You first need to be aware of the type of job you’re doing or expect to be doing soon. This is one of the determinants of your remuneration. Basically, a chief manager and CEO are both c-suite level jobs but their salaries will vary. As such, once you know the task(s) ahead, try to find as much information about the salary as you can. Help can come from the internet since people post and hunt for jobs there every day. You can get a rough estimate of how much you should be worth.

Second, be aware that the market will pay what you are worth yourself. In short, your pay will be determined by what the employer offers for a particular set of experiences and skills as well as what you have to bring to the table. Therefore, find out all the skills that you have which are directly tied to your aspiring position and highlight them. You will use them to gauge your worth during the salary negotiation. If you have options, go for the employer willing to pay the most for your abilities.

It is very important that you identify the benefits and perks associated with the job you have or will have. Remember, we said that while the c-suite salaries might differ from one employer to the other, all other aspects are the same. In that case, find out all the basic compensation bouquets which include perquisites, benefits, base pay as well as long and short-term incentives. Some employers will not provide this information if you do not have it. If you end up with a not-so-straight employer, they might rob you of such compensation which you are entitled. In short, you will not be compensated for what you are worth.

Finally, and very important, realise that your worth as a c-suite employee does not stop at the money. You should be part and parcel of major organisational developments such as restructuring and/or mergers. These are moves that can lead to financial hardships and eventual layoffs of employees, you included! As such, put measures in place to protect your back in the event that one of such occurrences led to negative consequences. You can be insured (by the company or yourself) in the event that your job is terminated due to factors beyond you. Unlike average employees, c-suite workers find it hard adjusting to termination of work.

Now that you’re up there, be sure to take care of your golden parachute!

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In as much as the roles of the Boards differ from one organisation to the other, there are some similarities that occasionally show up. For instance, there are problems that will be found in almost every organisation which the Board of Directors must solve.

The following are some of the top issues that the Board of Directors face today.

Performance problems
Since the Board is the problem-solving and decision-making body in the organisation, it takes the credit for performance. Therefore, if the performance is outstanding, the Board is appreciated. Similarly, if the performance is dismal, the same Board takes responsibility. In short, performance is itself a problem that the Board faces.

For example, issues such as bad chemistry, domination by the minority, communication breakdown and rivalries within the membership affect its performance. A dismembered Board will never lead an organisation to success.

Therefore, most of them will be struggling to ensure they speak a common language and unanimously work together to ensure they are effective.

Right balancing of power
The balancing of power between different board role-players is an issue that cannot be ignored. The board must be constituted such that appointments are made based on considerations such as probity, skills and experience. The problem is that some boards elect members based on factors such as favouritism.

When such criteria are used to constitute Boards, people without the relevant skills and/or expertise take up roles. The results include ineffective boards, lack of performance by massive enterprises, distraction from organisational goals and wrangles within the board.

To solve it, Board appointments should be made after every potential director presents their experience, tools, qualifications and skills. In this way, the right people will end up being matched with the appropriate powers.

Problems of reforms
In an ever-changing business environment, it is expected that organizational dynamics such as the top management must reform to align with the changes. Professional management is still a new concept that modern day Board Directors are struggling to adapt. This has led to issues such as role uncertainty as well as unclear management territories.

One too many times, such uncertainties have led to standoff, ineffectiveness of boards and wrong assignment of management roles.
Evidently, the Boards have to look beyond their job descriptions and aspects that satisfy their personal objectives. These are outdated scenarios. It is time to look at these problems which are emerging from the revolution of Board roles and outlook. Therefore, they must decide how they can solve the problems to make their contributions more consequential to their roles and organisations.

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Luckily, meditation has been proven time and again to be a very strong agent of restoring serenity. This is in comparison to other approaches such as relaxation, massage, recreation and even ping-pong. Summarily, there is a significant trend growing, where CEQs are taking to meditation in restoring mindful leadership.

Resilience

Multiple experiments and studies have proven that meditation is effective in decreasing anxiety. In this way, it can boost performance under stress and create resilience. Today’s market place is increasingly become a chaotic scene that has the potential to push one to the wall in the event they have no means of relaxing themselves. Meditation, if properly done, is a great tool in retaining composure before, during and after consuming events.

Leaders are the head of every organisation. Therefore, to remain mindful, they need an agent like meditation. If spread to the employees, then it forms the basis of a very calm organisation.

Creativity

More benefits of meditation are being discovered by the day. Creativity is one of the latest discoveries. It has been concluded that a person can attain their biggest breakthroughs and greatest insights when they are in relaxed states of mind. This defines meditation. One of the reasons why this is true is because in that state, we can think of multiple solutions to one problem. As such, we can relate why more organisational leaders are taking to meditation for better outcomes.

Creativity can be a tool for success in business such as solving problems, making decisions and creating competitive edges.

Focus

An interesting fact about human minds: they tend to wander about 50% of the time they’re awake! Assume you’re seated in your office trying to do some work. You have colleagues showing up, emails are streaming in, phone calls are constant, same as IMs and tons of other interruptions. All these are agents of distraction that can derail one from focusing on their work.

The beauty of meditation is that it can train the mind’s ability to stay focuses as well as boosting its memory. In short, one can learn to keep their minds on the most prioritised items while giving little interest to side distractions. This would be a useful tool to investors who need to distil large volumes of information to come out with very few but relevant insights.

Leaders as well as employees can employ meditation for this crucial benefit.

Meditation is something that no one should perceive as too hard to adopt. The beauty of it is that it can be done anywhere as long as distractions are minimal. The few quiet hours at the office desk or even 15 minutes in the relaxation room can do just fine!

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A wealthy man once said, “You’re not making money unless you’re making it in your sleep.” The recently released list of the wealthiest people in the world is testament that this saying stays true. While the rate at which people are gaining the UHNW individual status might have slowed down, the figures show that there is still an increase in individual that joined the cohort. Consequently, this has also seen a spike in the value of assets held by members that feature in this premium club.

The latest figures indicate that there are over 172,850 UHNW individuals as of 2015 that have a total asset value of $20.8 trillion. This is almost double the GDP of the USA which also happens to have the world’s largest GDP.  The figure is further expected to go up and hit about $70 trillion by 2017. This translates to about a 7.7% increase in asset value annually through to the year 2017. While the figures are nauseating especially to those that are critical to economic inequality, the truth of the matter is, other than having 40% of the world’s GDP in their hands and bank accounts, people that fall under the UHNW individual umbrella do have a lot to say about the global economy. Some experts do find this somewhat debatable but, the numbers indicate otherwise. And, numbers don’t lie. While other economic classes do factor in while considering the wellness of the global economy, members of the UHNW individual club do impact the direction of the economy in a huge way. Here are some figures that support the claims.

Distribution is Key

To have a bird’s eye view of how the presence of the richest in the world affects the economy, you just have to look at how they are distributed. The more members that any given country has, the stronger its general economy is. Take the USA for instance, it leads all the other countries and is home to some 70,485 individuals that are worth about $10 trillion. It is also not a surprise that the USA happens to have a relatively stable economy and a substantial GDP. Other countries that have substantial number of UHNW individuals that also have a great economic impact include India, China, regions like the Middle East as well as Europe which is currently recovering from an economy crisis.

Wealth and Assets

Ideally, considering that most of these individuals are shrewd businessmen and women, it would be safe to say that their investments are not only in their home countries. It is a more or less safe assumption. However, regardless of where they have invested it does add to their portfolio. Having that in mind, it is worth remember that close to 40% of the world’s economy is within their hands. It is not hard to see why when controlling such a big stake in the economy of their and other countries, they are big players and contributors to the happenings around the world.

Expenditure

While some of the billionaires that are featured on the list are known to be more conservative to spending, they still do present a neat target for luxury businesses. It is estimated that each member of the UHNWI club spends over a million dollars annually on luxury items. This cuts a niche in the economy for entrepreneurs and even banks. A good number of banks have introduced services and section that is tailored to target the filthy rich. Considering their vast wealth and ability to spend, it is safe to say that the luxury products industry is not the only one that benefits from such individuals. To a larger extent, workers and producers or raw materials used in the industry also benefit.

Philanthropy

Charities are the fibre that is used to change and build future leaders and hence the support that they receive goes a long way to improving the economy and livelihoods of a nation by empowering the citizens. In 2012, there was a total of 98.4% of the UHNW homes contributing to charities. In 2013, the average amount being donated by this individual is about $68,580 per home. In the same light, it was expected that about 85% of the wealthy donors would increase their donations by at least 35% over then three years than they had in the past.

This paints a grim picture of the philanthropy and the amount that they inject in charitable organizations. A good number of them also run their own charities which means they inject even more than is document. Their ability to shape lives and change the economic status of communities is astronomical and very pragmatic.

Even though the growing number of the UNHW individuals is concern for economic inequality, the fact that these individuals are getting wealthier is proof that the economy is still stable and doing well. Ultimately, while the idea of having the super-rich leaves a bad taste in the mouths of many, they do have their place in the world and it is a significant one.

The post Ultra-High-Net-Worth Individual numbers keep growing! appeared first on Charles Francis Cooper.

He has extensive international experience, having worked in the MENA region for more than half of his career including his most recent role growing a ‘start-up’ business from company registration to a significant multi-sector, multi-product 300m+ AED order book, based in the United Arab Emirates

He challenges the norm and has the long term strategic focus required to successfully lead and manage business at executive level.

Q: What is the most important aspect of developing a BD strategy?

Macro level marketing is important as a first step when developing a business development strategy, however, it is not enough to truly understand the market conditions for a given product or service. Upfront, limited level of investment in field marketing is critical to define the market entry requirements, the competitive landscape, and the delivery model. This must be executed by a combination of personnel that have in depth knowledge and experience of the

a) Company’s existing business and

b) Those of a similar knowledge, experience and network in the particular market in which you are developing business.

Q: You have a proven track record in developing and delivering new businesses to grow organisation structure – what is the most important ingredients to make this happen?

It is my firm believe that success in successfully developing and delivering new business is driven by clearly addressing the strategy, tactics and operations of the business through the following:-

Business Planning & Preparation

The upfront marketing is paramount to set a clear vision for the business and to then follow that with a strategic plan which adequately addresses the steps required to enter (‘right to play’) and to succeed (‘right to win’). It is important to aim high, to get the attention of the top executives in the business and get them to believe that the particular venture is worth exploring and investing in.

It is also fundamental to be clear from as early as possible in the business development process the estimated investment requirements, the associated business case (Return On Investment, Internal Rate of Return etc.), and timescale required to win and deliver business and in doing so build the organisation as business volume grows, whether it be via internal product development, organic growth, strategic partnering, or mergers & acquisitions.

People

Recruitment of the right type of people is another key ingredient in developing and growing business. This has to be a dynamic and complementary mix of vastly experienced people with less experienced people motivated and driven to succeed, and willing challenge ‘the norm’.

Policies, Processes, & Procedures

Clear policies, processes and procedures aligned to the regulatory, market and company requirements must be in place and available to all as part of a robust management system for a new and developing business. This has to be complimented with meaningful induction and training to ensure that there is a consistent approach and that any issues or concerns are addressed as part of continuous improvement initiatives.

Communications

Open and transparent communications must be encourage up and down the various levels in the organisation as it grows to ensure that there is a ‘no surprises good or bad’ culture in the organisation. This has to be both formal via reporting, regular review meetings, electronic communications, social media, ‘townhall’ sessions etc., and informal by creating an environment where all levels in the organisation are encouraged to interact transparently, whilst maintaining mutual respect for their respective roles.

The key to the success has been striking a balance between global brand and best practice, whilst localising the organisation, operations and business management systems to ensure that a robust and cost competitive delivery model is in place to give clients the overall technical and commercial solution that they require.

Q: What strategy did you implement to grow from to 300m+ AED in less than 2 years?

We conducted a thorough assessment of market entry options for an engineering services business offering products and services similar to Doosan Babcock. This involved a complete cross sector (i.e. oil & gas, power & water, nuclear and industrial) analysis of client business delivery models, project pipelines, and procurement systems, as well as the competitions’ business models and business performance – benchmarking. This exercise established 3 core options to satisfy the legislative market entry requirements, delivery infrastructure and competitive, profitable product and service offering.

1. Aggressive organic growth

• Head hunt key personnel from main competitors to provide client confidence and improved competitive position
• Invest in establish the offices and facilities required to satisfy customer of delivery capability
• Pre-qualify with key customers and develop strong relationships to grow business sales pipeline
• Develop new product and service offerings outside of traditional offering, specific to the market
• Invest in training and integration of new organising to ensure that a consistent, robust business management model and common understanding of the company’s standard and expectations of its people.

2. Merger & Acquisition

• Purchase controlling shareholding in competitor best aligned to company’s core business and future business aspiration with ‘1 + 1 = 3’ philosophy.
• Embed post-merger integration team to establish common business management system.

3. Strategic Partnering

• Form incorporated or unincorporated joint venture (JV) with complimentary interest and clear division of responsibility covering technical delivery and corporate governance requirements, managed by an integrated executive committee.

Following consultation and review with board, Option 1 was adopted as the initial business development route that could bring the required short term (1 to 2 years) success when compared with the investment required. This has proven to be a good selection, and now that the business has achieved significant organic growth in this short term, all of these options are being revisited on regular basis (as part of the business planning cycle) to ensure that the future growth aspirations are achieved

Q: What advice would you give anyone trying to emulate the above?

Minimal upfront investment is required to conduct detailed field marketing to drive robust business planning. This cannot be independently so make sure that you put experienced, dynamic team players around you to support in achieving excellence!

I hope you find the above interesting. I am available any time to discuss this article, the industry and help guide and assist wherever needed.

The post The Correct Business Development strategy appeared first on Charles Francis Cooper.

Our expert has given us some pointers on how to address the various issues. Currently acting CEO in an Interim role. His current remit is to grow the oil, gas and energy operations for the Group, a global engineering, EPC and project management company operating in the fields of Advanced Technology Facilities, Life Science & Chemicals, Energy & Environment Technologies and High Tech Infrastructure, having a turnover in the order of £3.5 Billion.

Before this he was the MD for Power Energy Sector OEM. Reporting to the Chief Executive, held full business unit P&L, responsible for integrating products into a full power plant EPC delivery model. With 10 direct reports, oversaw operations across Latin America, USA, Canada, Europe, Africa and Russia. Whilst in this role he delivered 3 EPC bids, total value in excess of £1bn.

Q: how do you take a company/division from turning over £500mil to £1bn?

I believe the above question is dealt below; Organisational Change has also played a major part in the delivery of success that has followed me, accept the need for change and adapting as market condition change. This should not be confused with organisational design.

From my own experience any effective marketing will always starts with a considered, well-informed marketing strategy. A good marketing strategy has helped me to define not only the vision, mission and business goals, but also outlines the steps I will need to take to achieve these goals.

The approach I have taken is to recognised that the marketing strategy affects the way I will/have run entire business since taking an executive role in 1994.

I view this as a wide-reaching and comprehensive strategic planning tool. With the marketing strategy, I have use this to set the overall direction and goals for the marketing, and therefore somewhat different from a marketing plan, which I see as outlining the specific actions that will be needed to implement the marketing strategy. From past experience I have used the marketing strategy to develop a look ahead for the next few years, while with the marketing plan I have used to describe tactics to be achieved in the current year, ie short term and helps to target the products and services to the people most likely to buy.

Some examples of marketing goals that I have used have been to include increased market penetration (by selling more existing products to existing customers) or market development (by selling existing products to new target markets). These marketing goals I view as being long-term and in the past have taken a few years to successfully be achieved.

Also, it’s important amend the strategy if external market changes occur due to say a new competitor or new technology, or if our products substantially change, ie research will have to be a continuing process and an essential part of the marketing strategy. It is important to keep an eye on your market so you are aware of any changes over time, so your strategy remains relevant and targeted and periodic reviews will be required throughout the year.

Other aspects of the research which is paramount;

• Using the market research to develop a profile of the customers we were targeting and identify their needs, etc,
• Similarly, as part of the marketing strategy I developed a profile of the competitors by identifying their products, supply chains, pricing and marketing tactics.
• This information was used to identify our competitive advantages – and to identify the strengths and weaknesses of our own internal processes to help improve our own performance compared with the competition.
• I am also a great believer in the use of tactical marketing mix ie using the 5 Ps of marketing. Where I have used the right combination of marketing across product, price, promotion, place and people, where success was achieved in securing the sales.

Q: who are the 5 most important people you need around to make the above happen?

CSO, Sales Director, Marketing Director, Customer Managers, Product Director

Q: how did you align the business unit strategy with the boards vision

I’ve had the opportunity to work with some major blue chip companies where I have successfully bridged this gap, and i can summarise some off the approaches I followed, below;:
The first step was always to ensure that I and the rest of the board agreed upon on an accurate, meaningful vision and set of strategic objectives. Working with the Board it was important to work towards a vision that was both meaningful and clear so that it was easy to communicate to a wider group.
In a workshop environment it was important to challenge colleagues to ensure that the setting of objectives were specific. Therefore, specific insofar as the vision was both clear to both internal and external stakeholders. By this I mean that I was always mindful of the fact of staying away from motherhood statements. In fact, the vision had to be specific and commit the group to a path, i.e. commit to a course of action. In other words the vision had to serve as a motivator to the whole work force over an extended period and be achievable from this the strategy was developed ensuring alignment of all activities and initiatives. In other words, I looked at the target segments, geographic regions and channels etc, other points considered where such points like; differentiating ourselves from the competitors, how value/profit was to be created.

Was volume and cost-cutting make up for low prices? Was pricing extract a premium for premium brands? Ideally, when the exercise was complete, we’re people listening to the strategy description and were they able to say, “This plan will make money by____”. It takes no great leap to say, “Structure follows strategy.” Sometimes, however, I found that it was needed to undertake further diligence to ensure structural alignment when the strategy had been changed to a large degree. This need not be difficult: Sometimes it just meant ensuring that each initiative had a project owner in each business unit or assembling cross-functional teams. One last point communicating the new strategy using as many channels was needed to get the message across to all relevant stakeholders.

The final point to note is duration. The benefits of repetition should not be underestimated. I found that the power of repetition will typically seek to weave aspects of the firm’s vision, values and strategy into almost any communication, whether it’s internal or external. A one-time communication was never/not sufficient to articulate a company’s vision: It’s like sand through your fingers. Only repeated, consistent communication of strategy can turn that sand into concrete actions that everyone understands and executes together.

The foregoing I have applied as an executive since 1994 across the international markets.

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