How Melbourne Business Owners find opportunities in difficult situations

“You may encounter many defeats, but you must not be defeated. In fact, it may be necessary to encounter the defeats so you can know who you are, what you can rise from, how you can still come out of it.” — Maya Angelou

Successful entrepreneurs get to where they are now because of their determination to reach their goals, which includes braving the odds and overcoming hurdles. The recent global scenarios in the past two to three years have been very challenging. Many business leaders have looked into finding opportunities under tough situations. But how do you do it?

Look at the present needs where you can provide a solution

Entrepreneurs have shared how their businesses fill a gap. Dion Castle, CEO of Struber, said, “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.”

But when the conditions of a society change, the needs of society also change.  If there are difficult circumstances, how can your business help in this time of need? Are your products and services relevant in such circumstances? It is good to look into new problems that arise and find the areas where your business can offer a solution.

Be open to new creative ideas, innovate and pivot

Unexpected things happen, so when a crisis arises and you hit a wall, take advantage of this hiccup to go back to the drawing board and revisit your plans and current offerings. This is where innovation comes in. Brainstorm for new ideas that can help boost your enterprise and make it thrive when the going gets tough.

Nitasha Badhwar, Co-founder and Chief Strategy Officer of Sunpower Renewables, shared that “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.”

Also, opportunities open up when you pivot. Arosh Fernando, Creative Director of WooHah Productions, once shared the changes they had to do within their business to keep them going during the lockdowns. “All these changes helped us, as we would have no income if it wasn’t for these pivot ideas. We have managed to claw up to 20-30% of our monthly revenue,” Arosh said.

Keep an eye on new markets

It is often said that “when one door closes, a window opens.” A crisis or a setback can be a turning point where new opportunities are formed. Look where the resources go. Observe the trends and be ready for new markets that will emerge.

According to Clayton Cross, Head of Strategy at Expia, “The pandemic has opened hundreds of opportunities. Most golden. Essentially new markets have been created, especially in the environmental, social, and governance (ESG) space, which we are targetting.”

Offer help and strengthen relationships

When problems and adversities arise, that is the best time for everyone to help each other and work together to overcome the challenges ahead. The pandemic has shown how important relationships are – within the family, among friends and even with people you meet through your business. 

Ben Beattie, Managing Director of True Blue Plumbing Australia, talked about his experience. “When they shut down construction in Victoria, we had 10 plumbers a day off work with only enough emergency work for 12 guys. This was the week the earthquake hit and thousands of insurance claims were lodged. We contacted our major clients and offered to assist them with virtually assessing all the damage from the site back to their head offices as they were swamped with work. We were able to keep 3 additional guys busy for the final week of lockdown reducing to major financial losses we were incurring.”

We never run out of opportunities. The important thing is to look out for it at all times or even create those opportunities when you can.

President's Update - May 2022

From the President

YOUR THOUGHTS ARE YOUR GREATEST LIMITATION

The international borders are well and truly reopened, and I have just come back from the Global Leadership Conference in Spain where the focus was to help unleash your potential as an individual, an EO member and an entrepreneur. I encourage all of you to look out for opportunities to attend global events to experience personal and professional growth. The connections made with other Chapter members are priceless.

The speakers at GLC were all world-class and the quote that resonated most with me was “your thoughts are your greatest limitation.” Having spent some time pondering this concept, I am convinced that having a dedicated and focused mindset will power you all to achieve your goals. The speaker was presenting their story and the message I was hearing was that we are only limited by our imagination, perseverance, and dedication. I ask all of you to consider the following; how do your achievements to date compare with your potential? I enjoin everyone to attend as many learning events as they can because, after 10 years of attending EO events, I still get so much value out of them.

Our Chapter events team are busy finalising our End-of-Year Gala Dinner and it will be a great night to see out the financial year. I am also looking forward to the workshop being run by Dr Arne Rubenstein who focuses on guiding and inspiring people as they transition from one stage of life to the next. I hope to see you all at these events. Until next time…

Warmest regards, 

Socrates Capouleas
President 2021/2022, EO Melbourne

How to deliver engaging and impactful presentations

Presentations are essential in a business. People present their ideas or topics during speaking engagements, proposal meetings, and various events across different industries and sectors. But how do you make killer presentations that are impactful enough to draw your audience to your message?

Entrepreneurs and business executives nowadays are being tapped to talk about their experiences, expertise, insights and entrepreneurial journey stories to inspire others. Members of EO Melbourne share with us some tips on how to hook and attract your audience when presenting as well as keep them engaged and interested in your presentation.

1. Connect with your audience

“Be real.” This is what Jeremy Chen, Managing Director & Co-Founder of Good Things and Co-Founder of Hustleboard, imparts to those who want to learn how to deliver an effective presentation. The best way to make a connection with the audience is to be sincere and authentic in one’s words and disposition, and not try too hard to impress your audience.

This is backed by David Fastuca, CMO and Co-Founder of Locomote, when he said, “Just like how we do in EO, we're sharing experiences all the time. It is by making these presentations based on your experience or the experiences that you've delivered for your customers and bringing those results through because then they can say, ‘Well, I'm like this customer. I can get results like this based on how they did that.’”

True enough, the best presentations are those that can capture the attention of the audience, sustain their interest, and get them to retain the message you have conveyed. “The most effective ones I have done for the business are those where it is clear that I have been able to establish an emotional connection with the audience and they feel like they are part of the journey and the challenges that we have had along the way. Getting buy-in and interest from the audience from the beginning is so important,” shared Hayden Brass, Founder and Managing Director of Zea.

2. Make your slides visually pleasing

Renata Freund, Founder & Director of Honeycomb Strategy, shares valuable insights based on the work they do. “As a research agency, our success is centred on our ability to clearly communicate insights that are easy to understand and compelling. Here is one of our go-to tips and tricks to wow your audience with your presentation: Visual design is never optional.”

“When information, insights or data is presented in a format that is visually appealing, your audience will naturally be more open and receptive to what is being communicated. The visual design needs to come first, not be an after-thought in your presentation,” Renata remarked.

The visual design includes the template you use, the background of your slide, the colours, the layout of the presentation, the illustrations, photos and graphs that are included in the slides, as well as the font and size of the text. All these must be cohesive and well-thought-of to ensure that they are appealing to your audience.

3. Use fewer words and text

Renata adds another tip to wow your audience: Let imagery do the talking. “As a general rule, we try to keep the text on the slide to no more than a short heading plus 3 bullet points. We use photography and iconography as visual cues to support the story, without having to spell out every insight with words,” she said.

David concurs based on his experience as well. “The best ones have always been if you've got slides up on the screen or doing a zoom, know your basic things. It's common sense now these days, but a lot of people still get it wrong, which is not to have too many words on a page. Try to have more pictures that convey what you're saying on screen so that they're not reading something word by word, but they're getting the gist of what you're saying by the imagery that's on there.”

Jeremy summarises it in two words – “Be concise.”

4. Let your personality shine through

The third tip Renata has in making an impactful presentation is to “Let your personality shine through.” 

She expounds, “The one thing that all great communicators have in common is the ability to let their personality shine through. Your presentation should be no different. Bringing fun, humour and your own personal touch to your presentation will build credibility and warmth with your audience.”

5. Put some fun in your presentation

Speaking of fun, David shares that it can make a presentation more memorable to the audience. He reveals, “I try to make all my presentations a bit fun, such as having a meme or a gif that people can relate to or that could get a bit of a smile from the audience. It can be risky if it doesn't come off, but when it does, it has a real impact.”

He further added, “People will remember you as the one that made them smile and the one that made them feel good about the topic that you're talking about. Depending on what you're talking about, it could be a relatively boring or stale topic, so you want to lighten it up and have a bit of fun with it.”

6. Give good key takeaways

Lastly, adding a summary at the end of the presentation will make it easier for your audience to recall and digest everything that you’ve said. According to David, “Give people some really good key takeaways. It doesn't matter what you're presenting or what you're explaining, there's always something that people can learn. I found that doing a summary makes it easy for people to get key takeaways. I put them on one slide and allow myself to put a little bit of text there so that people can know what I'm talking about and they can write it down or screenshot it. I think that helps create a presentation that is impactful and engaging.”

Moreover, take time to practice and hone your skills. Take the opportunity to present when it comes knocking at your door. Better if you record your presentations and review them later on so that you can see how you can further improve your presentation skills.

The Excitement Soars High at the iFLY EO Melbourne Family Event

It was a fun Sunday for EO Melbourne families as participants had a thrilling experience at the iFLY Family Event held on 3 April 2022 at the iFLY Melbourne attraction. 

Recognising the importance of entrepreneurs spending quality time with their families and loved ones, EO Melbourne has always been putting together family events for its members and their families to enjoy.

Adults and children alike had the opportunity to soar high in this indoor skydiving facility without having to jump out of an airplane. The facility is the first 14-ft diameter iFLY wind tunnel to be built in Melbourne. 

Participants first had hands-on training with a professional coach as they were briefed on the safety procedures of the activity. They were also provided with flight gear to prepare them for their indoor flight. The good thing about this activity is that no previous experience was necessary and anyone over the age of 3 years old could participate.

Members have nothing but commendation for such a fun and one-of-a-kind experience. “It’s a great unique experience to share with the family,” Damian Blumenkranc said. 

EO Melbourne is part of the global network of Entrepreneurs’ Organization, a unique, experience-based network that supports the needs of the 360° entrepreneur through business, family, community & personal experiences. Our chapter offers world-class learning events, skills-specific workshops and a venue to exchange business stories that help our members learn and grow.

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. 

President's Update - April 2022

From the President

CONNECTIONS

I have just come back from EO Ignite and witnessed firsthand the power of connections. It was great to see our EO Melbourne Chapter members making connections with other Chapters and expanding their outreach. Spending time developing relationships with like-minded entrepreneurs felt like nourishment of the soul. I found myself sharing my darkest moments and walking away with a new perspective on the challenges ahead. As the EO Global community opens up and more event opportunities present themselves, I encourage all of you to build up your connections.

I trust you have all seen our latest comms advising you of our new date and venue for Board Handover and End-of-financial-year Gala Dinner being Saturday, June 18. The W Hotel is effortlessly cool and so EO! The evening is all about celebrating with our members and guests. I recommend booking a hotel room and taking the opportunity to explore the hotel, especially the amazing bar on the lower ground and the pool, both of which are stunningly designed.

As we edge closer to the end of the financial year, it is membership renewals time and you will be receiving your request to renew. The Chapter is in a healthy position and continues to attract amazing new members. The new board is already planning some exciting new events and the new location of the Chapter retreat will delight everyone, so stay tuned for more details as the year unfolds. For those attending our Grand Prix event this weekend, I look forward to seeing you all.

Warmest regards, 

Socrates Capouleas
President 2021/2022, EO Melbourne

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. 

President's Update - March 2022

From the President

BE CURIOUS

Firstly, let me say that it is awesome to once again attend events in person. We have had a great start to the year with a great lineup of events, having attended the Australian Open, which was an amazing experience to connect with members whilst enjoying Melbourne at its finest. I have also enjoyed the presentation with Ecopsychologist Mark Mathieson as well as our member dine-around, which have become a new EO Melbourne tradition and a highly popular event of the chapter. I am also thrilled with the members' interest in this year’s Grand Prix. It will be a great day sharing stories and getting to know everyone on a deeper level. One thing EO does better than most organisations is “scale-up trust”. It always amazes me what a safe environment EO is for sharing and diving deep into any topic.

I am writing this newsletter having returned home from an EO presentation by Sarah Owen, who is a trend forecaster. It really got me thinking to be more curious about everything around us and always look into something new. As an entrepreneur, I have always been focused on trying to figure out what new product offering I can introduce, but having listened to Sarah’s presentation, I have adjusted my mindset. I would ask you all to consider spending time looking at future trends and trying to figure out what problems are emerging that you can solve. This, in turn, could result in significant new opportunities for your business. Adopting an open mind and being curious could help you see things in an entirely new way.

EO Melbourne is in robust good health and our member base is growing strongly. We have been listening to our members and will continue to provide you all with opportunities to continue to connect. We have some great events coming up as outlined in this newsletter. We are busy planning our end of financial year gala dinner and have chosen a fabulous venue for celebrating. Look out for this event in future announcements and I hope to see everyone there.

Warmest regards, 

Socrates Capouleas
President 2021/2022, EO Melbourne

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.

President's Update - February 2022

From the President

GROWTH MINDSET

Happy 2022 and I hope you are all well and ready for a great year.

There is no doubt that 2021 helped us build resilience, and the first few weeks of 2022 have reminded us to expect the unexpected.

Building on that, I have decided that my personal theme for 2022 will be to nurture a growth mindset. By the conclusion of the year, I’m hoping that this will help me to develop a ‘sixth sense’ allowing me to identify opportunities where most would only discover obstacles.

I’m excited about developing new techniques and building out innovative processes that will allow me to quickly qualify the validity, of what I feel will be a tidal wave, of new opportunities as our economic recovery continues.

Avoiding the media “click-bait doubling down on learning and growing from past mistakes, gives me a high degree of confidence that great accomplishments will follow.
As we move into the next phase of this pandemic that with some strategic focus, I’m positive that we can all find opportunities to turn the COVID disruption to our advantage.

No matter what 2022 brings, EO Melbourne will continue to deliver support and value to its members.

We are committed to helping all members develop meaningful connections and harness the significant power of this diverse and unique entrepreneurial community of ours.

In 2022, we are excited to be hosting a variety of amazing events, including renowned ecopsychologist Mark Mathieson who’s focusing on execution, futurist Sarah Owen who will blow our minds with insights into emerging trends, and social entrepreneur, Daniel Flynn who will take us on a journey of how to overcome what appears to be insurmountable obstacles to become a success.

We also have some social events locked in including our popular member connect dine-around, as well as 0ur iFly indoor flying family event which is a truly unique experience for everyone to try.

Our Board made the decision in January to post-pone our Chapter Retreat as we were conscious that our members and speakers were concerned about the impact the pandemic was having on their personal and business lives.

The aim of the retreat was to ensure we could gather a significant percentage of our members to create memorable connections, fun and learnings. We will re-set and plan for an even bigger and better event with details to follow in due course.

I would encourage you all to look out for our regular communications regarding upcoming events and make an effort to attend as many as possible.

True transformation comes from the effort you put into continuously improving yourself so please make the most of your involvement in EO. I hope to see you at an event in person soon.

Warmest regards, 

Socrates Capouleas
President 2021/2022, EO Melbourne

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.

The value of training in organisational development

How do you nurture your organisation’s human resources? Every member of your team is valuable on how to bring your business forward and achieve its goals. But as you take in new challenges, aim for greater heights and expand your horizons, how do you equip your people to ensure that you can all move towards the same direction and at the same speed?

When you want to grow your company and develop your organization, it is also necessary that you upskill the people within your team so that they’d be able to perform better and increase their productivity. What kind of training do you provide to your team that contribute to your business growth? Entrepreneurs share their experience on how they value training and how this has benefited their people and their organisation.

Areas where they can excel

Having some expertise in a particular skill, field or area is beneficial to individual team members as well as to the entire team because it facilitates growth in your organisation and establishes authority within your industry. Honing your people to be great at something can boost their morale as well as your customers’ confidence in your business.

Understanding the benefit of this to his business, Karl Simity, Managing Director of Canopy, supports the growth of his staff by equipping them through proper training. “Training for our team is a key focus, both in-house and external. If our team isn’t growing, the business won’t either. We encourage and coach our staff to look for areas where they want to excel in or areas where they could improve and then we build specific training plans for them,” he stated.

“Right now, we are running an executive training with our leadership team. Our design team is doing further technical training and our consultants are doing some external sales training. An investment in our team is an investment in our future,” Karl added. 

Learning resource and follow-up sessions

Building a learning resource for your team can be a huge help in ensuring continuous growth and development within your organisation. This is what Nick Clift, Co-founder at Otto and Founder of DWM Solutions, had in mind when they established the Otto Academy.

According to Nick, they have “Leadership Training, Personal Coaching, Individual development plans for all staff.  We have recently launched our online Otto Academy, this is a great learning resource that enables our staff to develop both role-specific skills and various other business/soft skills.”

But it doesn’t stop there. As in most learning processes, having follow-throughs are essential to ensure that there is regular progress and growth. “We run monthly and quarterly team meetings, where from time to time, we bring a Subject Matter Expert to run a session for the team. This often leads to follow-up sessions to hone a particular skill or technical knowledge,” Nick explained.

Team development plans

“Personal growth and development is a massive focus at Honeycomb and we begin building team development plans as soon as someone joins the team,” John Bevitt, Managing Director at Honeycomb Strategy, shared.

It is often advantageous to create learning opportunities for your staff and team development plans early on. Sometimes, learning opportunities don’t always come knocking at your doorstep, so it is better to proactively search for them and then work on plans that will ensure the growth and development of your team. 

John expounded on this, “Rather than just looking at training that helps employees to perform better in their role, we look at learning opportunities that help make all of us (including leadership) become better, more authentic and well-rounded humans. We’ve learned from experience that you do your best work when you’re being your most authentic self. This makes working on Dev Plans really interesting and really diverse – sure, we definitely have on-the-job training and such, but I’ve also got team members who have added ‘learning to weld’ or ‘get my pilot’s licence’ to their dev plans.”

Learning can be done not just on skills development but also in honing the mindset of individuals. John further explained, “As researchers and consultants who need to understand behavioural psychology and consumer behaviour as part of our role, a big element of our team development plans is also around understanding our own psychology, why we respond on how we do, and how our underlying beliefs, values and motivations contributes to this. This also helps to build empathy and emotional intelligence, which makes it easier to understand consumer behaviour, but also connect with clients. We often bring in subject matter experts to help with this and even had half our team attend a virtual Tony Robbins conference recently!”

Cross-education

Having additional knowledge outside of one’s field of expertise can also be helpful to your organisation. It widens your staff’s set skills and enables them to support each other and work better as a team.

Nitasha Badhwar, Founder and CEO of Immersify and Co-founder and Chief Strategy Officer of Sunpower Renewables, illustrated how they do this in their business. “Our endeavour is to upskill our team members regularly. We have multiple internal departments, and for them to work better as a team, we found that it is important, every so often, for our staff to spend time in different departments to get a better understanding of other areas of the business. This cross-education has been crucial to our success, so far. We have implemented buddy days where they shadow a team member in a different department to learn about their job.”

This provides better coordination among departments and individuals. She added, “Learning and understanding each other’s roles and responsibilities, daily pressures, and deliverables creates a healthy and respectful working environment. In turn, this has created a much better workflow and has deepened the bonding between interdepartmental team members. This has the added benefit of making social and family days a lot more interactive and fun.”

Education and growth do not stop when we step out of the confines of the classroom. Learning continues in workplaces and it is necessary to develop your organisation and your business. There is a proverb that says “a chain is only as strong as its weakest link”, which is why it is critical to look after your people and ensure that they not only grasp the tasks or work assigned to them but also master what they do, be the best at it and expand their knowledge and set skills.

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. 

President's Update - November 2021

From the President

The festive season is suddenly upon us and it is in full swing. The lead up to the end of the year has kept our Board busy planning and executing events. November kicked off our first face-to-face gathering after a long while with a twilight event at the Prince, which included our AGM. Our guest speaker, Craig Harper, reminded us that high-performers are generally willing to get uncomfortable, so I challenge you all to reflect on whether you are getting out of your comfort zone. Craig also challenged us to reflect on why we do what we do if we haven’t defined what success means to us. It’s quite a philosophical question to grapple with, and for me, the answer typically changes from year to year. I will be attempting to answer this again at the start of the new year.  

For those of you who are not familiar with my namesake, the celebrated Greek philosopher Socrates, he had this famous quote, “know thyself”. His statement meant that we must choose a good life for ourselves through self-reflection and self-awareness. We must process and understand the knowledge we learn through life and from others and then reflect on it. We obtain this knowledge through experience and careful reflection. Hence, knowing one’s self is a lifelong mission.

The Board also organised for one of our past speakers, Joe Pane, to talk about getting back to business and life, in general, after this last lockdown and delved into our emotional fitness. If you did not catch this virtual event, I would encourage you to watch the recording. (Please check out our new Virtual Learning Event Library page.)

I hope you have already booked for our EO Christmas Lunch at the Carousel, which promises to be one of our best events for the year with some special surprises thrown in. It’s a great way to catch up with all our members and share some of your stories of 2021. I have always loved the energy in the room that only EO members can generate, and I am sure this event will not disappoint. I would also encourage you to be on the lookout for our Chapter retreat invitation, which is taking place from the 25th to the 27th of February 2022.

Our Board participated recently in a strategic planning retreat where we focussed on establishing what the next 3 years for our Chapter will look like. We have dived deeply into a number of topics, including sustainable growth, how we can better understand our members’ expectations and reasons for joining EO, and how we can genuinely assist in effecting transformational growth in the lives of our members. We will continue to keep you updated on the development of the 3-year plan. The Board also sought to provide some clarity on our position with respect to the COVID-19 vaccination, which is outlined in this newsletter. If you have any further queries, I encourage you all to either approach one of the Board members directly or raise it with your moderator who can discuss it with the forum Chair. On that note, I wish you all a great month in the lead up to the end of the year, and I look forward to speaking with many of you at our next function.

Warmest regards, 

Socrates Capouleas
President 2021/2022, EO Melbourne

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.