Last week it was King St’s 10th birthday. It was absolutely amazing to think that 10 years have passed since taking the business over and making the move back to the Waikato. Looking back, there have been some absolutely amazing changes in the advertising and marketing world. I think it would be fair to say that the last decade has seen more change than we have ever seen. 10 years ago TradeMe was just getting going and the world was waking up to the power of the internet. There was no such thing as Facebook, YOUTUBE, Twitter, My Space, Bebo and the like. You could still get around 80% reach if you bought TVNZ’s two channels and I am sure there were only about half the radio stations available. Life was definitely a lot simpler for us back then!
But we have learnt a lot and we continue to evolve as the world changes. One thing that hasn’t changed is that regardless of the media space you are buying, a good idea will always stand a better chance of getting the customers’ attention, so our creative product has to be very srong.
As the guy in charge of the operation, I have learnt a lot – through my day to day dealings and the many mistakes I have made along the way.
Here are the biggest 10 lessons I have learnt.
First, if you don’t know where you’re going, any road will take you there. In other words, get a plan. Put some goals in place, develop a strategy and get to work. If it’s not working, change it and get another one. Second, respect is earned. It’s not something you get as of right, you have to earn it first – both from your team members and your clients. Third, don’t succumb to loneliness. Being the boss can be a very lonely job at times and it’s easy to think that you’ve got no one to talk to or confide in. So get yourself a network of like minded souls and trade issues and problems. Once you start doing that you will realise that you share some of the same day to day struggles as many other people.
Fourth, get a boss. Strong businesses have strong governance. It’s very hard to get past a certain level without governance. We have a chairman and two independent directors who meet quarterly and update on progress. I also meet with my Chairman monthly who asks the hard questions and keeps us on plan. Governance is a must.
Fifth, listen. The principle we work to is - you’ve got two ears and one mouth; use accordingly. In a service business such as ours we have to listen to our clients, to their customers, to the competition, to the general market place, to our own people and to our instincts. If you stick to the proportion you will do twice as much listening as you do talking. Sixth, know yourself. It’s very important to know what you are good at, but even more important to know what you are not good at. Once you know this you will work out what type of people you need to hire to cover your own weaknesses. And don’t be scared of hiring people who are better than you at some things.
Seventh, remember the mirror test. If you’ve got a dilemma and you’re worried about a certain decision, make the call then take a look in the mirror. If you are happy with what you see then it’s the right decision; if not, then it’s clearly wrong.
Eighth, think long term. While today’s deadlines need to be dealt with, as the leader you need to think about the shape of things in three, five, ten years time. People, investment and infrastructure decisions need to be made on this basis. Otherwise you will be trapped by your own short horizons.
Ninth, think Confucus. He said “if you get a job you enjoy, you will never have to work a day in your life.” Wise words from a very wise man. You have to love what you are doing, particularly in our business where there are many ups and downs. So if you get in the car to go to work and you are not looking forward to it, chances are it’s time to drive in another direction.
Last and by no means least, don’t forget how to celebrate. Even when times are really tough as they are now, you have to celebrate wins and milestones. It’s a poor heart that never rejoices as my father used to say.
It’s been 10 years of challenges and learning. Time to regroup and get ready for the next 10.
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