled any commitments you made at the last meeting.  

Only make promises you can keep

Be very specific about what you agree to.  Actions do speak louder than words.  If it becomes apparent that you will not be able to deliver on your original commitment, raise this issue as soon as possible with the relevant people, and work out how to address the situation.  You may not always be able to keep your original promise, but you can maintain trusting relationships.

Do not gossip

If you have an issue with someone, work it out with them face to face.  By all means rehearse what you want to say with someone you trust, but do not gossip about others behind their back.  People you gossip to can reasonably presume that you will also gossip about them when they are not present.

Keep confidential conversations confidential

Keeping confidences is a big responsibility, and it is a true test of your trustworthiness.

Own your mistakes

Admit when you have made a mistake and take full responsibility for dealing with the consequences.  Share the lessons you have learned with your team.  This creates a culture where people feel safe to experiment, make mistakes, learn and grow.

Admit when you don’t know something

Admitting you don’t know is a sign of strength, not weakness.  If your staff can see that it is safe to admit when you don’t know something, they also will tell you the truth.  Admitting you don’t have all the answers opens the door for collaborative learning.
 

If you are a business leader with a passion for learning about and discussing the latest business trends – or if you have a business question you would like to ask us - please click on this link to apply to join our RESULTS.com Group on LinkedIn.
 

Stephen Lynch

Chief Operating Officer - Global Operations
RESULTS.com
 

Source: Professor Gary Marcus of New York University

Consider both costs and benefits

Our minds tend to consider either costs or benefits only.  Taking both perspectives into account takes mental effort.  Force yourself to list the pros and cons.  One factor we often forget is the 'opportunity cost.'  When we do one thing, we can't be doing something else at the same time.  It’s either or.  When you watch TV the benefit is relaxation and enjoyment - but the cost is that you can't use that same time to read a business book.

Justify yourself

When we think someone will check up on us we make more mental effort, leading to better decision-making.  Imagine you have to justify your decision to someone else.  Would you still make that decision?

Distance yourself from the issue

Our brains are influenced by our current emotions, which can impair rationality.  Big decisions are better made after a night's sleep.  Step back and consider the likely chain of events.  What are the future implications of this decision?  Have you considered all the consequences?

Don't believe the hype

It's easy to be persuaded by vivid stories and ignore scientific evidence.  Our minds are naturally influenced by sensational information that is high on hype, but low on factual substance (e.g. as propagated by the media).  Look carefully at the information source and sample size - are you being manipulated?

Make fewer decisions

Peter Drucker said effective executives do not make many decisions.  They concentrate on making a few important ones.  Make the big strategic decisions, rather than try to solve lots of little problems.  Do not make fast decisions.  Make the right decisions that have the biggest impact.

What would Spock do?

Just reminding ourselves to think rationally helps us make better decisions.  Consciously trying to think rationally will also help activate all the other techniques described here.
 

If you are a business leader with a passion for learning about and discussing the latest business trends – or if you have a business question you would like to ask us - please click on this link to apply to join our RESULTS.com Group on LinkedIn.
 
 

Stephen Lynch

Chief Operating Officer - Global Operations
RESULTS.com
 

Bob Eckert, CEO of Mattel, was interviewed in Fortune Magazine in August 2009. Here’s a summary:
 
Try starting from scratch:
Be open to starting over - instead of building on previous decisions. Early in my tenure the company was struggling financially. We'd been paying a dividend of 36¢ a share every year, and were borrowing money from banks to pay dividends to shareholders, which doesn't make a lot of sense. I said, "We have a blank sheet of paper. Let's do the right thing" so we cut the dividend to 5¢ a share. The day we announced it, the stock price didn't go down, it went up.
 
Don't put off layoffs:
If you have to make employee cuts, just get on with it. Procrastination isn't good for anyone. 
 
Mind the generation gap:
When it comes to managing ‘twentysomethings’, remember: With an iPhone and Google, they can get to the truth in about two seconds. So don't try to give them a snow job. 
 
Research before hiring:
When you're considering hiring someone, find out whom you both know and phone that person for his or her perspective on the applicant. 
 
Always make an outline:
Whether you're preparing for a small meeting or addressing a large gathering, do an outline of what you want to cover. 
 
Run efficient meetings:
Do the preparation work before having a meeting - it will pay off. Send out materials in advance. Make sure everyone reads them, and use the meeting to focus solely on the topic at hand. 
 
Enforce punctuality:
One of my colleagues locks the door at the meeting start time. Trust me, no one ever arrives late a second time. 
 
Target your message:
When giving a speech, focus on the audience. Most people spend too much time on what they want to say instead of on what the audience needs to hear. 
 
 
Stephen Lynch
Chief Operating Officer - Global Operations
RESULTS.com 
 
(If you are a business leader with a passion for learning about and discussing the latest business trends – or if you have a business question you would like to ask us - please click on this link to apply to join our RESULTS.com Group on LinkedIn.)

 

LinkedIn is the premier social networking site for “business leaders”, with more than 40 million users worldwide. Currently, the average user is 41 years old, well educated, earns a 6 figure income, and more than 50% of users claim to be key decision makers in their company. 
 
If this sounds like your target market - then we recommend you get active on LinkedIn in order to connect with, and build trust-based relationships with these business leaders. 
 
Key benefits of LinkedIn:

• LinkedIn replaces the traditional paper resume – it’s your online record of who you are and what you’ve done in life
• Increasingly, people will Google your name prior to doing business with you – your LinkedIn profile is where you can market yourself online in a positive and compelling manner
• You can describe exactly what makes you (and your company) unique. Think of it as another marketing tool.
• Testimonials about your work (called “recommendations”) are linked to your profile, and the author’s identity and credentials can be easily verified by others
• Recommendations you receive from your customers - provide prospective new customers with real reasons to trust you and do business with you
• You can link your profile to your company website / your blog / your twitter account / your email signature - wherever you want people to know more about you
• If you are planning to do business with someone new, you can research their profile, or the entire staff of a particular company prior to meeting with them
• LinkedIn helps you keep in touch with the people in your network – to understand what they are working on right now – and how you may be able to help them. Remember the golden rule of networking whether face to face or online is “Givers Get”.

In summary, with LinkedIn you can create and build a “trust based asset” – a positive profile about you (and your company) that is just one mouse click away for your next customer. 
 
If you are not sure where to begin, the following links will help you get the most out of LinkedIn: 
 
Starting out with LinkedIn 
 
How to get started with LinkedIn 
 
Make your LinkedIn profile work for you 
 
If you are already on LinkedIn, and you are a business leader with a passion for learning about and discussing the latest business trends – or if you have a business question you would like to ask us - please click on this link to apply to join our RESULTS.com Group on LinkedIn. 
 
Stephen Lynch
Chief Operating Officer
RESULTS.com

 

Source: Professor Gary Marcus of New York University.

Force yourself to consider alternatives:
Our brains are not good at making rational decisions unless we generate a range of alternative options first. Be willing to listen to contrary points of view. Forcing yourself to think about the opposite point of view will help you make better decisions.

Reframe it:
The context we use to frame an issue has a huge impact on our decisions. Politicians, advertisers and other influencers use "framing" techniques to create the context that persuades us to their point of view. To avoid being locked into one frame of reference, invite a diverse range of people to provide you with alternative ways of looking at a situation.

Correlation does not equal causation:
There's a clear correlation between foot size and being richer. That's because people with small feet are usually children. Having big feet doesn't cause you to be richer. Beware the trap of thinking that correlation equals causation. It doesn't.

Sample size:
Beware of jumping to conclusions. A small sample of events does not extrapolate to them being universal laws. Obtain a statistically significant sample size before making generalizations.

Beware your impulsive emotional responses:
Use strategies to counter your emotional impulses: – take 10 deep breaths before responding to an emotionally charged situation, sleep on it before making a major business decision, avoid shopping in the confectionary isle when you are hungry etc.

Goal specificity:
Achievement improves immensely when you have concrete goals and action steps. Abstract priorities like 'read more business books' or 'lose weight' are not effective. Replace these with: 'read this book by next Tuesday' and 'go to gym 3 times this week'.

Make important decisions when relaxed:
Stress does make us stupid. Studies show that stress impairs cognitive function and leads to poorer quality decisions.

Stephen Lynch   
Chief Operating Officer
RESULTS.com

 

John Donahoe, CEO of eBay was interviewed in the New York Times recently. Here is a summary:

The most important lesson:
You can't change people. Make sure you get them into a role where they can do what they're good at.

Management style:
Be more direct in communication. Don't sugarcoat bad news. I give people open, objective feedback in a constructive way. Whether they want to get better is their choice. I can't make them do that. I waste a lot less time than I used to, trying to make someone do something.

Questions to ask job candidates:
When have you failed and what did you learn from it? When I talk to your former boss, what will they say about you? Where do you need to learn, grow, develop?"

How to know what people in the company are thinking:
I talk to people at different levels and ask, "What are the 3 things I should know about what's going on in the company that you think I might not be aware of?" And, "If you were me, what would you do differently from what we're doing?" The people I contact like it, but their bosses don't. Any time a person leaves, I'll also reach out and ask them the same questions.

Mistakes and failure:
The best hitters in baseball strike out 6 times out of 10. The key is to get up in that batter's box and take a swing. All you have to do is hit one single, a couple of doubles, and an occasional home run out of every 10 times at bat, and you're going to be the best hitter or the best business leader around. You can't play in the major leagues without having a lot of failures.

Time management:
I try to do e-mail either first thing in the morning or in the evening, because I find if I check e-mail during the day, I go from being proactive about what I want to get accomplished, to being reactive, and that's a trap.

 
Stephen Lynch   
Chief Operating Officer
RESULTS.com