Leadership Values Archives - Gordontredgold https://gordontredgold.com/category/leadership-values/ Thu, 19 Jan 2023 19:42:04 +0000 en-US hourly 1 https://wordpress.org/?v=6.2.1 https://gordontredgold.com/wp-content/uploads/2021/06/favi-img.png Leadership Values Archives - Gordontredgold https://gordontredgold.com/category/leadership-values/ 32 32 5 Things I Learnt About Leadership From Marcelo Bielsa https://gordontredgold.com/5-things-i-learnt-about-leadership-from-marcelo-bielsa/ https://gordontredgold.com/5-things-i-learnt-about-leadership-from-marcelo-bielsa/#respond Wed, 02 Mar 2022 09:45:49 +0000 https://gordontredgold.com/?p=20779 As someone who has supported Leeds United for over over 53 years, through the good times and the bad times, it was with great sadness that I learned of the departure of Marcelo Bielsa. As a coach/manager he is unique. His impact on the my club, my city and on football was so profound. It […]

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As someone who has supported Leeds United for over over 53 years, through the good times and the bad times, it was with great sadness that I learned of the departure of Marcelo Bielsa.

As a coach/manager he is unique. His impact on the my club, my city and on football was so profound. It was magical, at times unbelievable and endearing, So much so that the entire city took him into their hearts and hung on his every word, every gesture and every action.

As leader, he was incredible, he transformed a group of 3rd rate players into winners who would confound those of us, who had seen them fumble for success previously.

Here are 5 things i learned from his as a leader.

Culture Change Can Be Achieved More Rapidly Than You Think

If you study who long it takes to change culture, most experts will tell you it takes time. You might start to see the first changes in 3 months, but normally you would need at least 6 month.

Marcelo Bielsa changed Leeds culture in just 6 weeks. After taking over a dull team, who finished in 15th place playing dour football, he transformed them into a high energy, all attacking powerhouse. I remember watching the first game in charge versus Stoke, with the commentator stunned to see the same players from last year playing such amazing football. We won the game three nil against a team that were supposed to beat us easily. Marcelo changed the culture so quickly by letting everyone know why it would be beneficial to the team, to the players individually and why it would be great for the fans too. He made it easy for people to buy into his vision, as everyone benefited. When you can create that kind of dynamic change happens very quickly. When everyone benefits there is no resistance.

Verbal Communication is Overrated

All experts, including myself talk about the importance of communication, and here we usually mean verbal communication. Here’s the thing Marcel Bielsa changed the culture within just six weeks, and yet didn’t speak English when he joined Leeds. Most of his interviews were via a translator such was the poor quality of language skills.

However, much of our communication, 70-93%, depending on which expert you listen to is non verbal. Marcel communicated his commitment, his belief, his passion through his actions, through his intensity and through his work ethic. Sure his strategies need to be communicated in English, but given what we have seen this is clearly a much smaller part of the success than we might think. We often hear its more about walking the walk, than talking the talk, and Marcelo was a living testament to that theory.

In one game that stood our he demonstrated his integrity, when he thought that we had scored a goal unfairly. He immediately insisted that we let the opposition score without any resistance. They just walked the ball down the field and scored to get what felt was justice. No words would ever communicate his integrity more than that single act.

You Don’t Need Great Players to Make A Great Team

When Marcelo Bielsa arrived at Leeds many of the squad were deemed surplus to requirement and it looked like we would need an infusion of better talent. But Marcelo didn’t ask for new players, he said that he would make the current team better. He saw in many skills and capabilities even they didn’t know they had. One player in particular, Kalvin Phillips, he told him he would change his position and if he followed the instructions he would be an England International within 2 years. No one believe that, not even Kalvin Phillips, yet 2 years later he was called into the England squad and the following year he was Englands player of the year during our run to the European Championship Final.  During our first season back in the premier league, when we finished 9th, the majority of the players were those who had languished near the bottom of the championship previously.

If you have the right plan, the right preparation, and you create belief it is possible to transform any teams performance. Great teams are based on great strategy, applications and belief, not just great players and it’s a leaders job to bring those ingredients.

It’s About More Than Just Results

It’s true that results are important, but the transformational impact that you can have on individuals, on teams, and on communities is just as important. Pep Guardiola said that for him Bielsa is the greatest coach because no one improves players better than he does. When he was asked about the importance of winning trophies that that was just as much down to the quality of the squad as it was the coach, and that how you improved pleasers was a more important measure.

Also, are the improvements we made sustainable, and will they live on beyond our tenure, what will our legacy be. Will it be limited to what was achieved whilst we were there or will it last long after we have gone, as that is the true measure of a transformational leader.

The Buck Truly Does Stop With You

Under Bielsa I saw this taken to an absolute new level of accountability. When asked about every setback, or when prompted about any player who might not have come up to the mark Bielsa always took the blame. If the team played badly it would be because of his tactics and the way he had set the team up. If asked about a player he would say it was his fault because he had chosen the player and given him the instructions. When things went well it was because of the team when things went badly it was because of him. When the team was injury ravaged, and other teams were calling off games because of covid he would still send out a team, and if they got beat say we had the resources to win, but he hadn’t found the right formula. When giving assessments of performances there were never any excuses, just clear assessments of where we could have done better, or an acceptance that the other team deserved the win. There was no blaming of referees, or other players for their tactics. Bielsa shouldered all blame and protected his players.

As you might have guessed I am a fan of Bielsa and sad to see him leave, but the mark that he has left on Leeds United the club, the players who played under him, and the City of Leeds will live on long after his departure. How do I know this? because even today his first club Newells Old Boys, remember him with love and affection, so much that many of them followed his exploits at Leeds.

True leaders are a rare breed, they are an inspiration and we should learn to cherish them for their impacts can be immense.

 

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Lorem Ipsum https://gordontredgold.com/lorem-ipsum-5/ https://gordontredgold.com/lorem-ipsum-5/#respond Wed, 26 May 2021 11:48:26 +0000 http://localhost/gordontredgold/?p=98 5 Steps of Designing And Conducting Effective Sales Calling

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5 Steps of Designing And Conducting Effective Sales Calling

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One Crucial Leadership Trait That Top CEOs Have https://gordontredgold.com/one-crucial-leadership-trait-that-top-ceos-have/ https://gordontredgold.com/one-crucial-leadership-trait-that-top-ceos-have/#respond Sun, 04 Nov 2018 06:42:02 +0000 http://gordontredgold.com/?p=17777 People management is arguably the toughest tasks of the 21st century world. With so many work choices available, employee churn rate is higher than ever before. So, how then can we ensure that we retain our staff and inspire them to push themselves to perform their best? What is the one crucial leadership trait that […]

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People management is arguably the toughest tasks of the 21st century world. With so many work choices available, employee churn rate is higher than ever before.

So, how then can we ensure that we retain our staff and inspire them to push themselves to perform their best? What is the one crucial leadership trait that allows top CEOs of the world like Sundar Pichai, Elon Musk and Salil Parekh to retain the workforce behind their giant empire?

Well. It is one (simple, yet not so simple) skill – Empathy.

The ability to understand and share the feelings of another. This seemingly simple skill is indeed very difficult, and very few have mastered the same.

Empathy is one crucial leadership trait that top CEOs have.

“Empathy is the imaginative act of stepping into the shoes of another person and viewing the world from their perspective.” – Roman Krznaric

Before we discuss in detail why empathy is important, let’s first understand what it really means to be an empathetic leader?

Who are Empathetic leaders?

Empathetic leaders are self-aware, other-aware and us-aware. They observe themselves and seek to understand the feelings, perspectives and lives of others. They empathize into the future and beyond the human species.

How does Empathy allow leaders to reduce master staff management?

The need to be heard and belong is an innate human need. We feel the need to be valued by others, especially in a group setting.

Empathetic leaders are aware of the feelings of others, and our hence able to make sure the work dynamics is such that all feel heard and respected. An apathetic work dynamic tears down, discourages and pushes away employees who may just need a slight push. Whereas, an empathetic leader is able to create an environment where people feel ownership of their work, respected for their opinions and appreciated for their efforts.

The little (yet important) considerations and attention that an empathetic leader gives to his employees has a building effect.

In fact, it is biology. Small acts of kindness release the feel good hormone is the recipient. Therefore, consistently paying attention to the well-being of others, has a powerful reciprocal effect, thus boosting the loyalty and efficiency of employees.

Furthermore, as there is a growing demand for flat organisational hierarchy, empathy is crucial skill for CEOs to master in order for them to be a charismatic leader (and not an authoritarian one).

Apart from employee retention, does empathy have any other use?

Well. Many.

1 – An empathetic leader can truly understand one’s pain point, and hence provide an apt solution

Businesses try to find solutions to a paint point of customers. That is how money is made. When an organization solves a customer’s “pain,” the value addition generates capital gains.

An empathetic leader will be able to truly understand the needs, desires and pain points of the customers, and hence be well equipped to curate solutions that truly add value.

2 – An empathetic leader is great at negotiations.

Empathetic leaders know their target’s desires and risks they are or aren’t willing to take. They are able to recognize the other’s emotions and perspectives, and therefore can conduct the negotiation in a way that is beneficial to both parties (or at least make it seem so).

3 – An empathetic leader is a conscious global citizen

Since an empathetic leader’s efforts and care extends beyond their immediate organisation, they naturally tend to be environmentally conscious and aware of their impact on the society. This automatically enables them to win the hearts of all.

If this one single skill is so powerful, why do so few people seem to master it?

  1. It takes time.
  2. It may seem unimportant in the short-run as its rewards are only reaped in the long-run.
  3. It takes patience.
  4. It takes a true desire to master the skill of Empathy.

Therefore, if you are willing to exert the effort and time to master Empathy, you will already be ahead of several other leaders. Empathy is a 21st-century skill – start early and master it.

Guest Post by: Igor Smirnov. Igor is a Chess Grandmaster and founder of KeytoVictory

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Are You Spending Your Time On The Right Things? https://gordontredgold.com/are-you-spending-your-time-on-the-right-things/ https://gordontredgold.com/are-you-spending-your-time-on-the-right-things/#respond Tue, 08 May 2018 16:57:58 +0000 http://gordontredgold.com/?p=17382 There are 1,440 minutes in a day. Do you have any idea how many of your minutes are spent actually contributing to your income? More importantly, do you have any idea how many of those minutes are contributing to the impact you make in the world? Many entrepreneurs believe they have to hustle around the clock in order to make […]

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There are 1,440 minutes in a day. Do you have any idea how many of your minutes are spent actually contributing to your income? More importantly, do you have any idea how many of those minutes are contributing to the impact you make in the world?

Many entrepreneurs believe they have to hustle around the clock in order to make it and become successful.

That couldn’t be further from the truth.

The 24/7 hustle mentality is not only broken, but it is dangerous. Working around the clock leads to depression, burnout, and broken relationships.

Matt Kohn is the founder and Head of Growth at Different Hunger Media, a lifestyle brand that empowers digital agency owners to live more and work less through systems and automation. Matt himself transformed from burned out freelancer to 6 figure agency, and he did it – not from hustling – but from implementing systems and auditing his time on a daily basis. In fact, through this strategy, entrepreneurs are able to scale their businesses while working 20 hours or less per week. Today he gives us a rundown of how to leverage our time so that we no longer have to hustle your time and lifestyle away.

Know Where you Spend your Time

How can you change the way you spend your time if you don’t know how you spend it? Entrepreneurs are often guilty of going through the day working on a million different things without even realizing it. Self-awareness is critical to any change you want to make in life. So the first thing you have to do in order to break out of the hustle mentality is to track how you currently spend your time.

Keep a detailed log of how you spend every hour of every day for 4 weeks. For those of us working online, just use simple time tracking apps like Toggl to do this. Don’t overthink it. Just log it. Once you have your final log, you will be able to visualize exactly how much time you spend on every task you do. By the end of the 4 weeks, you should know how many hours you sleep at night, how many hours you waste by scrolling through social media and everything in between. When you tally up your log, you may have an “ah-ha” moment, and that is a good thing. Self-awareness is key to growth and change.

Filter your Tasks

There are many tasks that entrepreneurs and business owners must do to keep the business going. However, very few of those tasks are actually income generating activities. Sure, some of them may need to be done, but do you need to do them?

Now that you have your time log, take some time and run each task through the following filters:

  1. Can the task be eliminated? Is the task a valuable use of time that generates income or is otherwise required. Be honest with yourself here. We are often guilty of working on tasks that don’t really need to be done at all.

  2. Can the task be automated? With all of the technology advancements in the world, many repetitive tasks can be automated. From social media posts to accounting, a lot of tasks can be set up to be completed on autopilot for very little money compared to the time that you already invest in it.

  3. Can the task be delegated? If you cannot eliminate or automate, can the task be delegated? There are virtual assistants who charge by the hour available online, and their skills vary widely. You can find help for everything from content writers to website design to eCommerce store management.

The bottom line is that the only tasks you should keep for yourself are the ones that focus in on your zone of genius and strategically grow your business. You should be proficient at and enjoy everything that you choose to invest your time in. Most other tasks can be eliminated, automated or delegated.

Optimize your time

Now that you have run all of the tasks you work on through a filter, it is time to implement and optimize. Systemize your recurring tasks, delegate any low-value work or tasks that require skills you don’t have, and automate as much as you can through hiring or technology.

The tasks that are left over should be tasks that significantly contribute to your business growth and development. Examples of these tasks are things like high-level business strategy, product development, expanding into new markets, systems, and processes optimization, negotiating deals and partnerships, mapping sales funnels, etc.

The more systematic and structured your schedule is, the more time you will gain back to your day and the more flexibility you will ultimately gain. Build your schedule by grouping related tasks together and daily themes. Once your daily themes are established, assign those tasks to a timeslot in your calendar the same way you would with an appointment or meeting. They will become appointments with yourself, and you should honor those appointments the same way you would honor an appointment with a client or your doctor.

Conclusion

You do not have to constantly hustle to succeed as an entrepreneur or business owner. There are only 1,440 minutes in a day, and the truly successful people know that their time is their most valuable asset. When used wisely, there is enough time in the day to spend with the people you love, doing the things you enjoy and making an impact in the world.

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Eliminate conflict in the workplace with these 5 tips https://gordontredgold.com/eliminate-conflict-workplace-5-tips/ https://gordontredgold.com/eliminate-conflict-workplace-5-tips/#respond Tue, 23 Jan 2018 23:40:26 +0000 http://gordontredgold.com/?p=17157 Have you been noticing signs of conflict in the workplace? Whether you’re directly involved or not, it’s crucial you’re doing everything you can to resolve it – conflict can be terribly detrimental to employees, even if it’s simply going on around you. With that being said, here are five essential tips to help you alleviate […]

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Have you been noticing signs of conflict in the workplace? Whether you’re directly involved or not, it’s crucial you’re doing everything you can to resolve it – conflict can be terribly detrimental to employees, even if it’s simply going on around you.

With that being said, here are five essential tips to help you alleviate any conflict in the workplace.

Talk to the boss

 One of, if not the simplest way of handling workplace conflict is by telling your boss (or at least any higher-up) about it. You can at least plant the seed and let them know about any conflict you’ve experienced, whether you’re directly involved or not – it’s still detrimental to the environment in the workplace regardless.

Find a good time to talk to your boss and then be sure to clearly and calmly give an explanation as to what has been happening. Bosses are often busy and unaware of goings-on internally, so it’s likely they have absolutely no idea of just how severe or damaging the conflict is becoming. It’s important to let them know.

Work together as a team

Conflict can easily arise should you not work together as a team to achieve results. Your ideas and opinions over the tasks at hand will likely be conflicted and, if you’re not working together on things, it’ll become a lot harder to be productive and reach the desired goals.

Be sure to make an effort to come together and work on things with colleagues if you need to. There’s no harm in approaching somebody, especially if you feel stuck or that a colleague possesses a higher level of skill for that certain task. Don’t fret – it’s worth asking. And, by working together, you’ll be sure to create bonds you can rely on, diminishing any chance of conflict.

Be more sociable

 Try to talk to your colleagues about matters that aren’t work-related, too. It’s important to be sociable and open with your peers at work, whether it be during lunch breaks or on team-building days – so long as you’re making those relationships between the people you work with, conflict is a much less likely situation to arise.

Consider asking people at work whether they’d like to go and grab a drink, perhaps after a long Friday in the office or otherwise. It’ll help you socialise with people there may be rifts within the workplace – issues can often get in the way of personal bonds, and so socialising could help remedy any internal conflicts. 

Report workplace bullying

 Have you noticed some bullying occurring in the workplace? Smart Pension highlight how almost six in ten people have witnessed bullying in the workplace – it’s not uncommon. And it’s important to do something quickly about it before it becomes damaging for the victim – whether it be things such as subtle insults or name calling, or something more severe, be sure to take it up either with a boss or with HR.

It doesn’t matter whether you’re the victim or not – by eliminating the bullying, you’ll be creating a more pleasant and worthwhile atmosphere in the workplace for everyone. Take it upon yourself to be the person who does something about it, and you’ll stand out as a productive and caring employee.

Are you the boss? Be proactive

If you’re the boss and have been told of a conflict in the workplace that is affecting your staff negatively, it’s important to put an immediate plan into action in order to remedy it. Your employees’ wellbeing should be your highest priority, and so it’s important you’re doing all you can to make them feel comfortable and happy.

Perhaps talk to those affected individually to grasp a well-rounded view of the situation before going forward with a solution – get all the facts and the evidence before you do, though. Anyone being wrongly accused will not be very appreciative of it.

 

 

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4 Investments Businesses Should Make to Keep Employees Happy https://gordontredgold.com/4-investments-businesses-make-keep-employees-happy/ https://gordontredgold.com/4-investments-businesses-make-keep-employees-happy/#respond Mon, 08 Jan 2018 18:17:20 +0000 http://gordontredgold.com/?p=17131 Keeping the employees happy is one of your primary objectives as a leader and a business owner. Happy employees who genuinely enjoy working for your company always produce better results and are often more productive than unhappy ones. There is also the fact that happy employees care more about what they do and the wellbeing […]

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Keeping the employees happy is one of your primary objectives as a leader and a business owner. Happy employees who genuinely enjoy working for your company always produce better results and are often more productive than unhappy ones. There is also the fact that happy employees care more about what they do and the wellbeing of the business itself.

Naturally, you can’t expect to keep employees happy without putting in some efforts and investments. There are a lot of things you can do to make – and keep – employees happier. In this article, we are going to focus more on the 4 investments you – and other businesses – should make to keep employees happy.

Better Communications

Many business owners make the mistake of thinking that good internal communications will be established on its own. This is a mistake that could prove to be fatal to the growth of the company. Not all team members can communicate well with each other; this is something that you have to work on from very early in the game.

To get started, you must first develop a habit of acknowledging employees’ complaints and inputs. Failure to show enough appreciation for the inputs will only reduce the employees’ willingness to communicate in the future. Next, invest in developing a clear, comfortable, and transparent way of communicating with each other internally.

Work-Life Balance

Employees who can maintain proper balance between work and personal life tend to be happier than those who focus solely on work. Work-life balance is something that businesses can be more involved in creating, especially when the goal is to keep team members happy and performing well.

Instead of pushing employees to their limits, for example, it is much better to invest in better time management, better tools and resources, and of course better employees so that each member of the team can have enough time for their personal life too.

Team Building

Team building is another thing that a lot of businesses still dismiss as unimportant. Just like maintaining clear and transparent communications, having a solid team is actually one of the competitive advantages that will get your business ahead from its competitors.

Forget about formal team-building sessions and boring activities. You only have to look at what top service providers now offer to understand how good of an investment team building can be. The list of corporate hospitality activities from Team Tactics – available at https://www.teamtactics.co.uk/corporate-hospitality/ – is a great place to start.

Team building brings a lot of benefits for the businesses. Employees working as a solid team are more productive and operate much more smoothly. They also communicate well with each other and will maintain a more positive attitude, even during tough times. These benefits allow your business to enjoy a nice boost in productivity.

A Great Work Environment

Yes, an office that inspires employees to be productive is also a great investment. Larger companies are shifting towards a more semi-formal office design with extra facilities for this reason. We all know how fantastic Google’s or Apple’s office is, don’t we?

However, investing in a great work environment could also mean investing in a platform that allows employees to work remotely. Remote working enables employees to choose their own work environment based on personal preferences. You still get that boost in performance and a great return on your investment; you also get the ability to lower your overhead costs with more employees working remotely.

Keeping employees happy isn’t as difficult as many believe, but you have to be willing to make the right investments for your team members. With these top 4 investments in mind, there is no doubt that you will be able to take employee happiness to its highest level.

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Five Things My Father Taught Me That I Never Learnt In School https://gordontredgold.com/17094-2/ https://gordontredgold.com/17094-2/#respond Mon, 18 Dec 2017 21:48:30 +0000 http://gordontredgold.com/?p=17094 You spend ten to fifteen years studying and gathering an education and learning the skills that are supposed to land you the jobs that will help you create the life you want. The only problem with that is, the formal education doesn’t really teach you about mindset, dealing with people or about how to react […]

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You spend ten to fifteen years studying and gathering an education and learning the skills that are supposed to land you the jobs that will help you create the life you want.

The only problem with that is, the formal education doesn’t really teach you about mindset, dealing with people or about how to react in times of adversity, all of which are fundamental in achieving real and sustainable success.

It was in these areas that my father had a huge impact on my development, and these are the five things that he taught me which have helped me advance my career and that I will look to pass on to my children.

1. Don’t let your history determine your future.

My father came from a family of coal miners going back several generations, in fact, every living male relative of my father worked down the coal mines. But that wasn’t a life my father wanted for himself or his children. My dad decided that education was going to be his escape route, so he worked hard and became the first member of his family to go grammar school and then he completed the equivalent of an electrical engineering degree. This allowed my father to get a good position at a telecoms company and break the cycle of coal mining.

My dad used to tell this story to me often to remind me that anything was possible and that we should set our goals based on where we want to be rather than where we are. He used to say “don’t let your history determine your future.” Following his advice and example, I was the first member of the family to go to University, and then went on to become a Top Leadership Expert, who’d written three books, even though there were no authors in our family.

2. Treat everyone like they’re important.

My father was always a humble man, he treated everyone with respect, whether they were a janitor or managing director. He always used to say, “remember no matter how successful you become you still put your trousers on one leg at a time, same as everyone else. Never demand or expect special treatment. Never treat people badly just because you feel they’re beneath you. Make everyone feel important because you never know who they know, or what they will become.” It’s amazing the impact that this has on people, especially yourself; it helps build trust and respect, and it also makes people more willing to help you in your goals.

3. Do the tough things when it matters most.

My dad was a big sports fan, and he was always most impressed by the players who got the job done when the going got tough. He said these were the people you could depend on. It’s easy to shine when things are going well, but those who are truly the best do their best when the going is the toughest. That’s what will make you stand out. It was this advice that made me volunteer for the tough projects, those that no one else wanted to do, and when we successfully delivered them it was this that helped me stand out and get promoted ahead of my colleagues.

4. Come in quietly, do a great job, leave loudly.

My dad would always say, “don’t tell me what you can do, show me.” In fact, he hated those people who would shout about how good they were and who would then come in and fail. He always said to me, “come in quietly, under promise, over deliver, then leave loudly as it always leaves a better impression.” He always believed it was better to shout about what you’d done, rather than shouting about what you’re going to do.

There’s a fine line between arrogance and confidence and using this advice always helped me stay on the right side of that line. Arrogance can be a real turn-off, but when you’re confident it helps build trust and confidence in others.

5. You sleep soundly with a clear conscience.

If there was one thing my father said more than any other, it was “it’s never the wrong time to do the right thing.” When it came to his values, it was this that was the one that most important to him. He always said, “it’s easy to know what’s the right thing to do just ask your conscience, and if you always do the right thing you will sleep a lot more soundly.” In business there are many times that we have to make tough decisions, one’s that can have a big impact on the lives of others.

These are never easy decisions to make, and nor should they be, but if you can be sure that you have done the right thing, not only will you be able to look yourself in the mirror, but also your colleagues. You cannot put a price on a clear conscience.

Following this advice has helped me achieve some amazing goals, things that others thought were impossible, it’s allowed me to remain humble, earn trust and respect and also sleep soundly at night. This is exactly what I wish for my children and why I will be sharing the same advice.

What five things would you like to pass on to your children and why?

First published in Huffington Post.

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7 Regrets of a Failed Entrepreneur https://gordontredgold.com/7-regrets-failed-entrepreneur/ https://gordontredgold.com/7-regrets-failed-entrepreneur/#respond Fri, 08 Dec 2017 06:55:56 +0000 http://gordontredgold.com/?p=17062 95% percent of new start-up businesses fail, and often for reasons that were completely avoidable. Others fail because of a lack of organization, preparation, or a good understanding of what takes to run a successful business. Unfortunately, I have experienced plenty of that failure myself.  When it happens, afterward, there is always a feeling of regret for […]

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95% percent of new start-up businesses fail, and often for reasons that were completely avoidable. Others fail because of a lack of organization, preparation, or a good understanding of what takes to run a successful business.

Unfortunately, I have experienced plenty of that failure myself. 

When it happens, afterward, there is always a feeling of regret for things that, in hindsight, you would do differently if you had the opportunity.

Here are seven regrets that many failed business owners experience.

1. Didn’t do any market research

The number one reason that startups fail, which accounts for 42 percent, is that they have created a product or offered a service that no one wants. It’s great that you love your product, but if your customers don’t want it, then you have no business. Do your market research. Find a problem that you can solve and offer a product that solves it.

2. Didn’t know who their customers were

This one never ceases to amaze me. You would be surprised how many entrepreneurs, when you ask them who their ideal customer is, can’t give a clear answer. Or, even worse, they tell you that everyone is potentially a customer. If you don’t know who your customers are, then they probably don’t know who you are, either, which makes it difficult for them to find you and buy from you.

The tighter you can define your ideal customer, the sharper and more targeted your marketing can be.

There are probably few feelings worse than seeing your business go bust with a sea of untapped customers available.

3. Didn’t use their network enough

Selling to family and friends is hard. I know from my own experience that it doesn’t feel quite right, or it can feel like you’re asking for charity. But there are two quotes every business owner should remember.

“All things being equal, people will do business with and refer business to those people they know, like, and trust.” –Bob Burg

“Your network is your net worth.” –Tim Sanders

Your network is an invaluable source of leads and should not be overlooked, as they probably fall right into that know, like, and trust category and will be a great source of referrals and potentially direct business.

4. Didn’t focus on sales enough

Sales is tough, very tough, and many of us, myself included, would much prefer to work inthe business rather than on the business.

But spend too much time working in the business and pretty soon you will be out of business.

No sales, no business. It is as simple as that.

It’s so obvious when you are looking back over the wreckage of your failed business, but sometimes we do not see it because we are so involved. Every business owner should set clear sales targets that are aligned with the overall business goal. These need to be monitored closely, with any necessary adjustments made quickly if we want to be successful.

If you’re not aggressive about sales, then you don’t have a business. You have a hobby.

5. Set prices too low

When it comes to selling services, it’s easy to fall into the trap of selling on the basis of cost rather than value, often using a simple cost-plus pricing model.

However, this puts you into the category of trading hours for dollars, which, while OK, is probably not going to set the world on fire.

You should look to price things according to the value that you can bring to the customer rather than just the cost of doing the work.

6. Focused on revenue, not profit

It’s not about how much you take; it’s about how much you keep. If I had a dollar for every business owner who went out of business because he or she didn’t understand the cost model, I’d probably have enough money to retire comfortably.

It’s good to be focused on revenue, but you also need to understand your profitability, as it’s profitability that determines the viability of your business. It doesn’t matter how many widgets you sell if you’re selling them at a loss. You will go out of business.

One client that I worked with, we just managed to keep her business afloat and then turn it around.

She first asked me to consult with her because she was taking $20,000 per month within just five months of starting her business, and she wanted to increase that to $40,000 because there was great demand for her products. When I asked what was the profit margin, I was met with silence. Then she said she didn’t know.

Over the next two weeks, we looked to get a better understanding of the costs and profit situation. It turned out that she had a range of products that, depending on who supplied the components, varied in profitability from 5 percent to 50 percent, and at that time her overall average profit was 10 percent. This meant she was working more than 240 hours a month for $1,500 in profit, which is hardly a sustainable business model.

So rather than look to increase her revenue, we focused on switching out her less profitable suppliers to increase her overall profitability. This allowed her to achieve an average of 40 percent profitability, which increased the profit from $1,000 to $8,000 per month, without increasing revenue or work effort. This is a sustainable business and one that is worth growing.

7. Increased costs too quickly

When you’re running your own business, it’s easy to get caught up in the thrill of it and take new offices, buy lots of equipment, build an expensive website, get a company car, or something. There are many things we can spend money on, but you need to make sure your costs go up in line with your profits. I know in my first business not only did I pick offices that were grander (read more expensive) than I needed, I ended up paying for them for one year after the business closed down.

Focus on keeping your costs to a minimum, and only buy those things that you need.

Business can go bust for any number of reasons, but it’s the ones that we could have avoided that will cause us the most regret and leave us to dream of what might have been.

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4 Things that Employees Expect from a Great Leader https://gordontredgold.com/4-things-employees-expect-great-leader/ https://gordontredgold.com/4-things-employees-expect-great-leader/#respond Thu, 08 Dec 2016 21:04:35 +0000 http://gordontredgold.com/?p=16297 4 Things that Employees Expect from a Great Leader As a business owner, it’s not only important to be a good boss – you must also be a good leader to the people whom you work with. As the person in charge of your company, it’s down to you to ensure its success, which often […]

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4 Things that Employees Expect from a Great Leader

As a business owner, it’s not only important to be a good boss – you must also be a good leader to the people whom you work with. As the person in charge of your company, it’s down to you to ensure its success, which often means building good relationships with your staff and promoting high levels of satisfaction and engagement at work. But, it’s impossible to do these things successfully if you are a bad leader, as no matter how hard you try, your employees are still likely to resent you if you do not manage well or set a great example in the workplace. We’ve listed just some of the main things that employees want from a good leader at work.

Knowledge

In order to lead successfully, you will need to be an authority figure in your field. Although many business owners don’t have formal qualifications, studying for a degree such as the AACSB online MBA degree from Northeastern University can certainly help you to expand your business knowledge and ensure that you are able to provide your employees with any answers to their questions. A good leader also has to be a trusted advisor; therefore studying for a program such as an online MBA degree can be very useful for not only improving your business skills, but your leadership skills, too.

Humanity

One of the biggest mistakes made by many business owners and managers is leaving their ‘human side’ at home. If you turn into an emotionless robot in the workplace and don’t care about the personal plights of your employees, you’ll end with a bad reputation fairly quickly. As a good leader, it’s important to let your human side show in order to connect with your employees in a positive way. Sharing some information about yourself and chatting to employees on a personal level about their families, hobbies, interests and more is just one of the things that all great leaders know is important.

Transparency

Another key quality that employees expect from great leaders in the workplace is transparency. Employees who are kept in the loop about what’s going on at work tend to be much happier and far more satisfied with their roles than those who are kept in the dark and have changes sprung upon them suddenly. Constant communication with your employees, either electronically or in-person, will ensure that they are kept up to date with business developments and relieve any anxieties that they may have about changes at work. Along with informing your employees, great leaders also ask their opinions on changes and developments, as they know that what the workers think is hugely important to a company.

Opportunity

Lastly, great leaders will always jump at the chance to provide their employees with great opportunities. Whether it’s networking with influential people, regular on-the-job training, having first pick of new positions that arise in the company, or even providing funding for college tuition, great leaders invest in their people and are there to help them to reach their goals.

What do you expect from a great leader? We’d love to hear from you in the comments

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20 Bad Habits That Stop You From Becoming A Great Leader https://gordontredgold.com/20-bad-leadership-habits/ https://gordontredgold.com/20-bad-leadership-habits/#respond Wed, 12 Oct 2016 20:39:45 +0000 http://gordontredgold.com/2016/10/12/20-bad-habits-of-ineffective-leaders-2/ 20 Bad Habits That Stop You From Becoming A Great Leader You can learn a great deal by reading books and articles about what the good leadership habits, ones that you can copy to help improve your leadership, and I highly recommend that. But it’s also worth taking the time to learn what bad leaders […]

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20 Bad Habits That Stop You From Becoming A Great Leader

You can learn a great deal by reading books and articles about what the good leadership habits, ones that you can copy to help improve your leadership, and I highly recommend that. But it’s also worth taking the time to learn what bad leaders do, what habits they exhibit so that we can learn what to avoid too.

From my 25 years of leadership experience, here are some of the top habits of highly unsuccessful and ineffectual leaders that I have seen, and in some cases, their justification for having them.

These are habits best avoided, if possible!

1. Believing they have all the best answers

They know that the reason that they have been put in charge is that they are smarter and better than everyone else. So when it comes to deciding strategy, solving problems, or resolving issues, there is no need, or point in involving anyone else.

One of my favourite quotes comes from Ken Blanchard “no one is as smart as all of us.”

Good leaders know this. They understand that our collective IQ far outweighs any individual IQ and that it doesn’t matter how smart you are you can’t know everything.

2. They react, rather than respond

Driven by their emotions, they react quickly to situations without worrying about facts or the repercussions of their actions.

They can always show good emotional intelligence by apologizing later.

It’s our EQ that determines how successful we will be as leaders, and good EQ allows us to manage our emotions. It enables us to understand our feelings, manage them and then take time to make the right decision.

When we just react our thought processes are not fully optimal and this can cause us to make mistakes.

3. They like to take big risks (the bigger the better)

Bad leaders like to gamble and take big risks. They believe in the adage “Nothing Ventured Nothing Gained” and that Smart Risk taking is for wimps.

When I questioned a decision that one boss was taking his response was, “That’s not your concern, I get paid big bucks to take the big risks and make the tough calls.”

Personally, I thought he got paid the big bucks to take the right risks and to be successful, but what did I know.

Risk taking is key to success, as Mark Twain says, “why not go out on a limb, that is where the fruit is.

Good leaders focus on smart risk-taking. They take their time to understand the situation, they understand the potential causes of failure, the probability of success and put plus in place to either mitigate that failure, respond to it quickly, or not take the risk if the probability is too great.

4. They believe that talking about it is the same as doing it

I always remember the first boss I worked for, when the CEO asked him how it was going, he said: “It’s going great, we have been discussing the problem for two days now.” The only problem was, that was two days that the business couldn’t operate, and we were no closer to finding a solution.

There is a time for talking, for agreeing on what needs to be done, but once we know what’s needed then it’s time for action.

5. They focus on finding who to blame rather than solutions

It’s better to know whose fault it is so that we can fire them and make sure this doesn’t happen again.

It’s much easier to blame people than to accept our accountability and own up to our mistakes and failure. When we blame we give away our ability to fix things, to turn failure into success, which then contributes to being an ineffective and unsuccessful leader.

Good leaders understand the importance of accountability. When they refuse to blame and take ownership it sets the tone for the organization, it encourages others to take ownership and helps to create a culture of accountability.

6. They believe their own PR

There is a big difference between confidence and arrogance; the former helps build trust in the leader, the latter destroys it.  As soon as you start to believe your own PR, then you are leaning more towards arrogance and starting down a path that is going to end in tears.

Arrogance clouds vision, it can make us feel that success is inevitable and that we only have to turn up to succeed. But it doesn’t work that way, anything worth achieving requires hard work and is going to have the occasional setback.

If our arrogance gets in our way of preparing for these challenges then this can seriously impact our ability to succeed.

Good leaders build confidence in themselves, their plans and in their teams.

7. They don’t waste valuable time on planning and preparation

Sometimes you just have to dive and get it done. Don’t worry about what’s involved, or whether you’re focused on the symptom or root cause, just do it.

My favorite comment was, “we can afford to spend time and money on planning; we just need to get started.”

Which was interesting because we found the time and money to do it again correctly after that first attempt failed badly.

I’m a big believer in the 5P rule Proper Preparation Prevents Poor Performance.

We need to make sure that we don’t over prepare which can lead procrastination and delay us from taking action, but we do need to make sure that we have done the minimum preparation needed.

8. They only hire people beneath them

As a leader, it is critical that you are the most skillful and knowledgeable member of the team, that way everyone can focus on their job rather than working out how they could replace you.

I worked at one company where the boss told me that he liked to recruit from the bottom quartile because it kept the costs down. He then added, “the only problem with that was the results sucked.” Who would have guessed that.

As leaders, we should not be afraid to hire people who know more than we do, especially in some of the technically complex areas we may have to manage. A leaders job is not to know everything, not to be better than everyone, it’s to get the best out of the team. One of the best ways to do that is to assemble the best possible team. If the leader can’t or won’t hire anyone better than themselves, then they become the limit of what the team can achieve.

9. They only focus on instant success

It’s all about results, and if we find that they are not coming, then we need to move quickly on to another topic.

They believe that a lot of short-term success will lead to long-term success.

The challenge here is that we need to make sure that these short-term successes are sustainable and are aligned with our long terms goals.

If they are not, then they are just a distraction.

One of the best pieces of advice I know is Aim High, Start Small, and Keep Going.

This is because big successes are an accumulation of small successes, but they need to be the right successes. They need to be the ones that move us towards our overall goal.

When we get that right it acts as a motivation and encourages our teams to continues as they can now see how success will be achieved.

10. They only focus on the big picture, not the details

Don’t worry about the details, focus on the big picture, as that will keep you motivated. We all know the devil is in the details, but that could lead to concerns, a lack of belief and even worse, de-motivation.

As leaders, we need to keep our eyes on both the big picture and the details.

We need to plan top-down, using our big picture vision, but then we need to confirm our plans bottom-up by checking on the details.

When we take this dual approach it will allow us to keep our eyes on the prize and also know what things need to be done on a daily basis to keep us progressing towards that prize.

You will never get into heaven by focusing on the small details, but your project and businesses will go to hell if you ignore them.

11. They focus on weaknesses not strengths

As leaders we cannot have or show any weaknesses, so we need to work on eliminating them, or failing that, hiding them.

When it comes to weaknesses we all have them, probably more than we would like to admit. But when we focus on our weaknesses it takes us away from what we are good at, what differentiates us from everyone else.

We need to be honest about our weaknesses and those that hinder our chances of success need to be worked on, or we need to find someone to cover that area for us.

When we focus on our weaknesses we limit ourselves to mediocrity, when we focus on our strengths it allows us to potentially achieve greatness. 

12. They confuse stubbornness with determination

“Winners never quit, and quitters never win” is a great approach to achieving results.

However, you’re bordering on stubbornness if your approach is failing but you refuse to change it.

Good leaders understand when things are not working and they know when the approach needs to be changed.

I like the approach of be stubborn about your goals, but flexible about your approach to achieving them.

13. They don’t play well with others

It’s hard to play well with others when you adapt a command and control approach to leadership. People like to be led not managed.

When you isolate yourself by not creating a network that you are supportive of, and that is supportive of you, this significantly restricts what can be achieved.

The bigger and more supportive our network is the larger the pool of available resources that we can call upon.

14. They think praise is for wimps

It’s ok to praise people once we have achieved success, but praising people just to keep them happy is not a good approach to building a strong, resilient team.

We’ve got to be mean to keep them keen, and praising people too often makes a team soft.

At one company where I worked I was actually encouraged by HR to stop praising people. They said “people didn’t need to be praised as they were just doing their jobs, jobs which they were paid to do, and that should be praise enough for them”.

I was stunned at this, and asked why they felt this way, and our HR head said “well no one praises me for doing my job”.

Just because you’re no receiving praise doesn’t mean that you should stop to praise others. According to Maslow’s Hierarchy of Needs praise and recognition is something that we all crave, and many crave it more than money.

Interestingly, a few weeks later I actually praised the Head of HR for doing their job, just to see how they responded. As you can probably guess they were very flatter and felt good about it. Even people who think praise is for wimps like to get praised.

Good leaders know the power of praise and look to create a culture of recognition, as they understand the positive impact that this has on results.

Also, the more you praise people the more praise you will receive.

15. They always take and never give

The more we take, the more we have, and that’s how winners are made. It’s a dog eat dog world, and we have to fight for our share.

Bad leaders adopt a scarcity attitude, believing that there is not enough to go around so focus on making sure they get their share, whether it be money, praise, or position.

Good leaders adopt an abundance approach, they are happy to share.

They understand that the more you give the more you can get back. They don’t make it all about themselves, they put the team first and themselves second.

16. They’re quick to criticize

If you want people to improve, you need to point out their mistakes quickly and clearly. It’s also best to do this publicly so that others can learn too.

Nothing kills enthusiasm quicker than criticism. The louder and more public the criticism, the quicker the enthusiasm and engagements dissipates.

It’s much better to praise in public and criticize in private. We also need to remember that criticism needs to be helpful, supportive and of benefit.

If it isn’t, then it’s not criticism its punishment.

Good leaders look to improve their teams through coaching and mentoring, not by criticizing and punishing.

17. They’re easily distracted

Never content with their current goals, they are constantly looking for the next big thing that the get involved in.

I think the reason for this is that it’s much easier to start something new than to finish something important.

I worked for one boss who had a tremendous track record for staring amazing initiatives. However, when you looked at what was successfully completed it was a different story.

His answer was always the same, Leaders kick things off, managers complete them, and I am a leader.

Now while I understand the sentiment, it does require you to surround yourselves with the right managers people who you put into a position where they can be successful and then support them to succeed. When you do that, then yes you’re not only a leader, you’re a great leader.

But if you just kick-off important initiatives and then hand them to over to someone else, without a backward glance or any offer of support, then it’s a different story.

Great leaders know it’s about getting initiatives across the finishing line, that it’s better to start one thing and finish it successfully than to have ten incomplete projects that ultimately fail.

18. They always make excuses

There are a million and one reasons why things don’t work out as planned, so it’s not always our fault, and we need to remember that so don’t become too de-motivated.

One boss told me never ever accept responsibility, as it could be career limiting, and to always have someone ready to blame or a good excuse handy.

As Rudyard Kippling says, “there are a thousand reasons but no excuses.” I am a firm believer that once we start going down the excuse path then we are giving up, we are looking to blame circumstances, the situation or even someone else for failure.

We need to own our failure, learn from them and improve. We need to understand the reason for a failure and then look to mitigate it or eliminate it, this is how we progress.

19. They just love to micro manage

It’s hard to trust everyone, so by micro-managing your staff, you can keep a close eye on things, and look to offer advice or step in if things start to go wrong.

Micro management is one of the most limiting management techniques, as well as one of the worst, because when you micro manage it limits your scope of control to the number of people you can directly manage.

Great leaders understand the importance and power of delegation ad empowerment. The more we share our control with our teams the more work that can get done and the bigger and better the results can be.

But it requires the leader to have confidence, not only in their team, but also in their own leadership. The majority of times I see someone micro managing it’s invariably because of a lack of confidence in themselves.

They prefer to be hand-on doing the work rather than leading.

Micro management is extremely negative and it’s not good for the person being micro managed, as it can be difficult to perform under such close inspection, and it’s not good for the manger either.

No one likes to be micro managed nor work for someone that is a micro manager.

20. They practice inconsistently

It’s great to be inconsistent because it keeps your team guessing, which in turn keeps them on their toes.

Predictability, on the other hand, can lead to complacency.

It’s true that we need to keep our teams on their toes, but there are much better approaches than a lack of consistency. We can do it by challenging them to keep improving, by having regular reviews where we look to hold them accountable.

In fact I would say that predictability in these aspects is more likely to keep your team on their toes. If you know you will be reviewed weekly or monthly it will encourage you to make sure the tasks are completed.

Whereas inconsistency breeds doubt, uncertainty and fear in our teams.

One boss that I worked for, he was terribly inconsistent. What he felt was good work one week could be perceived as poor performance the following week. Teams presenting to him never knew where they stood, because they didn’t have a consistent picture of what good looked like.

When teams know what good looks like, then they can aim for it, and they also know when they have achieved it and that increases the probability of success.

Team like consistency and predictability, it helps them in their decision making and ensuring high performance.

These traits are not just limited to ineffective and unsuccessful leaders, many of us can exhibit them from time to time, I Know that I have and occasionally still do, but we need to look to eradicate these behaviours and bad habits if we want to become good leaders.

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