TROUBLESHOOTER NEWSLETTER: SUMMER 06
Welcome to Wildcat One's Troubleshooter newsletter. In this edition:
TRADE SECRETS - MAKING THE MOST OF MEETINGS
Meetings can slice huge chunks out of your working week - sometimes to very little obvious benefit. Could you manage them more effectively? Here are our top tips.
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Start with a clear idea of where you want to finish – and how you’ll know when you get there
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Consider both long and short term outcomes – this gives flexibility for compromise and win-win opportunities
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Have an agenda to provide structure and give people advance notice of the issues
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Don’t get caught by the unexpected ‘broadside’ or, worse, ‘friendly fire’. Find out what the main objections to your proposal are and lobby key decision makers/influencers
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Those invited to the meeting should have the information, expertise and authority to make the required decisions – if they aren’t available, don’t hold the meeting
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State your desired outcome for the meeting early in the proceedings and, wherever possible, get agreement to this
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Challenge issues that arise that are not relevant to the agreed outcome, so – use your agenda
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Summarise regularly so everyone knows what’s been agreed and what’s still outstanding
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Stay vigilant as to what others are doing – body language and tone of voice offer useful clues to engagement, support or opposition; incongruent communication can mean lack of agreement
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At the end of the meeting, summarise and record what was agreed, any action points and who is accountable. Confirm this in writing to all relevant parties as soon as possible.
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Avoid impromptu meetings. Ask whether a meeting is the best way? Do you have to be involved? Does it have to be now?
NEWS DIGEST
M&As still not delivering value
Fewer than half of mergers and acquisitions achieved their hoped-for cost-savings and barely half deliver their expected revenue or value, according to management consultancy Accenture. Only 45% of the 400-plus US and European corporate executives in its survey believed their most recent deals achieved expected cost-saving synergies, while only 51% met expected revenue synergies. IT integration - particularly in cross-border transactions - was cited as a major stumbling block. The firm said missing synergy goals by even a small percentage could mean losing hundreds of millions of dollars of shareholder value. »
Wildcat's view: Signing the M&A deal is just the beginning of what can be a tortuously long process, especially if the marriage involves different corporate, as well as geographical and legal cultures. It is important to have real clarity about the objectives of going for the deal and the value to be realised, right from the earliest phase – sometimes companies can lose sight of this in the cut and thrust of negotiations. These objectives should highlight the anticipated synergies to be achieved, which then directs the implementation plan for a successful integration. Failing to devote sufficient time early enough in the process to these fundamentals can have a negative impact on the overall value of the deal, once all the dust has settled.
Leaders don't listen, don't manage and don't have a clear vision
It's official - the biggest mistake business leaders make is not communicating with or listening to their workforce. In a new study of more than 1,400 leaders and managers by global consultancy the Ken Blanchard Group, 41% felt inappropriate use of communication or listening was the biggest mistake leaders made when working with others. Conversely, the most critical skill a leader could possess was communicating and listening (cited by 43%), followed by effective management skills, emotional intelligence and empathy, values and integrity, vision and empowerment. »
Wildcat's view: Leadership is all about communication – all of the time. You can have the greatest strategy on the planet, but that’s not much use if you can’t get it across to others in a way that will win their commitment and call them to action. Vision and strategy can’t be absorbed through osmosis – you have to talk to people. It’s a no-brainer.
Women support, men solve
Stereotypes about the different leadership styles of men and women are contributing to the gender gap across Europe, according to Catalyst, an organisation that supports women at work. Managers think women are better at supporting others, while male leaders are more effective at problem-solving. Anglo men were the only group in Western Europe who believed women were relatively ineffective at inspiring others, which was also the most valued leadership attribute. The research questioned 935 managers across ten European countries about their boss's leadership style. »
Wildcat's view: So, Anglo men believe women are relatively ineffective at inspiring others eh? There are a plethora of surveys, which suggest the demands of leadership are shifting to a greater emphasis on empathy and emotional intelligence (reportedly more female traits), rather than charisma. But let’s cut to the chase – inspiration is about vision, passion, integrity and belief – and following through on that belief. It’s these qualities that stimulate others to follow and there’s nothing gender specific about them. There are lies, damned lies and gender stereotypes.
NEWS FLASH
Malawi school inspires Wildcat support
Nanthomba Orphan School in Llongwe, Malawi, where at least a quarter of the children have been orphaned by the Aids pandemic, has purchased food and uniforms for the children and a bike for its teachers (who are all voluntary) after an impromptu donation by Wildcat One director Pat Tomlin. She visited the school and donated all the cash she had in her pocket at the time, amounting to £50, when in the country on a speaking engagement for the Annual Conference of the Institute of People Management Malawi. Wildcat One now plans to make more regular donations to the school: "When you see what they can do with so little, even a relatively small donation would go a long way for them. The parents were lacking in food and basic supplies, because droughts have devastated the crops and many of the orphaned children are caring for the younger children in their villages, because of the impact of Aids among adults. Despite all this, what really struck me was how enthusiastic and keen the children were to learn and how thrilled the parents were with the school."
The children of Nanthomba Orphan School, Llongwe, Malawi
Picture: ©Charles Everitt
World first for pioneering sportswoman
Intrepid Highland sportswoman Karen Darke is back in Scotland after successfully becoming the first paralysed woman to ski across the Greenland icecap. Her amazing journey, which was sponsored by Wildcat One, involved a 600km marathon on a special "sit-ski" in temperatures below minus 30°C and heights above 2000m. "Sometimes we can let our fears stop us from doing things," Karen says. "I almost did with this, but with the right planning and a dose of determination, then I see now that just about anything is possible." »
AND FINALLY…
Bingo!
Speaking of meetings, are yours full of tedious management speak? Buzzword Bingo (we had to avoid the name it normally goes by, because of spam filters!) could be just what you need. Draw a grid with a different piece of management jargon in each square and take it into your next executive session. Here are some popular phrases, just to get you started:
- Touching base
- Singing from the same hymn sheet
- A window in the diary
The first player to score off an entire diagonal, vertical or horizontal line wins! Your meetings will never be dull again! If bog standard gobbledygook is too tame for your office, try Transaction Legalese Bingo or Marketing Bingo. Some of our favourite (awful) phrases from the public and private sector include:
- Recontextualise the issue —this has to be a favourite! Translates to ‘fudging a target that's at risk of being missed’
- Run it up the flagpole and see who salutes — eh? Translation - let's see who supports it
- A smorgasbord of options — why can’t people just say ‘a range of options’??
- Mind shower —for which read ‘brain storming’….maybe with a bit less vigour
- So last century —fingers down the throat for that one. Basically, something’s a bit outdated
- Singing from the sea —this is so obtuse that no one knows what it’s supposed to mean. Sirens? Rocks? Shipwrecks? Who knows! Who cares?
A game of ‘say it as it is’ bingo would probably be more challenging – and take longer to play!
