Focus@Henley, August 2014

Focus

ISSUE 5. AUGUST 2014

Bringing you the insights you need to drive your agenda

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Regatta proves to be the perfect backdrop to Henley’s research into how we can all pull together P4

Point of View:Nick Holley

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Henley and Centrica add energy to help ignite the entrepreneurial spirit P3

The single customer view and the emerging role of big data P6

Impact

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• The problem is that this approach alienates everyone. People try and avoid involving HR because they know the only response they’ll get is ‘computer says no’.

Is your HR department too busy hiding behind policies and legislation to make a real impact? P8 • This marginalises HR with the result that line managers take risks they don’t know are risks. At best HR has to clear up the consequences after the event; at worst they can have a serious impact. While not an HR example, Nick Leeson is an example of the potential impact where someone hides their mistakes.

Examples

The biggest problem I often encounter is this results in HR developing things that make HR’s life easier without thinking through whether, at best they help the line or, at worst they actually make the line’s role harder. In one instance I was asked to go to Spain to see what I was told was a best of breed performance management system. This online system required line managers to complete 132 boxes on each of their direct reports. This generated 430,000 data points with 200 built in tools to analyse this data. When I stood back from what appeared to be a really whizzy system I began to ask some practical questions.

• How many of the tools have you actually used to analyse the data?

• What key things have you learnt from this analysis?

• What have you done differently as a result that has added value to the business?

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Henley ‘think tank’ gets to grips with project leadership P10

Housing shortage could cost London £85 billion by 2025 P12 8

The sad thing was that the answer was ‘nada’: nothing. What was even sadder was no one had thought to ask how long it would take a manager with 40 direct reports (as they had in their call centre) to complete the system. I heard stories of managers who had taken two days holiday to do it. I heard stories of how a group of managers in IT had actually created a bolt on programme that spoofed the system into thinking they had completed the process.

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This is dominance pathology at its worst, implementing a system that made line manager’s lives a misery without actually generating any value added for the business. The only value added appeared to be for the HR team who seemed to spend an inordinate amount of time presenting their whizzy system at HR conferences to loud applause.

Top 10 tips for new business owners... P13

Welcome

Welcome to the latest Focus@Henley – keeping you up to date with the latest learning and development innovations As usual, Henley Business School’s online digest is packed with news of our cutting-edge research in leadership, management, strategy, HR and coaching.

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ith summer in full flow (rainstorms and all!), and the Henley Royal Regatta showcasing the world’s finest rowers and scullers, there is a distinct seasonal buzz around – and none more so than at the Business School, where so much is happening, it’s difficult to know where to start!

So this edition kicks off with a report on our superb Regatta Day event attended by 100 senior business people, with four thought-provoking presentations from some seriously fascinating speakers.

You’ll also find Professor Moira Clark’s progress report on how UK companies are using big data to gain a real competitive advantage; a case study on an innovative project, backed by Centrica, that involves 10 teams of young entrepreneurs trying to find ways to use energy more effectively; as well as coverage of a think tank concerned with project leadership and the challenges that face project managers. While part five of Nick Holley’s entertaining HR Doctor series highlights the recent

outbreak of ‘dominance pathology’, and explains how it can be cured!

As ever, all feedback on what you like – and especially what you don’t – is greatly valued, so do get in touch and play your part in continuing to make Focus@Henley essential reading.

Thanks for reading Focus@Henley.

We look forward to hearing from you.

Claire Hewitt, Head of Learning Design +44 (0) 1491 418767 exec@henley.ac.uk www.henley.ac.uk

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CASE STUDY: Centrica

Henley and Centrica add energy to help ignite the entrepreneurial spirit

Ed Cooper

Ed Cooper, Henley Accelerator Programme, Henley Business School

For the full article, click here ‘The Ignite Accelerator programme is a really exciting development of the existing Henley Accelerator programme that we’ve been running since 2008, which has already helped more than 150 owners from small businesses and departmental teams to develop effective tools and strategies’.

‘The Ignite version starts to turn these enthusiastic entrepreneurs into more savvy business leaders, with a heightened awareness of operational challenges, finance, sales and marketing. We encourage them to develop their own ideas, propositions and strategies, with a social element.’

The 10 shortlisted applicants cover a wide range of proposals, including personal mobility, sustainable and renewable energy, and aqua-farms, while the entrants come from all corners of the UK.

H

enley Business School has been working alongside Centrica to support the UK’s first energy-focused social investment fund, and a team from the Henley Accelerator programme is currently mentoring the 10 shortlisted candidates in the Big Energy Idea competition being run by Centricabacked Ignite Social Enterprises LP. Centrica initially set up a £10m fund for social enterprises in the energy sector, with an emphasis on those

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that could make a real social impact, and applications were invited for both funding and support. Meanwhile, Centrica worked closely with Henley to develop a customised four-day version of an existing programme, with the resulting course entitled Ignite Accelerator.

Ed Cooper, Head of the Henley Accelerator Programme, has been in charge of running the programme that the enterprises attended.

Henley Business School has

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dedicated Research Centres, each one global recognised as a centre of excellence

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Regatta Event

Regatta proves to be the perfect backdrop to Henley’s research into how we can all pull together For the full article, click here

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hot summer day at the Greenlands campus, with the quintessential Henley Royal Regatta taking place in the background, was the scene for this year’s Regatta Day event, at which 100 senior business leaders shared in the research findings of several eminent speakers.

S + (E x A), or S x (E + A) – where is your strategy taking you?!

maximising sustainable competitive advantage and addressing some harsh realities, based on real evidence, but the results could be transformational.

The Platinum Rule of Engagement: ‘Do to others what they would want done to them’

Nick Holley followed Andrew’s presentation with an insight into First up was Professor Andrew Kakabadse, the internal relationships within an organisation, focusing particularly on who has been conducting research into the role of the manager, and how the literally thousands of business leaders, manager’s relationships with those in and has reached the conclusion that around 90% of them have their strategy all the business can significantly impact on wrong, by focusing on ‘value propositions’ their individual and collective performance. rather than ‘value delivery’.

In a compelling presentation using a number of real-life case studies about utility companies, the health service and the Four Seasons hotel group, Nick

demonstrated the best (and worst) traits of managers. He also explained how simple measures can be taken to recruit and develop teams that are more engaged and productive, but that systemising HR processes is rarely – if ever – a sustainable or effective solution.

According to the Edelman Trust Barometer, which monitors attitudes around the world, the percentage of people who trust businesses is not much greater than those who trust governments! So the opportunity is immense, and the potential rewards substantial for those who get engagement right.

Could the answer be social enterprise or social entrepreneurship?

Peter Holbrook is CEO of Social Enterprise UK, which represents over

Professor Andrew P Kakabadse

However, Andrew showed that subtle changes to the equation that links strategy to engagement and alignment can make huge differences to the outcomes, and a closer look at these elements provided the basis for the morning’s other speakers. The key considerations identified by Andrew were internal engagement, pulling together, Visiting Professor Nick Holley

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70,000 organisations in the UK that are actively involved in social enterprise or social entrepreneurship (SE). These organisations have values focused on community needs and reinvest the majority of any financial surplus they generate back into their community.

Peter highlighted the trends in diminishing global resources and in social inequalities, but gave us a rallying call by way of examples of creative, sustainable and successful enterprise

So can leadership really be responsible?

Despite the high level of scepticism in the trustworthiness of business leaders –let alone politicians – corporate culture seems to be learning the lesson, according to Professor Kevin Money and Dr Carola Hillenbrand from the John Madejski Centre for Reputation.

The Centre has been pioneering a process called ‘immersion learning’, which takes senior executives out of their comfort zone – sometimes to war-torn or Third World environments – in order to give them a greater understanding of their own identity.

Dr Carola Hillenbrand Peter Holbrook

projects and partnerships, which focus on providing for the disadvantaged or for the environment. The trend towards established businesses developing SE projects and partnerships is growing rapidly and, in something of a backlash to the global corporate culture and political mistrust, ordinary people are regaining a sense of social and economic power, and a measure of control over their own community.

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Professor Kevin Money

One example of the innovative programmes set up as part of the process is the Pinotage Youth Development Academy in Stellenbosch, South Africa, which enables local disadvantaged youngsters to develop the skills needed to produce and sell wine, and prepares them for employment, not just in the wine industry but also in related sectors, such as hospitality and tourism.

Working in this kind of unfamiliar – but still relatively safe – environment encourages executives to express a

wider and deeper range of emotional intelligence. They can show their vulnerability under these conditions, and accept that of their colleagues, and according to Carola, this authenticity breeds ‘limbic resonance’ (a subconscious connection between brains) that, in turn, fosters affinity with like-minded people.

So being vulnerable and authentic can lead to closer relationships, and this alignment, as seen in Andrew Kakabadse’s equation, is one of the key elements of value delivery.

Conclusion So a snapshot of each element of Andrew’s equation had been pulled together to create a montage of some of the innovative work being undertaken at Henley Business School and its associated applied research centres at the University of Reading.

As compelling as these may have been, the Regatta Day was one at which the beauty of the surroundings could not be ignored for long. Lunch, followed by a boat trip along the River Thames, allowed attendees the opportunity to witness the spectacle of the Royal Regatta at first hand, while indulging in that allimportant face-to-face networking over a well-earned glass of Pimm’s!

To find out more about future events, visit www.henley.ac.uk/events or contact Charlotte Zittel at the Corporate Events Office on +44 (0)1491 418 777 or at henleyevents@henley.ac.uk

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Big Data

The single customer view and the emerging role of big data

Professor Moira Clark

Professor Moira Clark, Director, Henley Centre for Customer Management, Henley Business School

For the full article, click here

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report on research conducted by Professor Moira Clark, Director of the Henley Centre for Customer Management, Henley Business School, in association with SAS UK and Ireland.

The latest update from Professor Moira Clark suggests that there is a wide gap between those companies which have embraced the opportunity to exploit big data and those which haven’t, with the eager adopters reaping significant business benefits.

Professor Clark – a specialist in strategic marketing – has been assessing the progress being made by UK companies in using big data to provide greater insights and understanding of their customers, particularly focusing on the development of a single customer view (SCV).

The SCV encapsulates all the interactions a customer has with the organisation, regardless of the channel, and analysis of the data is being used to develop real insights that can be applied to deliver enhanced value to both parties.

So if big data is so powerful, why isn’t everyone investing in it?

According to a 2012 report by the Centre for Economic and Business Research, better use of big data and highperformance analysis could add £216 billion to the UK economy by 2017. So why is there still a reluctance to embrace SCV and the derived insights across the

organisation and its channels?

The barriers most frequently mentioned in the research are: • Data ownership: data management is often seen as an IT issue and not a business driver, so companies need to ensure the responsibility for the management and governance of customer data resides with a senior business stakeholder within the organisation.

cost-effectively develop businessoriented solutions.

Implementing an effective SCV, big data or high-performance analysis programme usually involves significant capital investment, but as there is relatively little hard evidence to prove the likelihood of a quick return on investment, companies have tended to opt for projects with better risk profiles. However, the leading organisations have recognised that

• Budget: in the current economic climate, competition for budgets means that customer data projects are unlikely to be considered a priority unless they can provide a compelling business case.

• Skills availability: technological and analytical skills are in short supply, so organisations have to recognise that skill sets have to be enhanced by suitable recruitment and training programmes.

• Organisation and culture: most organisations continue to be organised around ‘product silos’, with no centrally managed customer focus; the challenge is to evolve a customerfocused culture from a history of product emphasis.

• Technology and costs: this is particularly an issue where there is a need to consolidate customer data from many sources and this requires specific IT tools and skills in order to

One financial services company has seen a ten-fold increase in response rates...’

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‘The more advanced companies stress that SCV is not an IT project, but part of implementing a customer- focused strategy.’

developing a SCV is a strategic decision in order to become more customer-centric in an increasingly competitive world.

New technologies such as voice and text analysis and advanced big data analytic engines – allied with ever-increasing sources of information such as social media – will certainly create significant opportunities, and increasingly there is evidence that projects are in place, change programmes are being rolled out and new appointments are being made.

And while some organisations are dipping their toes in the water, and trying to implement the programmes incrementally, those which have dived in are enjoying the benefits of improved customer segmentation and more targeted – and more effective – marketing Overall, there is strong evidence that the campaigns.

UK’s companies are seriously trying to

improve their approach to customers, and one financial services company has seen a ten-fold increase in response rates through this approach, but for the time being, most companies admit that achieving a full SCV is still some way off.

Professor Clark believes that if organisations can move from just using customer data to improve the success rate for marketing campaigns to a much more rounded development of the customer experience and insight into what is important to the customer, faster progress would be possible.‘

Henley Business School has a global alumni network with more than

56,000 members worldwide

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Holley

The HR Doctor

Is your HR department too busy hiding behind policies and legislation to make a real impact on your business?

If so, you may be suffering from a bout of dominance pathology, but don’t worry, there is a cure…

Visiting Professor Nick Holley

Visiting Professor Nick Holley, Director of Henley’s HR Centre of Excellence

To read the full article, click here

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dapted from Nick Holley’s to support the whole business in For example… tongue-in-cheek look at some identifying and addressing the key A problem I often encounter is HR making of the most common ailments people issues.

Impact HR’s life easier without thinking through affecting the HR sector, this latest • becomes the guardian of the everyone. People try and • The problem is that this approach alienates whether it actually makes the line instalment focuses on dominance ‘corporatethey no’, hiding behind a wall response they’ll get is avoid involving HR because know the only manager’s role harder. On a visit to Spain pathology, and how to overcome it. of employment law, HR policies and to assess a ‘best of breed’ performance ‘computer says no’. procedures What are the symptoms? management system, I was presented • This marginalises HR with the result that line managers take risks with an online system that required line Your organisation might be suffering from • simply steamrollers resistance they don’t know are risks. At best HR has to clear up the consequences managers to complete 132 boxes on dominance pathology if the HR function: impact after the event; at And worstwhat they can have a serious impact.

While each of their not directan reports. But when I • sees HR as its job and never involves HR example, Nick Leeson is an example of the potential impact where stood back from what appeared to be will it have? the line, with the result that it a really whizzy system and asked some mistakes.

• This approach just alienates everyone, implements a load someone of ‘HR stuff’ hides that their practical questions, such as ‘What have so they try to avoid involving HR doesn’t actually make a difference you learned from this analysis?’ and ‘What altogether. to the business Examples have you done differently as a result?’, the biggest problem• IThe often encounterofisHRthis in HR developing marginalisation leadsresults to • ignores any viewsThe that are different answer was ‘nada’, i.e. nothing. And some managers risksthinking they don’t through whether, to its own things that make HR’sline life easier taking without managers had taken two days’ holiday to knowor, are at risks, and when happens, • feels it needs to control at besteverything they help the line worst theythis actually make line’s role try the to complete it! there’s eventually going to be a mess to do with managing people, harder.

Inrather one instance I was asked to go to Spain to see what I was told that will need to be cleaned up. than recognising that its role is

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was a best of breed performance management system. This online system required line managers to complete 132 boxes on each of their direct www.henley.ac.uk/executiveeducation reports. This generated 430,000 data points with 200 built in tools to analyse this data. When I stood back from what appeared to be a really

This is dominance pathology at its worst, implementing a system that made line managers’ lives a misery without actually generating any extra value for the business.

So what’s the cure?

• Create an operating model for HR that focuses on being simple, straightforward, helpful, commercial, aligned, respected and credible.

• Spend time in the business understanding how stressful it is to manage a P&L or a large militant labour force. This means secondments, job rotation or even going as far as recruiting line managers into HR so they can share their experi¬ence and ensure that HR fulfils its role in supporting the business.

• Train HR people in risk management concepts so they understand how to avoid and mitigate risks.

• Train HR people to operate in front of, rather than behind, the ‘wall’, engaging with the line and challenging where appropriate – always with a focus on business outcomes. And reward them for doing so.

Edited from a paper by Nick Holley.

Author Nick Holley is joint programme director for Henley’s Advanced HR Business Partner Programme. Nick regularly contributes to articles in the HR press.

While at Henley, Nick has worked with: Agusta Westland, Amey, the Army, BAT, B&Q, Bestseller, BT, Cadbury Schweppes, Canon, Cisco, Danone, Government of Abu Dhabi, GSK, Imperial, Inchcape, Kelly, Kone, KPMG, Mercedes Benz, Microsoft, Ministry of Justice, Nestle, NHS, Oracle, Oxfam, Oxford Instruments, Panasonic, RBS, S3, Sainsbury’s, Shell, Siemens, Smiths, Travelport, TSystems, Unilever, Vodafone, and Willmott Dixon

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Business Snippets

Henley launches the 2014 Executive MBA scholarship for women leaders The 30% Club, the Financial Times and Henley Business School have announced their third annual EMBA scholarship competition designed to offer practical support for the development of strong female talent.

The Women in Leadership Scholarship will award one female manager a fully funded place worth £35,750 on Henley Business School’s worldrenowned EMBA programme for the October 2014 intake.

In launching the scholarship, the three sponsors produced a research report on the key challenges to creating gender balance in organisations, which combines qualitative insights from the 2013 scholarship essays with research conducted by Caroline Followell, Business Development Manager and Executive Coach at Henley Business School.

Key challenges highlighted in the report include organisational culture; work–life balance, especially in relation to caring responsibilities for children and/or ageing relatives; and limited appropriate networking, mentoring and scholarship opportunities. Recommendations include schools encouraging more girls to study science, technology, engineering and maths (STEM) subjects; removing unconscious bias within organisational culture; and targeted mentoring and coaching to help women increase self-confidence.

Professor Ginny Gibson, Deputy Dean at Henley Business School, is very proud of this initiative: ‘Helping women to develop their leadership potential has been at the heart of Henley programmes for many years and our women alumni comment on how the MBA has not only developed their skills but also their confidence.’

Watch this space for more news of the winning applicant!

For Caroline Followell’s full report into gender balance, click here Follow on Twitter @HenleyBSchool@ jpaskin

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Latest Research

Henley ‘think tank’ gets to grips with project leadership

Claire Hewitt

Claire Hewitt, Head of Learning Design, Henley Business School

For the full article, click here

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group of hand-picked project managers were invited to Henley Business School in May to contribute to the development of a new series of project leadership programmes.

Claire Hewitt, Henley’s Head of Learning Design began by explaining the thinking behind the session.

‘There has been a notable shift towards project management being conducted more robustly, with a greater emphasis on methodology. And we’ve seen that the emphasis in project management has been shifting more towards project leadership, emphasising the qualities and capabilities of strong leadership.’

‘At Henley, we have a long tradition of developing project management capabilities and we also have a globally recognised reputation for excellence in leadership development, so it’s logical that we look to combine these elements to explore the space of leadership, not just leaders, in order to drive organisations forward.’

Assessing failures as a means of identifying behaviours to avoid

• engagement

David Rees, a Visiting Executive Fellow and Programme Director at Henley, facilitated the opening session by asking the delegates to discuss projects that had gone wrong. Many contributing factors were common to project failures, including:

• the self-awareness of leaders

• understanding the stakeholders • making people feel wanted, valued and heard

• a lack of inclusion and prior consultation • a lack of dialogue and engagement

• the need to be human Also put forward as being of particular importance were: awareness of emotions, relationships and differences; the credibility of the leadership; the balance between distributed and hierarchical leadership; accessibility; communication; trust; and individual accountability.

The power of action learning and identifying key success factors

• a sense of unilateral control • feelings of inequality during the process and outcome The next session examined those turning points on the journey that were critical to a project’s success, and most often mentioned among these were:

Dr Steve Simister, Associate Professor of Project & Programme Management, led groups of delegates in exploring a structured, five-step technique for developing knowledge sharing and problem solving.

‘Henley is always seeking to proactively co-create new programmes, so a group of delegates was invited to contribute to an interactive and experiential day that will help to shape the content of the programmes.’

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Finally, delegates put forward their top tips for project leaders to maximise the chances of positive outcomes. Here are the most important ones: • Get buy-in to a common vision at the start, with clear KPIs • Put a framework of ground rules in place at the start • Test/pilot the project to identify and iron out any issues • Listen! And engage!

• Use evidence/research wherever possible to back up your proposals • Infrastructure – ensure that the objectives and finance are backed at senior level • Instil passion and belief by telling ‘The Story’ • Regularly update the stakeholders, using clear, simple language • Clarify roles and responsibilities, and make people feel part of the team • Balance creativity with process • Be self-aware, credible, objective, accountable, flexible, respectful and resilient!

• Convey emotional intelligence • Define the architecture, appoint the right people and value their differences • Be prepared for negotiation, mediation and persuasion • Utilise your risk management capability • Keep your finger on the pulse • Honesty, trust, transparency and reputation are everything • Maintain an external support network, including coaches • Recognise and celebrate successes • Take the ‘helicopter view’ – don’t get lost in the detail • Be imaginative, and inject character into the project • Look for sustainability, succession and further developments • Use dissent constructively • Maintain an ethical approach, have the courage to do the right thing • Keep people safe, be human, and demonstrate care and empathy The comments, suggestions, thoughts and ideas expressed by all those present are now being synthesised into a programme outline, which will lead to the launch of a new project leadership programme later this year or early next.

Delegates were asked to share what had impacted on them most during the course of the day; a selection of the responses is listed below…

‘It’s so refreshing to be able to discuss ideas so openly with diverse but like-minded people; Henley creates such a safe and inspiring environment for that.’

‘I really enjoyed the opportunity to step away from the dayto-day in order to reflect on how leadership impacts the success of projects.’

‘The Action Research model really demystifies things. We all have similar challenges.’

‘I was really struck by the power of storytelling, and by the absolute need for greater self-awareness.’

‘It made me think that maybe my way of doing things isn’t necessarily the only way...!’

‘Good to see how other issues are dealt with, or how the same issues are dealt with in different industries.’

‘The real-life case studies and experiences of what works were invaluable.’

‘The opportunity to present projects, and see how others would have dealt with them...’

‘The best event that I have been to at Henley.’

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Latest Research – Housing shortage

Housing shortage could cost London £85 billion by 2025

Professor Michael Ball

Professor Michael Ball, Professor of Urban and Property Economics, Henley Business School

For the full article, click here

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report by Michael Ball, Professor of Urban and Property Economics, warns that London may pay a high price for underinvestment in housing stock.

A lack of housing for the capital’s core group of renters could result in a huge cumulative cost to the city’s economy in the next decade, according to a new report commissioned by Get Living London, the private rental company and owners of East Village, the former London 2012 Athletes’ Village.

In his report, Professor Ball finds that: • A quarter of Londoners now rent, including an important core group of young, highly skilled, affluent renters who help drive the London economy.

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• With a healthy London economy where over a quarter of a million extra jobs have been created since 2007, the provision of homes to this group is critical to London’s economic prospects.

• Employment is forecast to continue to expand rapidly over the next 10 years, but it is likely that a lack of quality housing will curtail these job increases and London’s growth.

• The report concludes that what is needed is a radical change in the increase in housing land supply throughout the London area and its hinterlands to avoid stifling London’s growth.

And Professor Ball adds that: ‘Bringing together the themes of the core renters in London, the capital’s housing shortage and its economic prospects has thrown up some very striking findings. The economic cost is far greater than most imagine and is centred on a lack of accommodation for the well-qualified segments of the workforce that drive the London economy.’

Adapted from an article written by Joel Levy for Construction Magazine, March 2014

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Listmania

Top 10 tips for new business owners...

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wning your own business is the dream of many; however, those who make it come true soon realise how much is truly involved in making it a success. The learning curve is steep, and it is pretty much inevitable that mistakes will be made. Experience will be your most profound teacher, but this does not mean you cannot take steps to minimise mishaps. Here are 10 helpful tips for a new business owner:

5. Be constantly learning

Never stop learning about your business and about being a successful businessperson. There is no such thing as ultimate mastery. Always remain a student of success. Always be looking to expand your knowledge.

1. Work on yourself

The most successful people in the business world tend to work on themselves as well; they have a success mindset that sets the stage for everything they do. Don’t just work on your business, work on yourself.

3. Be patient

Be patient and let your business grow organically. Don’t make poor decisions, particularly financially, in an effort to speed things up. Simply spending a lot of money will not necessarily make things happen faster.

4. Seek out a mentor

Look for a mentor. Find someone who is already where you hope to be someday.

This counsel is invaluable.

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8. Keep abreast of financing options

Even if you don’t think you need any sort of financing or assistance now, it is good to keep abreast of your options.

Don’t wait until you are in the midst of a financial problem. Educate yourself about business loans, a purchase business loan to get financing for purchase orders, factoring receivables and any other methods.

9. Find a modicum of balance

2. Don’t spend unnecessarily

While you must spend money to bring money in, don’t spend unnecessarily at first. If you can work from home, don’t rent out office space. Don’t hire employees when independent contractors are adequate.

are varied, from not being able to pay vendors to difficulty meeting overhead costs.

6. Outsource when necessary

In some cases, hiring someone else to do something makes more sense than trying to do it yourself. Be able to recognise when this is the case. While it is always good to be cutting costs, failure to get things done right the first time can end up costing more in the long run.

7. Keep an eye on cash flow

Many businesses struggle not because they lack money, but because of poor cash flow. When it is managed poorly, the potential problems you will encounter

You hear a lot about balance between work and personal life, and in many cases, a consistent 50-50 split is just not possible, and that is okay. Sometimes your work will require more of your time, especially when you are first starting out.

But, always try to make time for exercise, eating right and other healthy habits.

It will be hard to be successful if you are unhealthy.

10. Identify strengths and weaknesses

None of us is perfect. For optimal success, identify your strengths and weakness insofar as your business is concerned.

Play up those strengths and find ways to improve on the weaknesses or devise ways to prevent them from getting in the way too much.

Adapted from a 2013 article at Kelli at www.totallytop10.com/ business-money/10-tips-newbusiness-owners

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Profile

Professor Abby Ghobadian

Professor of Organisational Performance.

Head of School of Leadership, Organisations and Behaviour.

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bby Ghobadian is a man of many passions, with football being one of them and, in particular, Manchester United and the Iran national team.

Having seen Iran put on a strong challenge against Argentina in the recent World Cup, only to be beaten by a last-minute touch of genius from Lionel Messi, perhaps his national team had taken some tips from this Professor of Organisational Performance!

Then, after attending a dinner at Henley, he was invited to become the Head of School for Process, Planning and Strategy, an opportunity he seized eagerly, having been aware of Henley’s reputation for some time.

His journey then took him on a path that included achieving a PhD, moving to Imperial College, and from there to the Policy Studies Institute, the University of West of England Bristol, Middlesex University and Brunel University, London.

He also spent time in the USA at Pace University, New York, and in Australia at Monash University, Melbourne. He worked extensively with universities in Russia, Poland, Hungary, Romania and the former Yugoslavia, before reaching Henley, where – in 2007 – he found his professional home!

the internationalisation of our activities and the tremendous foundation we have in the undergraduate programmes we offer, will all stand us in good stead,

His role was elevated to Academic Dean of Henley Management College and he took a leading part in the formation of Henley Business School through a merger with the University of Reading – a process of which he is very proud. He Abby grew up in Iran, or Persia as it eventually took over as Head of School was known at the time, but came to the for Leadership, Organisations and UK in 1968 to attend boarding school.

Behaviour, and it is in this capacity that When his homeland was gripped by revolution, he remained here to complete he currently serves. his education, before working as a ‘Since 2011, Henley has been a much planning engineer, eventually returning more cohesive brand, and I have no doubt to Loughborough University as a research that it will become even more successful associate. in the future. Our expertise in coaching,

and ensure that we reinforce Henley’s position as one of the truly great business schools of Europe, and indeed the world.’

‘We are already among the elite, and when you enjoy such an elevated position, it’s always more difficult to deliver marked improvements, but we have a magnificent team and a clear focus, and it will happen.’

Abby is a keen traveller and theatre-goer, and his son and daughter – who have successful careers in law and at the Bank of England respectively – are clearly a source of huge pride, but showing typical modesty, he puts their success down to the influence of his wife. Although perhaps he has been able to give their organisational performance an edge, in much the same way he hopes manager Louis van Gaal will at Manchester United in the coming months!

View Professor Ghobadian’s profile on the Henley website.

In the intervening years, his focus had always been on research that would be of use in informing policy decisions, and he became a leading authority on why some organisations perform better than others, studying management initiatives and strategies to find the answers, and publishing a wide variety of papers along the way.

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