The Federation of Small Business (FSB) and a Day at the Races
Training a race horse for the 'Big Race', like the Cheltenham Gold Cup of The Grand National, is an art and a bit of luck - like running a successful business in 2009. With both of these, there are many factors that bring success or failure.
Echoed around race tracks of the UK, before a race, you will often hear the trainer telling his owners – 'there are no guarantees, no such thing as a sure bet but the horse looks well, feels well, has had the optimum amount of training, has been coupled with the right hockey, the 'going' suits him and he is jumping well. On paper he looks stronger than the competition, and all things considered he should win"
They're off! And over the first 3 fences all looks to be going according to plan; horse and jockey working well together. The competition are doing their own thing and we are in the race with a good chance.
Looking back to running a business, business owners often discuss their own current 'Big Race', whether it be a new customer, new order or new contract. They have done their 'homework' on the client needs, pulled together the right team to deliver the outcomes, secured the supply of materials and/or services, put the finances in order and checked out the competition.
They're off! All things considered the order/contract for the client should be won. All the signals are looking good. Meetings are going well; indications at the early stages are that all is well.
It is a long gallop to the next fence, and as our horse arrives, the one in front falls and hampers our journey – our horse has done well to stay on his feet. The jockey and horse collect themselves and begin to catch up, hoping to regain their position before the back straight.
...over fences 6, 7 and 8, and it is into the home turn. A couple of horses in front of them, but there are still 3 fences to jump and the long run in.
The jockey begins to remember the trainer's words on how the horse likes to be behind until after the last fence, as he 'idles' when in front for too long.
The stable team are willing the jockey to look after the horse, so that he comes home safe and sound.
The owners are just beginning to think that they may have a return on their investment and a winning chance.
The trainer is hoping that all the team's hard work has paid off.
They are coming to the last...
Back to our business - we have made it over the first few hurdles in our negotiations, but then a new competitor enters the market place and all bets are off!
Your customer has decided to revisit the deal in light of this new information – the frustration is immense after all the work put in. You could lose the work just like that!
The business has to brace itself and change tactics and direction to meet the new demands. A re-gig of the initial proposals puts you back in the race!
In the distance you can see a few more hurdles to overcome because of the new direction, but nothing that cannot be overcome.
Dates, deadlines and contacts are all in place to finalise the deal!
At this time, the business owner, his staff and sub contractors draw a slight sigh of relief as it looks like all the hard work has paid off – it's not signed and sealed, but the signs are good.
As they approach the last fence a horse pulls in front and starts the gallop for home – all the interested parties are willing him forward.
The finish post draws closer and closer, excitement mounts and made it!
We Won, We Won, We Won!
The trainer takes a small step back to notice the nearest rival was only half a length away – the jockey dismounts to tell the trainer that there was not much left in the tank at the end but is pleased the horse won. The celebrations begin.
The training then has to begin for his next race!
Back to our business – we are in the final stages of negotiations and the deal is signed, hands are shaken and smiles all round.
Again – We Won, We Won, We Won!
The business owner takes a moment to step back and realise that is was a close run thing. The competition's pricing was very close to his, and their supply chain seemed a little stronger. Information to store and use in the next deal.
Time to celebrate – the coffee, and cakes are on him, and everyone is allowed home early!
Comparisons can be drawn from winning a big race or completing a successful business deal.
There are no guarantees, there is no blue print, no quick win or sure bet.
So many factors can affect the outcome – some of which you have control over, some of which you do not. That is when the presence of a strong leader comes into play.
The business owner/horse trainer needs to lead their teams to success. To be either a successful trainer or business owner you need to be a leader.
In looking at both sets of people, one thing is clear. Both the trainer and the business owner have to give themselves the best chance of the win by ensuring they have the right support of mechanisms, advice, guidance, facilities and people around them.
And once again there is no right or wrong way of doing this. Each successful trainer/business owner will have their way of doing things to try to ensure more successes than failures – looking back at past wins, understanding and knowing the competition, assessing the market, bringing a strong team together and having their own support available to help them lead successfully.
Good horse race trainers use retired trainers, horse race owners, ex-jockeys and a wide range of people involved in the game.
Good business owners should do the same, and the FSB is a good 'Starter for 10'. The FSB is the UK's largest campaigning pressure group, promoting and protecting the interests of the self-employed and owners of small firms. Formed in 1974, it now has 215,000 members across 33 regions and 230 branches.
At first look, the above description of the FSB does not seem likely to have any direct link to either the self-employed or small business owners becoming more successful business leaders. But look again – by joining the FSB, they promote and protect the interests of your business by provision of a local, regional and national voice, direct support links (ie: legal and tax help lines), lobbying activity, access to preferential services and being part of the biggest business club in Europe – so with all that covered, as business owners we can get on with running and developing our businesses.
As a first step to becoming a successful business leader – that's not bad!
Patricia Marks, Director Perception Matters Ltd
Vice Chairman Federation of Small Business – Taunton and District Branch
Tel: 01278 723733
e-mail: patricia.marks@perceptionmatters.com