An Ernst & Young Entrepreneur of the Year 2010 and CEO of technology company Asperity Employee Benefits - Number 2 in the 2011 Sunday Times Tech Track, Glenn Elliott shares his thoughts and advice on starting a business, building a team and culture, focussing on clients and keeping investors happy.
After 14 years, 2 successful startups (plus a few failures "that didn't count"), an acquisition from a big bank and a £25m acquisition for his own business, Glenn's got experience and battle scars to share.
Running a business that services over 700 clients globally including many household names, he's built a business with an amazing culture (two stars Sunday Times Best Small Companies) and an amazing team of happy people servicing happy clients
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We just launched our first product and I could not be more pleased with the result.
Paper is where ideas begin....
Last week I stumbled upon an article called “Two Things”...
11 posts tagged Business
BBC TV : Business Nightmares “Persil Power”
This is a copy of BBC Two’s Business Nightmares with Evan Davis show from 2009 - Episode 2 which majored on the product / marketing disaster Persil Power which had to be withdrawn from the market at great expense as it made holes in clothes.
It’s a good programme, but it almost misses what I think of as the main point of this story. It’s presented as Unilever’s marketing disaster, but actually I think it is really a demonstration of what happens if you create a chink in your armour that a competitor can exploit. It was actually Proctor & Gamble’s intense activity to stir up the media that caused the frenzy, and without them exploiting the situation there wouldn’t have really been an issue. Bear that in mind whilst you’re watching this otherwise interesting reminder of the whole situation.
If you’re too young to remember the Hoover “Free Flights Fiasco” then read this helpful marketing history lesson. There’s loads more on the net if you get interested in it.
Last week I stumbled upon an article called “Two Things” which I think was originally blogged about by Glen Whitman, an Economics professor at California State University Northridge in 2004. It got re-posted quite a bit back then but, internet being what it is, times have moved on and quite a few of the original blog posts have been lost.
Anyway, it really got me thinking, so I’m keen to share it with you and expand upon it a little.
The Story of Two Things by Glen Whitman
A few years ago, I was chatting with a stranger in a bar. When I told him I was an economist, he said, “Ah. So… what are the Two Things about economics?”
“Huh?” I cleverly replied.
“You know, the Two Things. For every subject, there are really only two things you really need to know. Everything else is the application of those two things, or just not important.”
“Oh,” I said. “Okay, here are the Two Things about economics. One: Incentives matter. Two: There’s no such thing as a free lunch.”
The Two Things game is simple
It just suggests that for every profession there are only two things that really matter. Everything else is either a function of or product of those two things or isn’t really that important.
I’ve become interested in the Two Things game - not just how you apply it to professions, but how you could also apply it to other things in business - processes, projects even meetings. Imagine if every meeting you went into you agreed with your colleagues (or just yourself) what the Two Things are that you want to come out of it with. Could it make you more effective in getting what you need?
Last week I was sitting with Tracy Mellor, our Group People Director as she finished a revised job description for our UK Head of Corporate Sales job that she is currently recruiting.
“It’s too long”, I complained about the 2 page job description that she has written. “But everything on it is important”, she said, followed by “we need to get better at making it clearer all the things a job involves”. So we played about with the words in a few places and combined a few bullet points where, on reflection they were really saying the same thing. We made it a few lines shorter.
“It’s still too long”, I said. I was worried that people would read it and remember nothing, rather than everything - I have a very young workforce (or “Gen Y” if you’re in Australia) so we’re talking YouTube generation , attention span of a gnat etc (no offence team, we’re just being honest here).
I said, “How about we add the Two Things to the end of the JD, just to sum up what’s really important.” So we added a last section :
Two Things about Head of Corporate Sales
Which just sums it up - if the person in this role gets those two things right, then everything else in their JD will either be done as consequence of that, or will pale into insignificance. If they achieve those to things but other bits of detail fail - I’ll forgive them for that, those two things are the most important - they keys to success in that job.
Spurred on by this, I quickly rattled off a few more:
Two Things about Head of Development
Two Things about Head of Asperity 360 (Our dedicated unit servicing clients of up to 500 staff)
Two Things about Head of Operations (call centre, voucher and card despatch etc)
One of the things I have to do in my job at Asperity is to try keep the wheels turning as easy and freely now we’re heading towards 200 employees as they were when we had 20. When you have 20 people in a room, things are easy - you all talk and see each other every day. 200 people across 6 offices on 3 continents requires more effort. It’s not impossible, I’m certain of that, but it does require consciously searching for oil for the wheels. Could the Two Things game be part of that oil?
The great thing about Two Things is that it leads naturally to focus. Once you’ve agreed the Two Things for a particular job, project, task or meeting then you can evaluate every task or suggest against them and see how much that task or suggestion supports the TwoThings, dropping what isn’t really important.
I was lucky enough to be introduced to Larry Billet a while back who is Chairman of the sandwich chain Pret a Manger. He gave me lots of helpful advice and advised me to “look for where you can move the needle”. Many other people have given their own words suggesting focus and looking for where the value really is. Maybe the Two Things about why good businesses lose track are “complexity increases, focus is lost”?
So I don’t know where this will end. Maybe you’ll start seeing Two Things on the back of Asperity staff business cards, maybe we’ll start asking ourselves where we can apply Two Things to other things, such as “Two Things about the meeting this afternoon” or “Two things about this project”.
Maybe you could try the Two Things game today and see if it helps - whatever happens, let me know through the Comments link below and/or tweet then at #twothings. But remember :
Two Things about the Two Things game :
Have fun,
G
In this great BBC radio programme from 2010, Business Editor Robert Peston talks to Sir Stuart Rose of Marks and Spencer, Damon Buffini of Permira, Sir Gulam Noon and others about the effect that their traumatic childhood had on them.
I’ve given this link to many people over the years and it has often rung true with themselves or other driven people that they know. Whether you’re an entrepreneur running a business, an entrepreneur working hard in sales or an entrepreneur working on a board there are some good glimpses of people in this programme that can help with self-awareness.
“We used to have a Performance Improvement Programme (PIP) for staff who weren’t doing very well and needed close management. Unfortunately it quickly became known as the ToodlePIP programme.”
I heard this from another company and it did make me laugh this week - be careful how you brand and name your internal programmes, they can quickly be subverted for humour.
1. Nespresso machines. Buy one for every place in your life.
2. People saying what they really think and being honest. And funny.
3. Letterpress cards made in iPhoto.
4. Salesforce Dashboards on my iPad.
5. Feng Sushi takeaway in Notting Hill, London.
“We’ve got no money for acquisitions, no additional budgets for projects - you just need to work with what you’ve got and we want you to stay another 3 years.”
Investor (not mine, fortunately) to management team on the opening of their blue-sky strategy day.
Asperity has just been noted as the 2nd fastest growing technology company in the UK in The Sunday Times Tech Track 2011 which is great.
The Tech Track 100 ranks Britain’s 100 privately-owned technology, media and telecoms (TMT) companies with the fastest-growing sales over the last three years. Companies are ranked by their compound annual growth rate (CAGR) in sales over their latest three financial years between 2007 and 2010, or 2008 and 2011.
Asperity Employee Benefits has achieved an annual growth in sales of 266.52% between 2008 and 2011, putting us second, just behind online money lender Wonga.com, which has seen annual growth of 361.29% over the same period.
I’m really proud of everything our team has done over this time - we’ve grown so fast whilst keeping our spirits high, caring about each other and having a lot of fun. It’s been a relentless focus on our clients and customers that’s done this and it shows how you can really change a market if you obsess about quality and deliver what the client really wants.
Other employee benefits providers including our friends at Thomsons Online Benefits have ranked in the league this year and previous years but, number 2 is the highest position that anyone in our industry has ever achieved.
Congratulations to the short term lending company Wonga.com who came top.
You can find our profile on the Tech Track website.
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