Futurist Sarah Owen talked about “Future Forecast 2024” to EO Melbourne

How will young people think and behave in 2024? 

Trend forecaster and futurist Sarah Owen, Co-founder & Global Futures Director at SOON Future Studies, recently shared how SOON Future Studies has uncovered “the global drivers of change as well as 30 emerging trends that will help drive business decisions over the next few years.”

SOON is a futures think tank focused on human insights. Hosted at The Taboo Group, office of EO Melbourne Member Andrew Mackinnon, the "Future Forecast 2024" EO x SOON Event with Sarah Owen was attended by EO Melbourne Members, Strategic Alliance Partners and members of the SLP Forum. 

At this event, Sarah, also a social scientist with a background in studying youth culture and social media, revealed that “In 2024, a social, political, and environmental tipping point will drive people to drastically reform and rewire their world. From reinventing the notion of work and challenging the current growth narrative to reshape societal norms and developing entirely new digital realities, this report outlines the emerging mindsets and movements unfolding in the next few years.”

She pointed out that “We live in a liquid society; a period in time where the concepts of identity and individuality are becoming more and more elastic.”

Sarah then gave an overview of the different Drivers of Change and possible News Headlines in 2024. She also talked in detail about the various Key Trends, such as Life Wellbeing, Meta-worlds, Age of Awareness, Reworking Work, Revenge Travel, Retail Revival and the Post-Growth Paradigm, illustrating the emerging trends for each.

The insights shared and discussed allowed the participants to better understand how Gen Z and Millennials would approach work, travel, food, gaming and shopping in the future. It then gave the members ideas on how they can align their businesses with the emerging trends taking into consideration the various drivers of change.

Participants say that “the content was great” and “it is so diverse and eye-opening” that they hope for “more future events because this was incredibly inspiring.”  An EO Melbourne member who came to the event shared that he got at least eight good take-outs from the session.

Leadership teams from various sectors now look at futures studies with interest as these studies provide them with tools for dealing with uncertainties, building resilience among their teams, and mapping out the future of their businesses or organisations.

How to keep your team inspired at work

The lockdowns imposed during the pandemic have pushed many businesses to manage their teams remotely. Now that restrictions are easing, and the world is starting to return to some form of normality, some have embraced the “new normal” with people going back to face-to-face activities but with certain safety protocols imposed. Others still work from home, while there are others that have adopted hybrid working arrangements.

Regardless of the work set up in your organisation, it is undeniable that your employees’ happiness and mental health are important in keeping your team together. It also helps them to be motivated and engaged in your business and immersed in their jobs. Apart from your regular catch-ups and meetings, it is helpful to come up with some activities and initiatives that also cater to their other needs.

Reach out to them individually

Letting your staff members know that you value them as part of your organisation will also enable them to put importance on their relationship with you. Since every staff member may be going through different situations and may have varying concerns, it is helpful to reach out to them one by one and check on their circumstances.

When the pandemic happened, Ben Beattie, Managing Director of True Blue Plumbing Australia, dedicated time to check on his team. “I took the time to call every staff member individually, asked them how they are coping and if there was anything True Blue Plumbing Australia could do for them and what their thoughts were on how the company has handled the pandemic,” he stated.  

Clayton Cross, Head of Strategy at Expia, shared a similar sentiment. “We reach out to them to know where they are at, individually,” Clayton remarked. This simple gesture matters to every member of your team, so it’s beneficial to do this every now and then,

Gather feedback and address issues

Whether during individual calls or at regular group huddles, make sure to gather feedback from your team members and address immediate concerns. “Taking on their feedback and addressing any issues was a great way to make all staff feel heard,” Ben iterated.

Such feedback will provide you with insights on how you can further strengthen your team, improve your systems and services, and grow your business. When team members feel that their input and ideas are being considered by the company, the more they become engaged and involved in the business.

Host a dinner or socials and do activities that build the team

The pandemic was challenging to most individuals and businesses. However, people have become more creative in keeping their teams together. Many have come up with virtual get-togethers and other fun and enjoyable activities, big or small.

During lockdowns, Ben and his team at True Blue Plumbing Australia gathered online for some lighthearted moments. “We held an online social and paid for dinner and drinks for everyone. This really helped morale and eliminate the feeling of disconnect,” Ben shared.

Team lunches or dinners, fun games and team-building activities are initiatives that will get your people to strengthen their bond as a group and reinforce their teamwork. 

Jeremy Chen, Managing Director and co-founder at Good Things, has tapped experts for their team-building activities. “BeChallenged runs a great course that is fun and the enchanted adventure garden in Mornington peninsula has some fun scavenger hunt/ropes courses, but nothing beats a good internal dinner and drinks.”

Give them some pampering

Allow your staff members to enjoy something that can help them relax and de-stress. Clayton has come up with some initiatives that could bring delight to the team. “We offer them something that meets their immediate needs, such as a massage or a quality home-cooked food delivered,” he said.

These are things that will make your team appreciate being part of your organisation and inspire and motivate them to be engaged in your business. 

Encourage continuous growth

People always yearn for growth, such as skills upgrade, advancement in their career path or bigger roles in the organisation. Provide them with an opportunity to thrive and learn more, wherein they can apply such learnings to their personal and professional development as well as to the growth of your business. Training, seminars, workshops, conferences or additional education would be beneficial to them and your organisation. 

When it comes to continuous learning for your key executives, EO has a Key Executive Program, a program that permits an EO member to have a key executive from their business to participate in EO learning events and EO Accelerator learning events and become a member of a Key Executive Forum. Learn more about it at https://www.eomelbourne.org/key-executive-program. 

Data vs gut-feel in decision-making

When do you use data and when do you rely on instincts in making business decisions?

Decision-making is important in every business and organisation. It is crucial in finding short-term, medium-term and long-term solutions to problems or plans that need to materialise. 

There are different ways and factors in arriving at a certain decision. Some have to be done at a snap of a finger due to the need for urgency. Others have to be deliberated carefully by a team. Then, there’s this age-old question, “Should you use data or should you rely on your instincts or experience when making business decisions?”

Many entrepreneurs recognise the value of both in decision-making. One must be able to know how to weigh when one is more necessary than the other in a given situation. Relying only on one may put decision-makers at a disadvantage. It is helpful to look at data and listen to gut-feel and learn from experience when coming up with a plan or strategy to navigate through one’s decision-making process and arrive at a sound resolution. 

Data and gut feel go together

There are circumstances when data weigh heavier than gut and vice versa. But one has to consider both when arriving at a resolution. According to Renata Freund, Founder and Director at Honeycomb Strategy, “Data and intuition go hand-in-hand, both playing a role in business decision-making. Together they are the secret sauce that underpins great entrepreneurs. Data is your confidence. It is what allows you to make decisions with conviction, knowing they are grounded in truth. Instinct is your creativity. It is what allows you to experiment, to create the new and reimagine the old. When you pair that confidence and creativity together, that’s when the magic happens.”

This was echoed by Hayden Brass, Founder and Managing Director at Zea. He remarked, “They are both critical and both play an important part in my business. For marketing, a lot of instincts have played a part in coming up with unique concepts and ideas for campaigns, but often, this has to be backed up by relevant data. When it comes to reviewing the return on investment for a marketing campaign, it is crucial to look at the data and statistics to determine whether one’s gut instincts are accurate or not.”

He also added, “And when it comes to hiring staff, this is probably the most critical of them all. It is important to go through the relevant standard hiring processes to see if they are “on paper’ a good fit for the organisation. This is one of the most crucial steps in vetting candidates. But as it approaches the pointy end of the hiring process, the more I like to pay attention to my gut instincts as to whether I believe they are the right person for the role or not. By no means is this always accurate, but it is complementary to the data collected on the candidates and both play important roles in finding people that are a good fit for our organisation.”

Nitasha Badhwar, Co-founder and Chief Strategy Officer of Sunpower Renewables agreed that both go together. “I think both data and gut-feel go hand-in-hand, and you can’t necessarily isolate one from the other. Data prepares you (like a weather app) but your gut-feel defines your direction.”

She cited an example from her experience, “When we started working with lithium-ion batteries, the prices were exceptionally high. It was difficult to develop a commercially viable product without stripping features to a bare minimum. If we had just relied purely on data, we would have started many years down the line which wouldn’t have afforded us the time to experiment, develop and evolve a truly comprehensive product. At that time, it was just gut-feel to jump into product development, given the data we had in hand. Today, our product line has a range of products catering to customers’ every need including an Intelligent energy flow optimizer which turned the product from a regular generator to a smart generator. On the other hand, our gut-feel was to stick to b2b and not develop the online sales channels, but the pandemic and data proved us wrong, and we are now embarking upon developing this sales channel.”

A balanced approach can help

David Fastuca, CMO and Co-founder of Locomote, maintains a balanced approach when it comes to making decisions. “I relate this back to marketing because within the marketing world, there's often this fight between data-driven marketing in which you spend a dollar, you get X dollars back, and then there's the marketing that you can't attribute, which is like a brand.”

David further illustrated this by providing an example, “When someone sees a link to a post on LinkedIn, just because you might be getting low engagement or five likes and two comments, it doesn't mean that few people are viewing it. The ideal customer you're trying to get might have read it but just hasn't interacted with it. Then all of a sudden they come to your site and then they inquire about a demo. Where does that attribution go to? It's easy to say, ‘Okay, they clicked an ad and then they signed up, so let's throw more money on ads.’ But the truth could be is that they saw your post, they read your blog, they interacted with some other content on your website, or they heard you on the radio. Maybe, all of a sudden, they saw an ad as they were scrolling through Instagram and then decide to click it.”

“But what happens is that the CEO of the business or the CFO says, ‘That lead is attributed to this ad spend so let's put more money into that,’ when really you need to attribute that to beyond other channels. So, that's where the instincts and gap come into play. I try and have a balanced approach where 50% of my decisions are using data and 50% is based on my instincts and what I'm learning in the space. If things are improving, such as more conversions are happening on my website, then I will attribute a good percentage across both channels, the ones that you can really track because it's really analytical. But then, it's always important to be working on your brand and your awareness through channels that you don't spend on. So, while I do 50-50 decisions, I also split my budget differently across those channels. So, I do 70% of my budget on what I can track really tightly and closely, such as outbound meetings being booked and calling. Then, I reserve the remaining percentage to the brand, which is content and things that you can't track because as a business, you always need to be investing in your brand over the long term,” he explained.

Decision-making in business is crucial because it affects a lot of people, both in the internal and external environments, including the peripheries. It is important to take into consideration all the factors that may be necessary for arriving at a particular resolution. It’s always good to check the numbers and it also pays to listen to your instincts.

Mentorship: it’s a two-way learning

It was a first-time for both mentee Laiken Kerr Clarke, Director at Medisound, and mentor Catherine Duncan, COO at Matthews Steer Accountants & Advisers, to take part in EO Melbourne’s Mentorship Program and both found it enjoyable. Plus, they found the program nicely structured, which allowed them to go through their objectives for this mentorship journey.

“We did have that prior time where you thought about your goals and what you wanted to achieve through the mentorship. I think it just set a nice foundation that you could work off from, as you continued on along the journey with the mentor,” Laiken remarked.

Recognising common ground

Catherine recalls how they began with their journey, “Laiken and I met at that session where we were paired up. How they set that up that morning of us getting to know each other, I found it really good fun. I think we got to know each other pretty quickly in a short space of time.”

To which Laiken concurred, “We just had the same outlook on a lot of things – the same values and the way we saw the world and our kind of place and role in it. It was definitely something that I picked up immediately. Also, we have similar interests like yoga and the spiritual side of things, which clicked us quite quickly. It was a nice surprise, I guess. It wasn't something that I thought would happen to go into it, but it was a very good addition. We had lots of interests outside of business that was aligned.”

And there’s an interesting story to their similarities, which Catherine explained. “Apart from the fact that we've both got an accent as well, which is another similarity, the really quirky, funny thing was Laiken’s name and the background to that. It’s a place in Scotland where I actually lived 20 minutes from, and it's a very remote part of Scotland where she was referring to. So, I thought that was quite spooky, actually. We were very well matched in a lot of similar interests, which were fantastic.”

Finding direction through their conversations

As they found many parallelisms and similarities in their background, Laiken and Catherine also learned a lot from each other. “There were so many that came out of it, so it's hard to just go down on one,” Laiken pondered. 

She continued, “I heard a great quote a little while ago and it was something like ‘good mentors give useful answers but, great mentors ask great questions.’ I think that's what Catherine did really well and just effortlessly. Coming from that side of it, it helped me to solidify what I wanted to do and which direction I wanted to go. That then propelled me to make certain decisions based on those questions and conversations that we had. So, I think that the key learnings would definitely be to ask better questions and really dig down into what your motivations are for why you are choosing to do certain things and go in certain directions.”

But the questioning and learning were not just coming from one side of the mentorship because Catherine, too, was picking up insights from Laiken. “For me, the questioning part is interesting because, likewise, Laiken does ask a lot of really good questions. I think a lot of our discussions ended up about whatever Laiken was doing in the business or thinking about doing. It was actually tapping into how she was feeling about it. It’s that connection with both the health and the whole being of the person. It’s not just about your business but also about your heart, soul and mind. That was really easy to help align Laiken into where she was going because she's very clear and structured in what she's doing. And she's done wonderful things and got an incredible vision of where she wants to go.”

“It was just really tapping into that and checking in with herself along the way. Doing that with Laiken reminds me to do it with myself. That's the thing when you're working with somebody. It's about applying it back to yourself and going, ‘Oh, am I doing that for me, too?’ It's very easy to do it with somebody else because you're talking to someone than applying it to yourself. So, that was great learning for me. I guess it's that validation of surrounding yourself with good and like-minded people but in totally different industries and totally different walks of life, yet you have so many similarities that you can navigate together. I just love that I always come away percolating what we talked about. So, it was always two ways for me,” Catherine added.

Recognising a solidifying, powerful experience in mentorship

Not all the time one can experience a positive experience in mentorship, but for those who do, it can be so impactful to them. In the case of Laiken and Catherine, their mentorship experience is something they will always treasure. 

“The whole experience in itself is really solidifying, how powerful that can be. Also, a lot of people would struggle to find a mentor, but just the uniqueness of this relationship is quite nice. I had thought there might be an element of forcedness or that it wouldn’t quite work, but it's just been really a nice experience and something I’ve really enjoyed, and I’m very happy I got into it,” Laiken professed.

Catherine couldn’t agree more. “For me, it comes back to that whole thing of validating. When you talk to somebody in a place of trust, you get deeper into those visions and those goals that you become more familiar with what the purpose behind it is. For me, another learning is you need to talk things out what you're thinking just to really validate back to yourself. What is the purpose? What am I trying to do? Why am I trying to do this? It’s a simple thing of talking about building different relationships with a certain person and then seeing what difference that would make if you do that across a wider range or how that would change you. Those deeper discussions really resonated with me, and Laiken’s been great in sharing that and just helping me validate the need for those deeper discussions and deeper relationships with people who you can trust. It's been great to get that opportunity through EO to do that.”

There’s so much that mentorship can offer. In fact, many entrepreneurs have recognised the value of mentorship in their journey and growth. If you’re interested to know more about EO Melbourne’s Mentorship Program, visit https://www.eomelbourne.org/mentorship. 

Strengthening your 2iC as a way of strengthening your business

One of the long-term goals of many business owners is to be more focused ON the business rather than to be IN the business. This means that they evolve from doing job execution and daily operations to heavily leaning towards setting strategic directions and vision achievement of the company. To do so, entrepreneurs have to free certain space on their plate so that they can concentrate on growing their business. This is where having an effective 2iC becomes critical.

A 2iC or second-in-command is the next in line after the CEO. The 2iCs may have different position titles but they have two major roles, which are to help manage the business, especially during the absence of the CEO, and manage their relationship with the CEO. Having a strong 2iC is important to build and develop your management team.

Entrepreneurs share the key things they do to ensure that they have a reliable 2iC that can help them in their business.

Hire a trustworthy person fit for the role

The first thing to do to make sure you have a trustworthy 2iC is to find the right person fit for the role. It has to be someone with whom you share similar vision and values and who has the right skillset needed for the job.

“Employ someone you trust,” said ​​Clayton Cross, Head of Strategy at Expia. “Employ someone with better skills in complementary areas of business. Employ a hard worker,” he went on. It is important that you are able to hand the management of the business to your 2iC so that you can focus on the macro parts of your company.

The relationship between you as the CEO and your 2iC is extremely significant because it will hold your whole organisation together. Otherwise, if there are gaps and cracks in your business relations, it will affect the entire team and, eventually, will have an adverse consequence to your business.

Spend more time with them

Having a 2iC doesn’t mean that you will live in two separate worlds. You may have your respective areas to focus on but will still have constant communication with each other because you will have to work together to attain what you have set to achieve for your business.

This is why for Ben Beattie, Managing Director of True Blue Plumbing Australia, “I think the key thing for me is to spend a lot of time with them and encourage them in their personal development. The more time you spend with them, the more likely they will take on your approach to the business. Also, don’t be scared to trust them with responsibilities before you think they are ready.”

Similarly, Rob Roy Rankin, Principal and Founder of Rankin Business Lawyers, makes sure he spends time with them regularly because he believes that communication is paramount. “We have a standing weekly meeting to ensure we are on the same page, where we catch up on what is happening in each other's lives. We identify, discuss and resolve any issues. We also discuss business strategies and project plans,” he shared.

Define roles and support them in their roles

Understand that a 2iC is not a “spare tire” but someone who only functions in the absence of the CEO. Rather, they take an active role in the company, alongside the CEO. You have to have definite functions and specify which responsibilities you will handle and which ones you will delegate to your 2iC. That way, you have a clear delineation of roles and a smooth system and process on how to run things.

For Rob Roy, he finds it useful to put careful thought into this. “We read Rocket Fuel by Gino Wickman & Mark C Winters and used this to define our roles, what was expected of each other and how we work best together,” he revealed. On a day to day basis, Rob supports decisions made by his 2iC and they both make sure that neither undermines each other.  

Even if your 2iC is advanced in experience and have leadership capabilities, it is still important to look after their professional growth and development and their other needs. Allow them the opportunity for ongoing Executive Education. The more you build and strengthen them, the more they can be productive and do better for your organisation.

You and the 2iC onwards the future of your business

As you pilot your business towards your targets, goals and vision, your 2iC is the co-pilot that will provide you with the added skill and support to steer your company towards the direction you’re heading. And even without or with less supervision from you, you are assured that someone trustworthy can lead your business forward.

Work together on how you’ll fly your business in the altitude and distance you aim in your entrepreneurial journey. Equip your 2iC with tools so that both of you can look after your team more efficiently and drive your organisation at an accelerated pace that will have long-term benefits to your business and everyone in it.

The beauty of mentorship: having someone focused on your growth

The EO Mentorship Program runs for 12 months where mentors and mentees have regular monthly catch-ups, which usually last for only an hour or more. But for mentees like Jeni Clift, Owner and Co-founder of Otto, those regular conversations with her mentor, Anthony Closter, Director at Urban Land Developments, were precious to her. 

Jeni Clift enjoys being a mentee as it provides her with the opportunity to learn from someone who is focused on her growth.

“For me, I think the real value is in taking a couple of hours out every month and sitting down with somebody who is completely focused on me,” Jeni remarked.  “I didn’t always have specific questions or know what I needed coming to our meetings but Anthony was great at picking up on something in my month’s update and leading the conversation,” she said. Jeni understood how important it is to have someone focused on her entrepreneurial journey because she, too, has been coaching other business owners and executives as an EOS Implementor.

“I’m usually the mentor. But, yeah, I decided to throw my name in the hat to become a mentee and to be on the other side of the table for a change, to be learning from somebody else and having somebody available to reach out to when I had questions or just didn't quite know what to do,” she explained.

As a mentor, Anthony Closter appreciates that the program has given him the structure to actually help and provide some mentorship.

Anthony admits that the prospect of mentoring someone who’s been doing it herself is quite intimidating. “I was a little bit intimidated by the prospect of trying to help or mentor somebody who generally mentors other people. We first caught up with the training with Carlo and it was a little bit daunting at the time because obviously, as Jeni’s already mentioned, she trains people so she's a business/life coach in her business life.”

Although it was their first time to meet during the Mentorship Program training day, they instantly bonded well as a mentor and a mentee because they share a few common things. Jeni calls it “intimacy” (instant intimacy through EO’s confidentiality) – a term that is often used in EO – because Anthony is an ex-EOer himself. 

It is for this same reason that Anthony agreed to become a mentor for this program. “I was a member of EO from 2006 to probably 2016 – for about 10 years. I got a lot out of EO and loved it and loved the way they went about it and the benefits of being a member. So, when I was asked by James Murray to be a mentor, I thought I’d jump at the opportunity and, hopefully, get to meet some more people and also give a little bit back to EO for everything that I took out of it over the 10 years.”

Apart from that, they also share other commonalities, which is why Jeni found it easy to have that trust with Anthony as her mentor. “Anthony's background appealed to me. He is regional-based, I’m in Geelong, but I’d lived in country Victoria for 20 years. He'd had some big businesses, such as in hospitality, with lots of staff. I wanted to learn from his experience managing lots of staff, as we were growing towards a bigger business,” Jeni shared.

Jeni appreciates that she could reach out to someone when she’s got concerns with her business. She recalls, “I’ve just been through some “stuff” in one of my businesses and just rang Anthony and said, ‘Hey, have you got a minute?’ He said to me at the end of the call, “Ring me every week”. I did that until things started to settle down. Having somebody that you know is on your side, that you can reach out to, knowing that those conversations are confidential and just having somebody that can give you a whole different perspective, is valuable. He's bought and sold different businesses and exited businesses so I trusted his insight.”

She adds, “It’s having somebody on your side where there's no expectation of anything in return. There are some people when you ring them and you know that they're going to expect something in return. I know that I can ring Anthony, ask him a question, he'll give me an answer and I know that he's on my side.”

Another thing Jeni values in mentorship is learning new insights from Anthony. “I don't know anything about hospitality or land development, but some of his experiences have really triggered ideas in me that I can go and put into action,” she explained. Anthony’s knowledge about connections and tapping into what he’s done before to expand his network helped Jeni to think of various ways to grow her consulting business, the EOS business, which is still in startup mode.

But it’s not just Jeni who’s learning from their regular catch-ups. Anthony has also picked a lot of ideas from Jeni as well, especially with her work on EOS. Other than business learnings, they also get to talk about life and family. For Anthony, the beauty of the EO Mentorship Program is it's being structured. “This is the first proper structured mentor process that I’ve been through and so far, it's been really good. It's a great experience. I love catching up monthly and talking about things that we’re going through. Sometimes, there are specific issues we've got to talk about and sometimes, it's just a general chit chat about what's going on in our lives.”

He added, “It has been something that has given us some structure to actually help and provide some mentorship. Hopefully, Jeni is finding that she's getting something out of it because it is a really difficult time that Jeni's in a startup and it's really hard to start a business when you've been locked down for 240 days or whatever has been. It's really tough, so I think all credit to Jeni for doing what she's doing and forging through with her business.”

Anthony has imparted encouraging words that still ring in Jeni’s mind. She recalls, “A few things that Anthony said to me through the course of our conversation that I’ve now got in the back of my mind that keeps popping up to remind me, which is to stay positive and to just keep an eye on my business and make sure that that’s still okay.”

This is what makes Jeni appreciate her mentorship journey even more, which is having a mentor who looks after her welfare as an entrepreneur. “When do you get having somebody sitting there for two hours and they're just completely for you in that time frame? But to me, that's the biggest value – the thought process that I go into before our meeting and then all I take out of that meeting to put into action over the next couple of weeks.”

Like Jeni, many EO Melbourne members are also reaping the benefits of the Mentorship Program. Recognising its value to the members, another intake is about to take place this March 2022. EO Melbourne members who are interested to be part of the program are welcome to apply at https://www.eomelbourne.org/mentorship. 

Managing conflicts within your business

Disagreements, miscommunications and misunderstandings are never absent in any organisation, even in business teams. There will always be varying opinions and work styles because each individual is different and you cannot always control how they respond to certain situations. But when all these arise into a conflict, how do you handle them so that the entire team is not affected and work will not be jeopardised?

Before a conflict can escalate into something uncontrollable, it is better to nip it in the bud, come up with a resolution and review ways on how you can avoid such situations in the future. These are some tips and insights on how you deal with conflicts and ease the tension within your team. The aim is that differences and problems will be resolved, build better working relationships and lessen similar instances going forward.

Have an open and honest dialogue

The first thing to do when there are misunderstandings and opposing sides on certain issues is to come together and have a dialogue between the parties involved. A mediator can help neutralise any agitation and encourage a calm and genuine discussion. It’s good to see each other’s side as to where they are coming from, where the gap happened and where both parties can be heading after the dialogue. 

“For us, open and honest conversation is the key to conflict resolution; overseen by a third party if it cannot be resolved between team members,” shares Nitasha Badhwar, Co-founder and Chief Strategy Officer of Sunpower Renewables.

Nitasha explains, “Company culture is very important in instilling a strong sense of ownership of a common goal within the team and our shared common objectives act as a strong unifying force. We do have a lot of passion and enthusiasm within the team, which sometimes leads to frayed nerves and strongly differing opinions. Ultimately, as team members with a common objective and compassion for the environment (being a renewable energy company with a focus on sustainability) and one another, it is easy to find our way back to a resolution. The understanding of each other’s roles and responsibilities from the ‘buddy days’ also creates a better understanding of each other’s perspectives while working towards resolving the conflict.”

Clarify intentions and interpretations

Conflicts sometimes happen due to communication errors. It could be that the message was not conveyed clearly, the message or the feedback was misunderstood, or there were gaps along the way, such as lack of information or delay in communication. People may perceive things at one angle only, and thus, often arrive at a different conclusion, which may raise antagonism or discord. This is often a challenge nowadays, especially with the lack of face-to-face communication among colleagues and co-workers.

John Bevitt, Managing Director at Honeycomb Strategy, acknowledges this as a concern to having effective team communication. “I would say that the majority of ‘conflicts’ that happen within the team occur because of a miscommunication or misunderstanding – which has only been enhanced during COVID-19 and lockdowns when everyone’s working remotely and predominantly communicating through email and Slack.”

So, how do they address such concerns? Here’s what John imparts. “With 93% of communication being non-verbal, you miss all the cues that help to understand someone’s intentions when you communicate through text. So the first thing we do now whenever we feel there’s a risk of a misunderstanding is jump on a Zoom or phone call to discuss. Once something has been discussed, having the other person playback their interpretation of what’s been covered and clearly communicate next steps and actions help further minimise the chances of miscommunication and make sure that the team is in alignment.”

Create a culture of care and compassion

There’s a saying that “prevention is better than cure”, and it’s the same with conflict. It’s better to mitigate things and prevent them from escalating into a full-blown dispute. This is what Karl Simity, Managing Director of Canopy, tries to achieve within his team by having a corporate culture where members extend kindness and understanding to one another.

He illustrates, “Our focus is on making sure that it never gets to ‘Conflict’. I believe that a major contributor to this is having the value of first-class communications embedded within our culture. First-class communications to us are anticipating concerns and communicating any problems before they become an issue. We pride ourselves on always being clear and honest in the way we communicate with one another. In being authentic with our communication, we avoid any conflict and challenges are dealt with head-on and resolved from a place of care and compassion.”

How do you handle conflict in your workplace? Share with us your tips and experiences.

The importance of innovation in business

Competition is getting fiercer, technology is advancing faster, and market preferences are leaning towards newer products and services. For enterprises to have a continuous upward curve in their performance and remain relevant to the changing times, they need to look for ways to constantly innovate themselves and consistently improve their business.

Entrepreneurs see the importance of innovation to keep their businesses going. They’re always on the lookout for ideas that will improve their product offerings, better their services, widen their reach and be ahead of other players in the industry.

Here are a few examples of how entrepreneurs implement novel ideas in their businesses and how such ideas impact their organisations.

Online Marketplace and Customer Education Sessions

“We have recently launched a number of innovations, one of the standouts would be our new online Marketplace. We understand that our partners prefer to engage with us in various methods,” said Nick Clift, Co-founder at Otto and Founder of DWM Solutions. 

“Through feedback from our partners, we identified that there was a great opportunity to create a Marketplace where they could have a customised portal specific to their businesses that would provide standardised solutions which ensure they are always procuring items aligned to their business requirements,” he added.

As a company that is humanising technology, Nick and his team makes sure that they are able to help their clients with all the technical things that help their business grow. “The second (innovation) is our regular Customer Education Sessions where our team run a 45-min session for clients on various subject, e.g., Cyber Security best practices, data management, Office 365 tips and tricks. These sessions add value to our clients and the feedback has been very positive,” he explained.

Creative Leadership Team and Research & Development

Innovation is what drives the business of Nitasha Badhwar, Founder and CEO of Immersify and Co-founder and Chief Strategy Officer of Sunpower Renewables. “Being heavily R&D-driven, innovation is naturally a core business value for us and a continuous reality. Innovation for us is more than just implementing new technology, solution, or process. It is our culture and one of our cornerstones – something that we come back to in good and bad times,” she remarked.

“We have learnt that a creative leadership team tends to be the ultimate driving force of innovation within an organisation, and we are lucky to have one. Our core team realises that with innovation there is no place for complacency. Therefore, we had to set up an innovation-friendly environment with systems and processes that support the initiative, creativity and R&D. One of the best things we did was to appoint a Product Manager to coordinate between different teams and prepare a business case to prioritise and justify adoption and creation of certain innovations over others, all measurable through keys metrics like ROI,” Nitasha expounded.

She added, “This helped us realise that we need to implement new technologies for faster and smoother product development resulting in the recent purchase of a new 3D printer that has helped improve R&D timelines by over 30%.”

Apart from this, Nitasha and her team continue to do hands-on research to know how else they can innovate their products and services. According to her, “Another key practice that we follow regularly is providing an immersive on the ground experience in different countries to our staff where they learn how to implement in real-time prudent and creative strategies to problem solve and overcome stumbling blocks. This is further strengthened by coming back to the R&D facilities, using state of the art equipment and working with other innovative minds to create a long term, paradigm-shifting solution. This two-step immersive training has created many a brainchild in our company, including our Cleo solar generator.”

Furthermore, Nitasha shared, “This model is famously termed as ‘Jugaad’ (Hindi term roughly translates as overcoming harsh constraints by improvising an effective solution using limited resources), a concept taught at Harvard Business School and has been a great learning experience for all of us.”

Micro innovations and experimenting and piloting new ways

John Bevitt, Managing Director at Honeycomb Strategy, admitted that “We’re big fans of ‘micro innovations’ or the little things that can help to make our jobs easier or add more value to the clients.” 

True enough, innovations do not necessarily have to be big as they can also be done in small actions but can result in a huge impact on one’s business. John shared, “In the book Atomic Habits by James Clear, he talks about how a performance coach for the British cycling team used a strategy called the “aggregation of marginal gains” to turn the team around and win the Tour de France, essentially by making a 1% margin for improvement in everything they did that added up to remarkable improvement.”

With this, what John does in his business is that “We encourage something similar, always looking for opportunities for improvement. Every team WIP starts with a short ‘tips and tricks’ session where the team can share shortcuts and hacks that they’ve found to be really useful. We’ve actually built this philosophy into our systems and processes as well – we’ve defined our processes as the ‘current best way we think we can do something.’ This gives the team permission to experiment and pilot new ways of doing things, and if it’s better, we change the process.”

Innovation: a road to the future

Most of what we have and use today are products of innovation, and they can change 5 or more years down the road. This shows that we are constantly developing and always finding opportunities for improvement. It is a path towards a more progressive future, not only for your business but also for the communities and societies you serve. Take a deep look into your business and see the areas where you can innovate, introduce new ideas, and become a changemaker.

Best practices on building good teamwork while working remotely

In this era of working remotely, getting your team to stay constantly connected and building a stronger relationship and dynamics among them are important to keep everyone going and motivated. The big question, however, is how? What are the things you need to do to enable you and your team to work together to achieve your business goals despite the challenges and limitations of distance and time?

Learning from the best practices of other businesses can help you look into what would be suitable for your team set-up. Entrepreneurs Clayton Cross (Head of Strategy, Expia), Ben Beattie (Managing Director, True Blue Plumbing Australia), and Rob Roy Rankin (Principal and Founder, Rankin Business Lawyers) share some tips on what they do to keep their team stronger together.

Communication system and technology

Technology plays a major role in keeping everyone connected and allowing things to continue to operate despite the limitations of physical and face-to-face interactions. Many transactions are done online, including getting teams to perform their duties and deliver their outputs.

Ben Beattie highlights the importance of “having an internal phone system that is capable of being used from home.” While it’s easy to set up communication systems in an office setting, it is quite a challenge when your team members have varying tools and resources at home. Your business must be able to support their communication needs so that you can contact each other when needed.

Similarly, Rob Roy Rankin makes sure that his team has “Mobility through the deployment of technology and by using tools like Office 365, including Teams, which supports collaboration and social interaction, ActionSteps and NetDocs. Everything is available to everyone at all times,” he stressed.

Regular online meet-ups

How often do you and your team meet online? Meetings are necessary to update each other and to check on every team member. It is also to ensure that every person receives the support and assistance needed from the team, giving them that sense of belonging to a group.

Having regular connections is one of the best practices that Clayton Cross keeps with his team, something that most businesses recognise as an important thing especially when team members are not physically together in the same space. 

This was echoed by Ben, “We up the level of communication (among our team) and ensure all meetings are still held weekly. Everyone in the team needs to still feel part of a team.”

“Connection and belongingness” are important factors for Rob. “Rankin operates with a flat structure and creates opportunities for lots of interaction, such as weekly kick-off meetings, one-to-one catch-ups, quarterly company updates and social events,” Rob said.

Flexibility and innovation in meeting styles

Flexibility at work and being considerate to the needs of every team member is also something that Ben implements in his business. That is why one of their best practices is “Being flexible. It can be nearly impossible to work from home with young kids there sometimes. Working with your staff to come up with a schedule that will allow them to achieve what they need to in a week while juggling home life is key,” he said.

Clayton, on the other hand, shared, “we change up meeting styles.” There’s something that people nowadays call virtual fatigue, so it’s good to make your meetings sometimes fun and more relaxed.

As Rob has mentioned, social events create a sense of belonging among team members, and this also applies to the virtual space. Put a bit of play into your work, to get your team hyped and motivated whenever they come online for a virtual meet-up.

Positive reinforcement

Finally, “be positive,” Clayton remarked. Positivity can go a long way in cheering someone up, giving hope to others, and encouraging your team to do their best. 

Rob also recognises that the mental well-being of team members is important. “From mindfulness training to acknowledging employees and showing appreciation for their contribution, Rankin is all about celebrating wins, big and small. We also support and champion employees’ passions and causes outside of work,” he shared.

Taking mentorship to a different level the second time around

Mentorship is a significant factor in one’s entrepreneurial development. Having a guide along the challenging path of the entrepreneurial journey helps accelerate one’s growth, progress and momentum. The good thing about mentorship is that it can be done over a specific period or can be repeated at certain points of the journey or can be done continuously, depending on one’s need. 

For Costa Vasili, CEO of Ethnolink, this is not the first time he is taking part as a mentee. “It’s my second time in the mentorship program. I had a really good experience in 2019 and learned a lot of helpful experiences, particularly around leadership and people management. This time, I was looking for a mentor who had skills in significant growth and also who had potentially exited a business at some point in their career as well. I was really looking for something different just for a different type of mentorship experience. They're both very different, but both are very, very helpful.”

This year, Costa’s mentor is Stuart Marburg, Director of TenPaces, who was once an EO member himself. Stuart accepted the invitation to become a mentor this year to support other entrepreneurs. “I’ve been doing it for a number of years. I used to be an EO member myself and I thought some of my experiences could be helpful to other EO members who are growing their business, that's why I got involved.”

Despite this being his second time in the mentorship program, Costa admits that he still has a lot to learn and that there’s always room for improvement and growth. He is thankful that through his mentorship sessions with Stuart, he is able to acquire additional knowledge. “My blind window of what I don't know is being further opened by Stuart because he knows so much and has experienced so much in his career, and I get to learn from his experiences in a considerable way. For me, that's been the most important part. It’s not just getting advice but actually learning about things to avoid and hearing stories about similar experiences that he's gone through or similar issues or challenges in his career.”

Stuart’s entrepreneurial story is something that Costa finds very inspiring. “Stuart sold his business to iinet - one of the largest telecommunications companies in Australia in 2010. He and his business partner were the shareholders and they sold Netspace for $40m. In order to do that, they were able to grow the business to a significant level in a relatively short amount of time and position the business in a way that was really desirable for a potential acquirer. In that case, they were able to have a really strong exit. So, they had a great business and they sold it for a really great price and I think that, in particular, has been really, really insightful for me,” Costa shared.

On the other hand, Stuart acknowledges that he also learned from Costa during the mentorship process. “I’ve enjoyed it and I hope he has as well. I’ve learned some different things about his business. Hopefully, some of my experiences have been helpful for him. I just find it interesting learning about different businesses and different ideas, different ways that different people market and run their business and the like, especially in this current era of everything being online and having to manage people remotely,” Stuart said.

It also helps that Costa and Stuart found a lot of commonalities when it comes to their values and goals. Costa expounded on this, “I can tell that Stuart's a very caring person. He cares about his family, he cares about his people, he cares about what he applies himself to as well. He's extremely considerate in the way in which he approaches issues. He fights for fairness and he's just a very, very ethical person. Working with someone in a mentorship capacity who is similar to me in that way has been really, really helpful because I don't feel as though the advice I’m being given is in direct conflict with my own values.”

Stuart added, “The common ground is that I was an EO member, he is an EO member and I’m pretty passionate about helping people who are truly on their way to having success in the business and growing their business.”

Costa is grateful for all the positive things that mentorship has contributed to his growth and the growth of his company. “Stuart's been instrumental in helping shape the strategic direction of Ethnolink for the next five to ten years. Without his push and without his mentorship, I probably wouldn't have been able to find the courage independently to make some big decisions about the future of our enterprise. Absolutely, I'd say it's been very life-changing,” Costa acknowledged.

He appreciates taking a break in between his mentorship programs to fully absorb all his learnings and being able to apply them to his journey. “Because I took a break between 2019 and 2020, I found that having that one year break just gave me a bit of time to absorb the year prior. So, it gave me time to reflect and review the notes from the mentorship. One thing I find about coaching or mentorship, in general, is that sometimes it's just so fast-paced, always doing and always executing, rather than having the opportunity just to settle and reflect. So, I think having a year off the mentorship program was really helpful for me to also find that renewed vigour to go in for this second year,” he explained.

Overall, it’s something that Costa and Stuart recommend for entrepreneurs to experience, whether as a mentee or a mentor. Stuart remarked, “I think that just for the same reason they've joined EO and for the same reason that they contribute and go to a forum that's why they should do it. At the same time, they need to be open about themselves and be open to their mentor and to them (Mentorship Committee), I think it's James who runs the mentorship, about what they're trying to get out of it so that the right mentors can be paired with the right mentees.”

What are your experiences having a mentor or being a mentor to someone? EO Melbourne will be having another run of its Mentorship Program for its members in March 2022. To learn more about the program, visit https://www.eomelbourne.org/mentorship. 

Corporate values and nurturing them in your business

Corporate values are important in every organisation because they provide a strong foundation for decision-making, team building, customer relations and driving your business forward. It is your company’s compass that directs you which way to go and the backbone on how to run your business successfully.

Every organisation has their respective corporate values, depending on the preference of the owners or board of directors or the purpose of the business for operating. Nurturing your corporate values strengthens your team and enables you to achieve your mission and goals. Here are some corporate values that entrepreneurs have in their businesses and how they ensure that these values are upheld in their organisations.

Integrity and accountability

Integrity is defined as “the quality of being honest and having strong moral principles; moral uprightness,” while accountability is “the fact or condition of being accountable; responsibility.”

For Nitasha Badhwar, Founder and CEO of Immersify and Co-founder and Chief Strategy Officer of Sunpower Renewables, “Integrity and accountability are the most important values for us. In an organisation that values innovation, having integrity in what you believe in, what can be seen through to completion, and where time and resources need to be prioritised, is a crucial success factor.”

These two values are also often found in other organisations as they build trust within the team and from customers and third-party partners. Nitasha added, “We strongly believe that integrity in the workplace promotes an open and positive working environment that helps in developing happy, resilient, and successful teams with a strong moral, ethical and fair code of conduct.”

Diversity

John Bevitt, Managing Director at Honeycomb Strategy, revealed one of their core values that resonate well with their team. “Of our three core values, I think one of the most powerful ones is ‘Celebrate our Superpowers’. I love this one as it helps to celebrate our diversity – no matter the role or level of seniority, everyone has a ‘superpower’ that helps make them unique from everyone else. It’s the one thing that, if focused on, trained and nurtured, makes everything else easier or unnecessary,” he stated.

It’s not a common corporate value, but it is something that can stick to everyone’s mind. John further explained, “Every team member has an idea of what their superpower is and we create a development plan homing in on it and using it to help achieve their personal objectives, share learnings with the team and create an environment focused on strengths, not on weaknesses. Having clarity on these superpowers and knowing how these can be combined across the team creates a multiplier effect and is what has helped to take our business to the next level.”

Drive for results

With the end of sight, Canopy Managing Director Karl Simity shared that “Canopy was founded with the vision to create inspiring workplaces that encourage and enrich the lives of workplace inhabitants to build and grow successful organisations.”

Corporate values are often anchored on the vision of the business and its owner. A corporate value aims to help achieve this vision. Karl cited an example, “One of our values is to ‘Drive for outcomes’, and this value is something I see all our employees live by in their day-to-day activities. What helps us create these inspiring workplaces is the drive our people have to make it happen, to always push for success, and their persistence over resistance to solve problems.”

People first

Businesses are made for people, with the aim of providing solutions to concerns and challenges affecting our society. Corporate values are also people-centric because they are to be lived out by people for the people that the business serves, whether they are internal or external stakeholders.

This is why for Nick Clift, Co-founder at Otto and Founder of DWM Solutions, people are significant pillars of their corporate values. He expounded, “At Otto, our key corporate value would have to be People First. We are redefining the industry and Humanising Technology. Otto, as a brand, represents the humans behind the technology — the human hands that make the tech work. Essentially, we are a human-led, tech company, so I guess you could say that technically, we are anti-tech.”

If you look through other companies, businesses and organisations, you will find varying corporate values, yet these values define who they are as an institution. Values put a soul to your brand, especially on how you and your people act and conduct business accordingly.

What are your corporate values and why have you chosen them as your values? How do you ensure that your people live up to them? We’d like to hear your thoughts.

How to have continuous learning along the entrepreneurial journey

Knowledge is not static. It constantly expands. Each day always brings something new to the table, which is why growth and learning are essential parts of human nature. Continuous development builds up a person, and many leaders and entrepreneurs get to where they are right now because of their thirst for learning.

How do you keep on upskilling yourself and expanding your knowledge while on the entrepreneurial journey? There are plenty of ways to consistently expose yourself to new things and widen your understanding of various concepts and information. 

Read books and other materials

There are multitudes of reading materials that can provide you with pointers, tips and insights on improving yourself. Business leaders and visionaries have also written countless books that can give you a peek into their minds and experiences. Apart from books, there are magazines and online posts that give additional information and remind us of already acquired knowledge that we can take with us to our day-to-day lives and into our business.

We had shared several lists of books on this site. There are books recommended by EO members, biographies of known business leaders, books on persuasion and negotiation, books by women business leaders, crisis management books, and books written by EO members.

Listen to podcasts

Podcasts that cater to the needs of entrepreneurs are a great resource of information and inspiration. There are plenty of known podcasts online and we’ve compiled 20 of them that can be helpful to entrepreneurs. Apart from this list, there are also some amazing podcasts by EO that feature different entrepreneurs and business leaders and covers various topics across many industries.

Attend seminars, workshops and learning events

What better way to learn from the more experienced and the experts than to have first-hand interaction with them? When you attend seminars and learning events you get the opportunity not only to listen to them but also to ask questions and clarify things. Among the benefits that entrepreneurs get when they join EO is access to opportunities, events and executive education programmes. 

EO members share some of the learning events that they find have helped them in their professional growth. John Anderton, Founder and CEO of Butterfly, found that he learned a lot from “the whole-day sessions on elements from Scaling Up, e.g., People,” referring to EO’s Accelerator Learning Days, which includes workshops and pre-work, such as readings from Verne Harnish’s book, Scaling Up.

There are EO learning events that stood out for Anthony Holdstock, Director and Owner of Sharp & Carter, and he cited them, “I really liked Warren Rustand’s event on raising high-performing families and I enjoyed the Gabby Leibovich session (Catch of the Decade).” Warren Rustand’s event was attended by the families of EO members, which made it even more meaningful.

Whilst for Mark Calabro, Co-Founder of HungryHungry, the event that he found helpful to his journey was the "Battlescars of Business" with Gus Balbontin. “He was fantastic, and he really stretched my mind with the way I think about education and the world,” Mark shared.

Experience things

They say there’s no better teacher than experience itself. It’s even more exciting when the things you’ve read and heard are put into practical use and you even learn more along the way. Many entrepreneurs and business leaders learn from their experiences, taking into account their strengths, weaknesses, limits and capabilities that can often emerge in a particular situation. Even institutions that provide formal education acknowledge the importance of experience, which is why practicum and internships are included in courses and school programs.

Observe and reflect

Learning is often as simple as using the five senses. Be conscious of things you encounter each day. There are instances wherein you may not be in the thick of things, but you can observe and learn from the things and happenings around you. You can watch how someone you look up to does things in their business or listen to the experience shares and tips from your mentor. Whether you experienced something yourself or somebody did and you only witnessed it, follow it through by reflecting, filtering the things that you’ve seen or heard, and picking out the lessons that you can take with you on your entrepreneurial journey.

Think about the best way on how you can further hone your skills, talents and capabilities. Don’t be afraid to acknowledge your weaknesses so that you can expand your learning and improve yourself. How do you make sure that you continuously develop yourself as a person, entrepreneur, and business leader? Share with us your tips below.

Becoming a polished gem through mentorship

Steve Wood (mentor) and Edric Taing (mentee).

Although he already has over a decade of experience running their family business, Edric Taing, CEO of SH Jewellery, still finds ways to polish himself further so that he can be a sparkling gem in the entrepreneurial space. He thought that having a mentor would help him become a finely cut entrepreneur, someone whom he could bounce ideas off, just like how a gem would bounce light to produce a beautiful masterwork.

Becoming part of EO Melbourne’s Mentorship Program, Edric found that “The biggest value for me is really being able to have a solid person to share my thoughts and ideas and current progress and also being able to talk without judgment about the challenges that are rising.” 

As solid as a rock, a jewel in the crown

A solid person is what Edric found in Steve Wood, Director at Roaring Success and an author of five books. With Steve having written books related to business, Edric feels he has hit a gold mine as he sees it as an added bonus to their mentorship.

“What I found really good with Steve is that he's written a lot of papers and books. It's quite common that I would present a current challenge -- and it's happened a few times -- and he'll email me a white paper that is written or something that’s got research behind it with his name on it, which quite impressed me. We then use that as a foundation for our discussions, as well. That I didn't expect from mentorship, but that's been a bonus that's been thrown in there,” Edric remarked.

Edric is glad to have Steve as his mentor. “I’ve had business coaches in the past, but not really a mentor. I just thought that would be a good relationship and friendship to form over time and somebody to be able to bounce ideas off and workshop ideas with,” Edric said. “Some of the immediate benefits (with having a mentor) have been having somebody when you've got a challenge or something that you want to share. To some extent, it’s with somebody who's been there, done that and has worked with a number of different people in that field as well. That always makes the conversation and workshopping really smooth.”

To this, Steve explained, “To be honest, the only reason I’m able to do that is I’ve worked with over 100 companies. They've been my training ground for experiences, which then I just gather. Then, Edric turns up. We can talk about what I’ve seen in the past -- working with a different company, what they did well, what they did badly, in my opinion -- and therefore, options for Edric to consider for making his own decisions to move forward. So, I’m very fortunate that I’ve worked with many companies that basically provide experience.”

The backstory as to how Steve has gotten involved with EO Melbourne’s Mentorship Program is quite interesting. As a management consultant, he had the opportunity to work with EO Melbourne Mentorship Chair James Murray in his business. James asked Steve if he would be interested to partake in this program as a mentor and he willingly lent his help.

Cast in the same mould

Finding a common ground is often a good starting point for mentors and mentees. Although they only met in April this year during the first meet-and-greet for the mentorship program, it was easy for Edric and Steve to instantly find things that can tie them together. 

“I'd say that in that first session, it wasn't long before we realised we had similar things. I realised Steve was growth-oriented and really into learning. Obviously, we're both in the business space, and we're looking at business improvement. On a personal development level, we ran a few exercises through that workshop. From that conversation, I felt that we gelled pretty well and the flow of the conversation was just really easy to be had. It has continued that way for the last few months as well,” Edric narrated.

Steve concurred, “I recognised in Edric a younger version of me -- a smart cookie, hard-working, leader -- all those sorts of things. I was thinking, ‘Yep, I like this fellow. I can help him. He's going to do the right thing by himself and by me. He's not going to waste my time. He's going to be in charge of the process,’ which he was.”

Even though the current situation has limited their face-to-face interaction, nothing has hindered their mentor-mentee relationship and the friendship that has formed along the way. According to Edric, “If I think about this relationship during COVID and if COVID wasn't to exist -- and in the short time, we've had both, actually, with our course -- the principle has been the same. I would say that the structure and what we aim to get is the same. It's about bringing what are your top challenges that you want to discuss and what are the updates that are going through. Whether in COVID or not, I think the help and the support level has been equal. It's really in line with that progress and that growth and just attacking things that are on top of the list to get done.”

Mentorship: a treasure trove of learnings

Both Steve and Edric found great value in mentorship. Both learn from each other and both have taken something out of the program. The learning process has accelerated as they were able to sit down and discuss various aspects of their lives. 

Edric was able to pick up nuggets of wisdom and knowledge during the course of their mentorship. “It's like a compounding thing over time. Now, we've been in this for three-four, maybe even five months now, and I can feel that the problems that I’ve brought to the table, I’ve come away with more clarity of mind about how to address those things. Maybe in five months, there isn’t one exact thing that's to say, ‘Oh, I got this really good result,’ but I’m sure if I compounded that over time, the results would be really, really amazing.”

He continued, “Sometimes, even unpacking it myself as I explain things to Steve, I’m kind of working out solutions just by being able to go there openly and talk about those things. So, the biggest things or biggest wins and value adds for me are really having that relationship -- a solid person that you can talk to, get feedback on and also workshop things together in that mindset of growth, then improving things. That's probably my biggest takeaway.”

Steve is also amazed at the whole experience as he gets to learn new things. One of those that really stuck to him during their discussions is on the lifeline diagram. “Edric showed me the life cycle or the life stages diagram -- The lifeline. Again, that's a model I’ve never seen before. Edric talked me through his (lifeline diagram) and then I talked him through mine. What's very interesting is that our personal learning happens in times of good stuff, but it also happens when it's really difficult. And when it's really difficult, I reckon we learn actually more because we have to be resilient and we have to work out what to do and how to do it. And then, that builds our skills, our mental muscles, our physical muscles, and our logic muscles to be able to figure out what to do next. I hadn't seen that model before, but it reinforced that we learn in many ways and we should always be open-minded to those sorts of things.”

Moreover, Steve enjoins those who are considering becoming a mentor themselves, “I would certainly say it's worth giving a go. It's not about you or me as an individual. It's actually about helping others to achieve what they can do. And actually, that's quite a skill. If you're able to do that, that's quite a skill that you're building for yourself. For me personally, I get huge satisfaction out of helping others grow, helping others get through maybe challenging difficult situations and moving forward.”

There are many more gems to mine out of mentorship. If you have experienced mentorship, feel free to share with us your precious learnings by commenting below.

Retrospection along the entrepreneurial journey

“Experience is the best teacher, and the worst experiences teach the best lessons.” 

- Jordan Peterson

In a challenging world of entrepreneurship, you can learn a thing or two from experience, may it be from your own experience or from the experience of others. When you retrace the steps you’ve taken and look into your past actions, you can see what you could have done earlier, what you shouldn’t have done at all and what you should have done better. Even in driving, you have to glance at your rearview mirror once in a while to ensure you move forward safely. It helps to look back to the journey taken or observe what others have done and bring the lessons learned to help you go forward in achieving your goals.

Although you cannot undo what has already happened as they already belong to the past, retrospection enables you to analyse the things that can help you in your future actions and share these learnings with others who are just starting out in the entrepreneurial path.

What are the things you have learned from your journey? What are the things you want to learn from other people’s journeys? Here are a few tips as well as some advice that entrepreneurs would give to their 20-year-old selves. Check out if there’s something that you can apply here to your entrepreneurial journey as well.

Explore and get that experience you need

Sometimes, you won’t be able to find answers or discover new things unless you go out of your comfort zone and explore various opportunities. Whether you get on the entrepreneurial path at a young age or somewhere along the way, try to do many things and get the experience you need that will help you achieve your dreams.

You can pick some insights from the entrepreneurial journey of Anthony Holdstock, Director and Owner of Sharp & Carter. “I didn’t become a business owner until I was 30. I still don’t know what I waited for that long. But that being said, I think my experience in Accounting and my experience working for a global listed organisation taught me a lot about what I wanted to be and didn’t want to be.”

Identify what you enjoy the most

At a young age, there are those who may have not yet narrowed down what they really wanted to do in their lives. This is an opportunity to identify them. When you explore and try different experiences, you can uncover what you really enjoy doing, which can lead you to the kind of entrepreneurial journey you’d like to take. As Anthony shared, his experience working in corporate have helped him realise what he wanted to be.

Mark Calabro, Co-Founder of HungryHungry, would advise his younger self to “take a year off and understand what you love doing and your path in life. It’s not a rush, it’s really your first year out in the world with many, many to come.”

Find people who can guide you

You may be able to identify what you really want to do with your life with some help from people who can support and challenge you. Mark added to what he’ll say to his 20-year-old self, “find people who are going to challenge you and your thinking to discover yourself.”

Self-discovery may come at any age in life but the earlier you get into it, the earlier you can chart the path you want to take. Since you still have to experience a lot of things to find out some answers to your questions, it is advantageous to get inputs from people who have experienced a lot more than you and who have been on the journey for quite some time. You can use their experiences and intuitions as your guide as you get on the path of entrepreneurship.

Join a group that can support your journey

For John Anderton, Founder and CEO of Butterfly, he would tell his younger self, “join EO earlier.” EO is a unique, experience-based network that supports the needs of the 360° entrepreneur through business, family, community & personal experiences, which is a good support group for many entrepreneurs.

Early on, surround yourself with like-minded people who can help you in your continuous growth as a person and as a professional. Motivational speaker and self-help guru Jim Rohn once said, “You are the average of the five people you spend the most time with, including yourself.” Although you have your mind to decide on things, people around you can influence, inspire, motivate and help shape your character, values and future. Find a group that can support your development as an entrepreneur.

Enjoy the ride and keep learning

The entrepreneurial journey may be a tough one, but John wants to advise his younger self, “I would say enjoy the ride, the ups and downs.” Embrace the wins and the failures, the opportunities and the challenges. Keep learning and don’t be afraid to keep trying. Savour the whole experience and don’t forget to have fun.

It is often helpful to look back and reflect on the lessons that we can take with us in the future. What greatest lesson have you learned? What can you advise your 20-year-old self? Share them with us in the comments section below.

Making your office space conducive for work

The physical space where you conduct your business or day-to-day tasks plays a major role in your productivity at work. How do you make it conducive to your job and your team?

Whether you work in the comforts of your home or you work with your colleagues in your company’s office space or you share working space with others, it is important that you take into consideration the overall environment of your work area and how it contributes to your efficiency. We’ve put together some pointers that you might want to consider to make your space more conducive for work.

Have good lighting

Good lighting is important in your work because it can increase your productivity, reduce the incidence of errors or mistakes and provide a more pleasant environment in your job. On the other hand, poor lighting can cause eye strain, headaches, stress, and even mishaps. As much as possible, have adequate lighting in the area where you are working. Check your bulbs if they are bright enough or see if your desk provides you access to the sun. Take the cue from Mark Calabro, Co-Founder of HungryHungry, who prefers that his workspace has “natural light and near the windows”.

Keep things clean and organised

John Anderton, Founder and CEO of Butterfly, keeps his space clean and organised at all times. When items in your work area are neat and in order, it is easier for you to find whatever you need on your desk. It provides you with more leeway to do the different tasks you need to do, where you can scribble, spread documents you need to read and other things needed for your job. It also allows you to focus better, lowers stress levels that may be caused by a cluttered workplace, and other psychological benefits. Whilst there are some who thrive in disarray, it is better to put your things in the right place, where it is free from dust, microbes and bacteria.

Allow the space to fit your corporate culture

How do you make your office space fit into your corporate culture? Anthony Holdstock, Director and Owner of Sharp & Carter, shares, “We make our office space conducive for connection. We want our people to connect, to love working with each other. It probably isn’t the best for productivity but it is for culture, and culture keeps people, and keeping people is a win for customers and long-term profitability and growth.” 

Get away from distractions

If your workflow is hindered by noise, movement, clutter, or something else, it is best that you find a spot where you can minimise or be free from these diversions. Mark Calabro’s tip for this is to “try and always sit away from others to avoid distractions.” You can position your work area far from where people converge or you can use a meeting room if you’re doing something urgent or have an important call, especially nowadays when most meetings are done online. If you are easily disturbed by sudden text messages or emails, you can mute them or assign a time to respond to them. 

Make the tools and things you need handy and available

Always check if your various office equipment are all working or if you have stocks of your office materials. It can cause you so much stress when the time comes that you need them and they’re not functioning or available. Also, make an audit of your office equipment if they have to be upgraded or if they are regularly needed in your business. Sometimes, you don’t have to do everything in-house and you can have some tasks be done by a supplier or a third-party agency. 

Once you identify those that are must-haves in your workplace, keep things you need more frequently within reach. John Anderton makes his space conducive for work by “having access to good coffee, keeping everything in working order and outsourcing all the boring tasks.”

Personalise it and make it more alive

It is good to put something that can inspire you to do your work better and more efficient. It can be a photo of your family and loved ones, a picture of your dream destination, a favourite quote, an artwork you love or something that will make you smile and bring you energy. Place a plant nearby. Decorate your desk. Create that space into something you’d like to walk into every day. But don’t overdo it, otherwise, having too many things can become distractions. You still have to be conscious of the space allocated for work.

How about you, how do you make your space conducive for work? Share with us your tips in our comments section below.

Dealing with burnout and work fatigue

When your days are filled with tonnes of emails to check, meetings to attend, fires to put out, and many responsibilities to take care of, it won’t be surprising to find yourself feeling weak, tired, anxious, irritable, exhausted, drained, depressed, forgetful and the list goes on. How do you manage burnout and work fatigue so that you can sustain yourself for the long haul?

There are different ways to deal with burnout. One, you can do something before it happens and, two, you can find a way to overcome it or relieve yourself from it when it occurs. Burnout is a huge challenge to many business owners, so we have put together a few tips, including some pointers and experience shares from entrepreneurs John Anderton, Founder and CEO of Butterfly, Mark Calabro, Co-Founder of HungryHungry, and Anthony Holdstock, Director and Owner of Sharp & Carter. 

Try to separate home and work, workdays and weekends

Setting boundaries between work and personal life can be a struggle for many entrepreneurs. However, you often need to switch off from all the demands of the role and devote certain time for self-care. Take some time to focus on yourself after work or during weekends. While it can be a challenge, it is something that can be beneficial in the long run.

It is a tough thing that Mark tries to conquer as well. “I try to keep work away from weekends but that’s difficult as knowing I have a tonne of stuff to round off from the week gone, which also builds anxiety, so it’s not easy.”

John sees it as a way to avoid burnout by having a “strong separation between home and work”, such as “ignoring emails at night and on weekends,” for example.

Know your limits and learn to say “no”

Even though you want to be on top of everything and stay in control of things within and around you, there are times when you need to say “no” or acknowledge the stop sign before you run out of energy to keep going. Especially that entrepreneurs are living a life that is always on the go and with various obligations to attend to, it is better to take a pause and assess if the things before you are something you can carry out at the moment. If not, delegate tasks to your team. Seek help when needed. 

“Knowing my limits” is one of the ways John deal with work burnout and entrepreneurial fatigue. There is wisdom in not going beyond what your body and mind cannot take. There’s nothing wrong with admitting there are certain things that no longer be accommodated on your plate. Listen to your body. Don’t overdo yourself to the extent that you exhaust yourself.

Take a break or vacation

“Rest if you must, but don’t you quit” is a famous line in the poem “Don’t Quit” by Edgar A. Guest. True enough, resting is not quitting. Instead, it is one way to recharge yourself so that you will have all the energy to tackle the next big thing along your journey.

A vacation is also something that John finds helpful in avoiding or relieving one of burnout. “Holidays or at least dreaming about holidays,” he commented. It’s good to be away for a while, be in a different environment or scenery, and do something that you don’t get to enjoy every day, for a change. It allows the mind and body to rejuvenate and have more stamina when coming back for work.  

Exercise

Exercise can do wonders not only to the body but also to the mind and one’s overall wellbeing. This is why John makes sure that “Physical exercise is built into my weekly routine,” he revealed.

Anthony has been keeping up with his exercise as well. He shared, “I don’t think I have ever had burnout or experienced burnout. But maybe that’s because of what I do consistently. I exercise for 1 hour at 5 or 6 times per week; running 10km every second day and HIT/Strength workouts on the other days and 1 to 2 rest days per week.”

On the other hand, Mark admits to facing certain challenges when dealing with burnout, but he tries to overcome them with exercise. “I struggle. Exercise is my sure way of levelling myself out, usually with a 3-4km run.”

Meditate and reflect

Meditation and reflection can help you clear your mind, organise your thoughts and focus on the more important matters. It can also open your mind to insights and ideas that you may have missed due to the various things that have been preoccupying your mind. You can take a few minutes each day to just have some quiet moment by yourself and do meditation exercises. Reflection also helps you review the things you’ve done and give serious thought to what is on hand or those that are about to come.

It is one of the preferences that Anthony does to avoid getting burned out from work. “I try to make sure I have time set aside for reflection, learning and family time,” he remarked.

Spend time with family and friends

Spending time with your loved one -- be it in the comforts of your home, the fun and familiar atmosphere of your favourite hangout place or the excitement of a trip -- can help ease your worries and burdens. The positive energy you generate by being surrounded by people who are dear to you can inspire you to have a better outlook of work, despite its many challenges. As Anthony has mentioned above, quality time with his family is something that he makes sure to set aside in his schedule. 

Read, learn and equip yourself

To take a cue from Anthony’s remark about setting aside time for learning, trying something new that can expand your knowledge and hone your talents can get you motivated. Learn a new skill, tap on your creativity or start a new hobby. Read books about your interests, grow a garden, build a piece of furniture, do some handicraft, or study a new language. There are lots of activities that can take your mind away from the pressures of your job while, at the same time, contribute to developing your capabilities as an entrepreneur and a person. Little accomplishments from your other interests or new endeavours can increase your drive to do better at work.

Talk with someone who can understand your situation

Sometimes, all it takes is for you to be able to let out your frustrations, problems and disappointments that come with your many responsibilities as a business owner. That is why it is helpful to surround yourself with like-minded people who can understand and relate to your predicament. This is the beauty of EO through its Forum, which fosters peer-to-peer sharing between members in a trusted and confidential environment. 

How do you deal with burnout and fatigue? What are the ways you do to overcome it? We’d love to hear from you. Share a tip in the comments section below.

Mentorship as a game-changer in the entrepreneurial journey

For most business owners, the entrepreneurial journey is full of challenges, but the experience is very rewarding. There are moments when they hit an obstacle or arrive at some crossroads along the way. Having someone to guide them can be a huge help in leading them where they want to go. And that’s what mentorship does.

“It's been the biggest game-changer for me,” said EO Member and Davidson Technology Consulting Director Gary Lorden regarding the EO Mentorship Program. He continued, “It has provided me with a lot of value around growth. It has added an even further challenge on how I approach things and look at things in terms of connecting the key rocks in my life.”

Gary is grateful to have as his mentor in this program Greg Tucker, former CEO of Maurice Blackburn Lawyers and Chair of Claims Funding Australia and now Non-Executive Director of Thompsons Solicitors LLP, the Asylum Seeker Resource Centre and the Australian Urban Research Infrastructure Network.

Mentor Greg Tucker and Mentee Gary Lorden.

Having the right match of mentor

Although Gary admitted that he wasn’t open at first to join the program because he had a mentor at that time. He was thankful that EO Melbourne Mentorship Chair James Murray never gave up on inviting him to take part in the program. “James persisted and followed up and said, ‘you'll be surprised with the different matches that you can get.’ I was certainly open to looking at how I could take the next step in my journey and luckily I got matched up with Greg from there, which was good,” he recalled.

Similarly, Greg was also convinced by James to be a mentor for the EO program. “I've mentored a fair bit in the past, both as a CEO of a big organisation, where I mentored people internally for years, and when I left that organisation in 2019, where I have mentored senior people in all sorts of walks of life, mostly in professional services.”

Having somewhat of a different setup now as a minority shareholder after a previous business transaction, Gary has been going through different challenges where he needs support, advice and guidance from someone articulate on shareholding, legalities, and the like. He then pointed out that Greg’s skills and experience fit the profile that he’s been looking for in a mentor. “There were a couple of things I highlighted. Greg has a strong background from his professional career in financial markets and shareholding, and he comes from the legal profession as well. On paper, we matched up from day one. I was really surprised, and it surpassed expectations around that alignment. Everything I asked for was pretty much matched up in the person that I was looking to be matched with,” shared Gary.

The beauty of the EO mentorship

With his experience on mentorship, what Greg finds special with the EO Mentorship Program is that “it provides a structure at the start so that both parties understand how to get going.”

Greg expounded, “My experience in mentoring is that once you've got that structure, you then take off where the mentee wants to go. You need a structure to start with, which EO does. There are regular check-ins, six-monthly or something, which is good because some mentoring relationships can go off the rails. I think having guard rails at the start of how you should begin it and then having check-ins is a really good idea. That's different from what I've experienced. Mostly it's been me. At the organisation I was at, we had our guidelines for establishing mentor-mentee relationships. So, I'm used to that. This is a little bit more structured. With Gary and I, we look at what the areas are, and then it's all about refining those and then doing whatever EO wants us to do in terms of reporting back and shaping the journey further.”

As for Gary, he sees mentorship as a way for him to be challenged and to grow. “From a mentee perspective, I want to be challenged. Ultimately, the success of it is that you feel like you've grown and matured in different ways. The journey is probably not where I expected it to necessarily go completely at the start, although I believe it will still cover all the initial goals and things I wanted to cover. It's probably encapsulated in different areas of my life around joining the dots, around how they all need to come together from a personal perspective – health, business, personal assets, and family. They’re all interconnected and we're bringing all these together. It’s probably a bigger journey, and it challenges my thinking around and approaches to things. It feels like I'm on that pathway of growing. Particularly with COVID, mentorship has helped me around how I'm supposed to be coping with that and progressing as well, which is good.”

Getting great value from the mentorship journey

Through mentorship, Gary was able to break down the various things in terms of the hats he wears professionally and personally. “In my business, I've got four different roles that we've identified and broken down. I need to understand how I'm performing in each of those roles separately and then how they interact together to get the best outcomes and the best interest of my business. I also need to have that approach around the hats I wear in my family, with my friends and in my business. I need to focus on them separately but also on them as they connect, which will ultimately give me the best outcome that will make sure that I’m happy and healthy and driving towards the goals that I want to do personally.”

Gary went on, “I talked about health and family and business and personal assets. We're building out to four quadrants, then understanding that they all impact each other around how you are personally. The success of one results in the success of another one, around how they're interconnected. So, by actually breaking them down, it has simplified things around how I view some key components in my life. But I also need to make sure that I'm focused on all of them individually to make everything work in the right direction. So, that's been real learning for me, around focusing on core areas of my life, both business and personal, and driving towards making them better.”

Yet, it’s not only Gary who reaps the benefits of mentorship. Greg acknowledges that he, too, is learning in this mentorship journey. “There's that learning part, which I think a mentor needs to have. If they’re interested in learning and listening, there are those, and then there's the giving back. Making that difference is rewarding that's why I mentor because of making a difference to someone. Then, there are the challenges along the way. In my life, I've always found it beneficial to be able to articulate or vent my challenges. Just doing that alone helps. Having trust in someone enough to articulate your challenges helps in itself, let alone anything that comes out of the discussion,” Greg noted.

Greg further added, “I certainly get something out of it. The learnings we tease out between each other in the sessions always give me insights into my own life. That's the value of it for the mentor. I guess a lot of people would ask, ‘why would you do it?’ But it's got value because it clarifies your way of thinking and gives you insights into your own life. That's a powerful way of providing a mirror to yourself like self-learning, and that's a learning in itself for me.”

Like Greg and Gary, you, too, might find the mentorship program a game-changer in your entrepreneurial journey or professional growth. If you’re interested to become a mentee or mentor in the upcoming EO Mentorship Program, apply now at https://www.eomelbourne.org/mentorship. 

Filling a gap: what is the purpose of your business?

A sense of purpose is what every individual and business chart their path as to where they want to go. Without it, it’s like losing one’s direction in the journey. Businesses thrive because they provide a solution to a problem or responds to a certain demand in society. Many enterprises were established because the founder has experienced or witnessed a particular need that has to be filled in.

If you are planning to start a business or if you have one and want to revisit your mission and vision, it is essential to identify the purpose of your business. What is the gap that your product or service trying to fill in? Still in the process of figuring out the solution that your business must provide? You might find some inspiration or insights from the experience shares by these entrepreneurs.

Austin Vaughan

Managing Director, Pacific Solar

We fill the requirement for commercial solar installations. Nationally, most companies now consider a Solar Energy System as an essential item to convey their corporate environmental credentials, as well as an energy cost savings from the bottom line. We offer an end-to-end solution to ensure our customers have a seamless delivery process to achieve the environmental and return-on-investment outcomes they aspire towards.

Joanne Camilleri

General Manager, Telco Business Solutions Group

Co-Founder, Work Tank

In 2018, my business partner John Rovas identified a gap for high-quality coworking & shared office spaces in the suburbs of Melbourne. We were often travelling to the CBD to conduct off-site meetings and connect with colleagues or suppliers. We started to talk about how great it would be to have something like this locally (our businesses were based in North West Melbourne). 

We continued to build out the concept of what we would like to see in our coworking space, and construction commenced in August 2019. We planned for everything – except a pandemic! We were scheduled to open in March 2020 but Work Tank was officially opened in June 2020.  We are proud to say that one year on, we are building our community and whilst the impacts of COVID have been challenging, we have seen some benefits coming from it, also with people wanting to work closer to home.

Dion Castle

CEO, Struber

With the fast-changing environment in society and the world, in general, it is easy to see that the culture, technology and customer experience in our industry were due for an upgrade.

Data-full decision-making drives our thoughtful mix of communication, engagement, marketing and creative solutions, forging strong human connections one major project at a time. With our eyes firmly on the prize, we build bold engagement programs, working hard to deliver greatness for our clients every day. And it’s this greatness we’re most proud of. It’s what’s earned us the respect of people in the Struber universe – our clients, our peers and each other.

Cameron Bell

CEO, Pyrochar

Oh wow, I see more and more as I become more experienced. Right now, I am focusing on two, which are (very briefly) disability housing and scale capital for globally expanding ventures.

But I've honed it down to two main areas:

• Painkiller - is what you are solving a real pain or problem for a consumer?

• Vitamins - Is what you are solving a more interesting or easier way of doing something?

The data shows that neither is more likely to be successful than the other, which is very interesting. There are just so many new businesses to be created that easily fit into those above two categories.

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If you just look around you or pay attention to the day-to-day things you do, you will find that there are gaps, hurdles and obstacles that people need to overcome. However, every challenge and problem presents an opportunity – the opportunity to make things better, to provide a solution, and to make people’s lives easier. And that’s what visionaries see. They don’t see the huge rock in front of them as a reason to turn back and give up. Instead, it’s a way for them to jump higher or build something to surpass that wall that prevents them from going forward.

Share with us your experience. What is the gap you’ve seen that inspired you to start your business?

Building your team through a strong corporate culture

Having a strong and desirable corporate culture helps attract and retain exceptional talent. Every company has its own values, and an inclusive and healthy culture can assist you to attract high-performing and engaged team members.

It’s time to look into your internal environment and assess what particular aspect of your culture keeps your team going and even brings in impressive recruits. To help you get started, some EO Melbourne members share their experiences and best practices when it comes to maintaining a culture that supports the growth of their business.

Nurturing relationships with key stakeholders

Having good relations with people you work with is a major factor for wanting to stay longer in an organisation. The same goes for third-party service providers, which prefer to conduct business with those they have amicable dealings with and those they can trust. This is why Austin Vaughan, Managing Director at Pacific Solar, emphasises strong relationships as part of their corporate culture. “Our core values are towards nurturing relationships with key stakeholders, such as contractors, suppliers, developers, and builders, so that they continue to think of Pacific Solar first when any new or forthcoming opportunities are presented. When something unexpected occurs (and it always does in construction), they have our back to pull us through and vice versa. A good cooperative approach is essential to our success.”

Open communication and encouragement of team members

Open communication helps build rapport with team members. It also enables business owners and HR managers to lessen misunderstanding and address concerns at the onset before things can blow up into serious issues.

Ben Stickland, Founder and CEO of Alliance Software, shared how they do it in his business. “The best corporate culture technique we have is a one-on-one interview with every staff member. We ask the staff member to reflect on challenges and coach them to consider and act on solutions. It's 30 minutes, that's all about them. We always ask the question ‘from a 1 to 10, how happy are you,’ and follow this up with ‘and what would it take to get to a 10’. People become unhappy for many different reasons and the key is to get to people early in their ‘unhappiness’ cycle and coach them to a good outcome rather than pretend there are no issues. Look for issues, don't avoid them.”

And for Dion Castle, CEO of Struber, it’s all about having “High-performance behaviours + high-performance habits”. A culture that fosters behaviours and habits that help increase productivity and create positive energy will encourage team members to always do their best and aim for the utmost results in all they do.

Building mutual respect and a sense of belongingness

Trust and respect are strong foundations of a good relationship and a positive corporate culture. But how do you achieve this? According to Steve Jackson, Director at PurpleMonky and Founder of Moon & Back Co., “People on the team respect each other, have fun with each other inside & outside of work, but most importantly, they support each other daily. No one is in it for themselves, and the ability to produce a shared vision where ‘when one person wins, the entire team wins’ is invaluable.”

Similarly, for Nyree Hibberd, CEO of Koh Living, it’s all about promoting a safe and healthy environment where those in the organisation feel they belong to the team. She explained, “We had a guest speaker in a recent EO forum, Fiona Robertson, who wrote ‘The Rules of Belonging’ and we applied it immediately in our business by asking each of the staff what they felt the rules of belonging and being accepted within Koh were. It was an amazing exercise to get clarity on the culture or rules of belonging, and we now use that not only in the interview process by selecting more carefully but also in the induction process by outlining those rules of belonging to help new staff slide in and feel more comfortable a lot faster.”

Culture is important in the longevity of a business and an organisation. Share with us below what particular culture you uphold within your company that strengthens your team and helps it go forward.

The importance of succession planning

Recent global events have taken many of us by surprise, reminding us that planning and preparation for the inevitable must be taken into serious consideration. It goes not only for our individual lives but also, and most especially, in business. One of the things that business owners and HR managers must have is a viable succession plan and strategy in place for the longevity and sustainability of the business.

A succession plan helps prepare a business avoid any vacuum within the organisation that may be caused any eventuality. It is by being ready to fill in key positions with the right persons fit for the role. According to Rahul Kale, Director at Sunpower Renewables, “Succession is a layered approach for our business, and I am particularly on the lookout for the key positions that drive our business – Head of Innovation, Head of Strategy, Head of Business Development and Head of Engineering. We tend to hire accordingly for these positions and start right from the hiring process.”

It's not just in the hiring process, but Rahul and his team also look into their internal talents. “There are regular succession planning discussions during our management meetings, and we always have a plan A, B and C in place. I also ask the respective Department Heads to groom their key personnel and do trial runs when they are on holiday. You will be amazed to see what some people can do when you empower them and give them more responsibility. It is important to provide job security to the right people, so they want to groom people and are not threatened by succession planning discussions,” Rahul remarked.

Succession planning also enables entrepreneurs to work on the business rather than in the business, which can allow the enterprise to keep running even in their absence or with minimal supervision from the business owner. With this, Rahul added, “From a leadership perspective, my spouse and I do the same thing and interchange roles regularly. In doing so, you can also see where the company’s systems must be strengthened which then allows good people to work more effectively. We also have a succession plan for the company’s ownership to ensure the longevity of the organisation and brand that we have developed.”

Malcolm Bean, Director at Beanmkrgy, also shared their succession strategy in their company. "We talk to leaders about their departure from the business and how that looks like to them and when. Encouraging them to write a plan to move onto the next thing so we can assist. Often, this results in longer tenure and discovering other opportunities for A-players in the business. Ideally, the leader is part of the plan to build or source out succession individuals into the business as we work on the departure of team members or towards the next thing. As a team, we talk about talent or ‘rare needles in a haystack’ regularly. The point is that talent (opportunity) often presents itself over time, many times when we are not looking. So when we see it, we need to secure them into our business ASAP.”

For Meirav Ambar, Partner at Trendtrade International, it also starts from selecting the right people, whether as team members or third-party providers. Meirav expounded, “No doubt, choose the right partners – first and foremost, your business partners (the best in the world are taken by me!), and then everyone you work with. I do not work with suppliers, customers and service providers. I see all of us as partners, and I choose to work with partners that share the same values and whom I can trust.”

On the other hand, whilst Lauren Staley, Managing Director of Infolio Property Advisors, does not see herself taking a step back from her business anytime soon, she’s already laying the foundations to make her business ready while she’s still determining her next steps. “I’d like to say I’m super clear on this, but frankly, I’m not – currently I am building the rent roll as that is the most saleable part of my business. I’m working on the balance sheet and accounting to make it as clean as possible so that if a buyer did come along, I can be ready. I’m also currently grooming a member of my team to be able to take the driver’s seat for me.  Once I have these ducks firmly in a row, I will have the headspace to think about what next.  I love what I do so it’s hard to see myself out of it, yet,” she explained.

Succession planning is just one way to trouble-proof one’s business. Although we cannot predict and fully prepare for the future, it pays when one takes the necessary steps to lessen any negative impact that an unforeseen circumstance may bring. Have you given a thought to your succession plan? What actions have you taken to make your business future-ready?