Summary

This conversation between Ruth Wageman and Dominic Monkhouse delves into the critical elements of crafting high-performing teams.

Ruth and Dominic discuss the challenges of working with leadership teams and the need for clear purpose and interdependence.

Ruth talks about the ‘Six conditions for team effectiveness’, which include the essentials of creating a real team, clarity of team purpose, and a sense of team norms and values. The conversation highlights the importance of these conditions in driving team performance and the need for leaders to continuously revisit and adapt them. The third essential for building effective teams is having the right people. This means identifying the capabilities needed to achieve the team's purpose and finding individuals who can contribute those capabilities. It's important to have a team that is small enough to allow for effective collaboration and to have a diverse range of experience and perspectives. Collaborative skills are often overlooked but are crucial for effective teamwork. It's also important to create a supportive context for the team, including a sound structure for the work, supportive norms of conduct, and an organisational context that promotes teamwork.

Keywords team effectiveness, high-performing teams, leadership teams, purpose, interdependence, team norms, team values, teamwork, collaboration, purpose, capabilities, small team, diversity, supportive context, sound structure, norms of conduct, organisational context

Takeaways

• Creating a high-performing team requires clear purpose and interdependence.
• The six conditions for team effectiveness include creating a real team, clarity of team purpose, and a sense of team norms and values.
• Leaders need to continuously revisit and adapt the conditions for team effectiveness.
• Many teams lack clarity of purpose and are not truly interdependent, which hinders their performance.
• Building a great team requires a focus on the unique added value the team brings to the achievement of the organisation's mission. The right people are essential for effective teams
• Collaborative skills are often overlooked but crucial for teamwork
• A small team with diverse perspectives is ideal
• Creating a supportive context is important for team success

Chapters

02:59 The Importance of Clear Purpose and Interdependence in Teams

09:57 The Six Conditions for Team Effectiveness

24:05 Creating High-Performing Teams: The Essentials and Enablers

30:06 Revisiting and Adapting the Conditions for Team Success

35:02 The Importance of Having the Right People

44:21 Creating a Sound Structure for the Team

54:39 The Role of Organisational Context

In this week's episode of MYFB, Dominic Monkhouse chats with Interview Valet's Tom Schwab about engaging with your customers to build a profitable business online.

They discuss the different approaches to podcasting, whether as a guest or a host, and the importance of targeting a specific audience. They also touch on the changing landscape of podcasting, including the inclusion of video and the repurposing of podcast content. Tom emphasises the value of meaningful conversations and the need to focus on quality rather than quantity. They also discuss the challenges of starting and maintaining a podcast and the benefits of being a guest on other podcasts.

Tom shares insights from his upcoming book, emphasising the need for effective connections and the power of storytelling. He also highlights the importance of positioning and focusing on the right audience.

Keywords

podcasting, guesting, hosting, specific audience, podcast evolution, video, repurposing content, quality over quantity, challenges, benefits, podcasting, business growth, book launch, podcast impact, measurement, marketing, relationships, sales, effectiveness, connections, storytelling, positioning, audience

Takeaways

• Consider whether to be a guest or a host based on your goals and target audience.
• Podcasting has evolved to include video and the repurposing of content.
• Focus on quality conversations and meaningful engagement rather than quantity.
• Starting and maintaining a podcast requires commitment and consistency.
• Being a guest on other podcasts can provide exposure, leads, and backlinks. There are millions of podcasts in the world, but only a fraction of them are currently active.
• Launching a book with a podcast can be a valuable strategy, especially when each episode dives deep into a chapter of the book.
• Measuring the impact of being a guest on a podcast is crucial for effective marketing.
• Podcast interviews can lead to faster sales cycles, higher initial prices, and less churn.
• Quality and quantity both matter in podcasting, but it's important to focus on the right audience and prioritize effectiveness over efficiency.
• Building relationships and telling great stories are key to success in business and life.
• Positioning and targeting the right audience are essential for business growth.
• Choosing who you work with is just as important as choosing who you drink with.

Chapters

00:00 Introduction and Embarrassing Podcasting Mistakes

01:12 Choosing Between Guesting and Hosting

03:40 Quality over Quantity

04:37 Challenges and Benefits of Starting and Maintaining a Podcast

08:28 The Value of Being a Guest

24:11 Launching a Book with a Podcast

26:06 Measuring the Impact of Being a Guest

27:56 The Power of Relationships in Sales

29:22 Effectiveness vs. Efficiency in Podcasting

32:07 Building Connections and Telling Great Stories

34:20 The Importance of Positioning and Targeting

37:42 Choosing Who You Work With

Mentioned in this episode:

Get Mind Your F**king Business

300 episodes on Dominic's catching up with guest #1 Evgeny Shadchnev, Executive Coach and Founder & ex-CEO of Makers Academy, to talk about that all-important decision: Do you stay on as founder CEO, or do you go and what happens next?

Evgeny's new book "Startup CEO Succession: a Founder's Guide to Leadership Transition" is out now

Summary

The conversation explores the topic of startup CEO succession and the importance of founders considering stepping down from their roles. The premise of Evgeny's new book is that founder-CEO succession is often the best thing for both the founder and the company. The conversation covers various aspects of CEO succession, including the need for founders to assess their fit for the role as the company grows, the different options for transitioning from CEO to another role in the company, and the challenges and benefits of employees setting their own salaries. The conversation also highlights the importance of having a clear understanding of the CEO's role and the need for open and early conversations about succession. The conversation explores the motivations and challenges of CEO succession in startups. It delves into the personal satisfaction derived from helping others and the shift in motivation when transitioning from a B2C to a B2B business model. The importance of open and early conversations about succession planning is emphasised, as well as the role of the board and the time required for a smooth transition. The conversation also touches on the impact of the COVID-19 pandemic on business operations and the need for adaptability.

Keywords

startup, CEO succession, founder, leadership transitions, stepping down, role fit, options, employee salaries, CEO role, open conversation, CEO succession, motivations, challenges, B2C to B2B, open conversations, board, transition, COVID-19

Takeaways

• Founder CEO succession is often the best thing for both the founder and the company.
• Founders should assess their fit for the CEO role as the company grows and consider transitioning to another role if necessary.
• There are various options for transitioning from CEO to another role in the company, such as becoming an executive chair or advisor.
• Employees setting their own salaries can lead to challenges in ensuring equality and can create administrative overhead.
• Having a clear understanding of the CEO's role is important for both founders and investors.
• Open and early conversations about CEO succession are crucial for a smooth transition. CEO succession in startups requires open and early conversations about the future of the business.
• Motivations for being a founder and CEO can evolve over time, from personal validation to making a meaningful impact on people's lives.
• Transitioning from a B2C to a B2B business model requires a different skill set and motivation.
• Succession planning should involve the founder taking charge of the process and driving it, rather than waiting for the board to initiate the conversation.
• CEO succession in startups takes time and should be approached with careful consideration and planning.

Sound Bites

• "Founder-CEO succession makes sense more often than it's actually happening."
• "Behaviors that are genuinely helpful at the early stage get in the way after 50."
• "The admin overhead of employees setting their own salaries was not worth the benefits."
• "I wanted to create something that I could point my finger to and say, I've done it."
• "Our customers regularly describe their experiences as life-changing."
• "That's one of the reasons why I work as a coach. It's essentially about meaningful, deep one-to-one conversations."

Chapters

02:55 Assessing Fit for the CEO Role as the Company...

The 300th Episode!

In this landmark episode of MYFB, Dominic Monkhouse talks with the man who's been called the UK's Most Hated Sales Trainer, Benjamin Dennehy, to discuss the art of selling and the common misconceptions about sales.

This podcast is sixty-minutes that will change how you see sales. Benjamin explores the importance of self-confidence, being in control, and understanding the motivations behind prospects' questions. He emphasises the need for salespeople to focus on having meaningful conversations and helping prospects discover their needs rather than pushing products or services. He also highlights the importance of hiring and training salespeople effectively and challenges the traditional sales approach of show up, throw up, and hope for the best. In this conversation, the UK's Most Hated Sales Trainer shares his unconventional approach to sales and prospecting. He emphasises the importance of getting prospects emotional and focuses on the purpose of a prospecting call. He also discusses the need for consultative selling and the importance of asking probing questions. The conversation covers topics such as the future of cold calling, the myth of 'people buy people,' and the risks and rewards of entrepreneurship.

04:00 Book Recommendations and the Misconception of Sales Books

07:19 Why the UK's Most Hated Sales Trainer is Hated

09:08 The Problem with Traditional Sales Approaches

23:19 The Art of Asking and Answering Questions in Sales

28:44 Creating Comfort and Lowering Walls in Sales Conversations

31:25 Getting Prospects Emotional: The Purpose of a Prospecting Call

33:44 Consultative Selling: Asking Probing Questions and Understanding Pain Points

35:42 The Future of Cold Calling and the Rise of AI

39:03 The Myth of 'People Buy People'

45:49 The Risks and Rewards of Entrepreneurship

50:40 Mastering a Methodology: Continuous Improvement in Sales

51:33 Critical Thinking, Communication, and Emotional Control in Sales

59:51 Knowing When to Quit and When to Persevere in Business

This week on Mind Your F**king Business, we have the immense pleasure of learning from Tom Searcy, a renowned expert in B2B sales strategy and the mind behind Hunt Big Sales. With a rich background in operations and a track record of aiding companies in doubling their size by targeting large accounts, Tom brings a blend of practical experience and strategic insight. Having scaled companies from under $10 million to over $100 million in annual sales, Tom’s consultancy specialises in helping businesses between $5 million and $250 million in annual sales achieve extraordinary growth. His systematic approach to sales is essential knowledge for any organisation looking to capture big contracts and drive substantial revenue.

In this episode, Tom shares the different stages of his process for successful sales, emphasising the significance of alignment and accurate problem identification before crafting proposals and closing deals. We delve into the power of personalised closing statements to reassure clients and differentiate from competitors, along with the importance of leveraging customer references to build trust and overcome objections.

Tom and Dominic discuss the challenges of being perceived as a risky option compared to larger competitors and how to address client fears to close deals effectively.

If you struggle to stand out in this crowded marketplace, download, watch and listen to the full conversation today!

On today’s podcast:

• Tom’s Stage-Gate Sales Process
• Removing the sales stigma
• How to maintain your credibility during the sales process

Follow Tom:

Hunt Big Sales

LinkedIn

The Secret to Big Sales

Recommended reading:

The Challenger Sale

100m Offers

100m Leads

Mentioned in this episode:

Get Mind Your F**king Business

Is your marketing team making the most strategic decisions with their budget? Do your marketing efforts align seamlessly with the latest digital platforms? If you question whether your brand could benefit from an in-house marketing shift, today's episode of Mind Your F**king Business is essential listening.

This week, we get to learn from John Readman, a marketing visionary and founder of Modo25, a company dedicated to transforming the landscape of in-house marketing teams. John brings a wealth of expertise in crafting platforms that not only enhance the efficiency of marketing budgets across diverse digital platforms like Google, Facebook, and TikTok but also streamline complex decision-making processes with the help of AI-driven insights.

In this episode, John delves deep into the mechanics of successful in-house marketing, the strategic deployment of budgets, and the revolutionary impact of his technology, ASK BOSCO®. He shares invaluable advice on building robust marketing teams and discusses the transformative effect of predictive analytics in optimising ad spending across numerous channels. John also shares his dedication to philanthropy through his charity cycling initiative, Ride25, which supports an orphanage in Uganda.

Whether you’re an entrepreneur eager to reclaim control of your marketing strategies or a seasoned marketer looking to innovate, this conversation will give you essential insights to revolutionise your marketing approach.

Download and listen today!

On today’s podcast:

• Cycling around the world for charity
• Bringing marketing services in-house
• The human element in business success

Follow John:

Ask Bosko®

Modo25

LinkedIn

Recommended reading:

The Extra Mile

Multipliers

Mentioned in this episode:

Get Mind Your F**king Business

Martin Reeves, Chairman of the BCG Henderson Institute, delves into the nuanced world of strategy, addressing its complexities in both personal and business spheres. In an engaging discussion, he highlights the scarcity of truly exceptional strategies and underscores the necessity of evaluating success progressively over time. Through his conversation with Dominic Monkhouse, Reeves elaborates on CEOs' critical role in executing strategies and the hurdles involved in preserving an innovative culture as organisations expand. He sheds light on why keeping strategies confidential can be beneficial, the adaptability required in strategic planning, and the risks posed by complacency and an inward focus.

This podcast highlights the vital role of imagination and creativity in spurring innovation and fostering organisational change. They dissect the challenges associated with implementing transformative ideas, emphasising the need to move beyond conventional procedures and navigate internal politics effectively. The power of storytelling and the ability to mobilise enthusiasm for new ideas are discussed as pivotal tools in driving change. The conversation touches on the importance of framing the right questions, the paradox of hierarchy and innovation, and the need for depoliticisation and depth of debate in business. Martin shares insights from his book 'The Imagination Machine' and recommends other books on innovation and strategy.

On today’s podcast:

• Great strategies are rare and enduring success is hard to achieve.
• The role of CEOs in strategy execution is important but not the dominant factor.
• Secrecy in strategy is not as valuable as having robust and evolvable scripts.
• Complacency and internal focus can hinder innovation and change.
• Imagination is a crucial aspect of strategy and should be given more attention. Change is a strategic problem that requires understanding the forces of change and resistance and working on both sides of the equation.
• Imagination is triggered by surprise and the ability to detect anomalies and changes in the world.
• Selling ideas and driving change requires storytelling, galvanising energy, and making it clear why the change is in everyone's best interest.
• Mental models can limit creativity and innovation, and it's important to challenge existing mental models and embrace counterfactual thinking.
• Depoliticisation and depth of debate are crucial for effective strategy and innovation.
• Ambidexterity is the ability to balance the focus on running the current business with preparing for the future.
• Diversity is important for variation and selection, but it requires a focus on both ethical and evolutionary aspects.
• Curiosity drives innovation and learning, and listening is a skill that can be continuously improved.
• Simplicity and focus are more valuable than comprehensive and exhaustive lists of strategies and actions.
• The biggest myth in business is that it's mostly a financial equation when in reality, it's about serving human ends and using human means to achieve them.

Follow Martin:

Website

LinkedIn

Your strategy needs a strategy

Recommended reading:

Co-Intelligence: Living and working with AI

Are you ready to demystify the complex world of artificial intelligence in the workplace? Are you unsure about how AI can transform your business strategy and operational efficiency? If you're grappling with these modern challenges, then this week’s episode of Mind Your F**king Business should be the top one in your playlist.

This week we dive into the world of AI with the brilliant Asha Saxena, CEO and founder of Women Leaders in Data and AI (WILDA), and an admired technology veteran with 30 years of experience. As an innovator, author, and esteemed professor at Columbia University, Asha brings a wealth of knowledge in big data, analytics, and the transformative power of AI. She articulates the necessity of a role we'll soon come to know as the Chief AI Officer – a role tasked with marrying technology with business and strategic data implementation.

Asha goes beyong beyond the mere technicalities and explores the human side of tech. Her book, "The AI Factor," penned during the pandemic, aims to simplify AI concepts for business leaders and tackles the crucial issue of biases in AI models, which have far-reaching impacts on society. With Women Leaders in Data and AI, she promotes diversity in technology spheres and emphasises inclusive AI development.

Whether you're the head of a company contemplating using AI in your operations or a professional eager to upscale your skill set for a future integrated with AI, this episode will give you the insights you need for your journey.

On today’s podcast:

• The role of tech leaders addressing gender bias
• AI in business strategy
• A peek into the future of Artificial Intelligence

Follow Asha:

Website

LinkedIn

The AI Factor

Recommended reading:

Good To Great

Great By Choice

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Mentioned in this episode:

Get Mind Your F**king Business