It did not warrant much comment and i only noticed it this morning but Personnel Today's print edition is no more -it was a rock solid big margin product for most of its 22 years existence and now its gone. Not much of a prediction but next 6-9 months will see it joined by a host of other B2B print products. Much sympathy if people have lost jobs but an inevitability.
I also see that Trinity Mirror's(national and regional newspaper publisher and owner of some "interesting" digital acquisitions) Sly Bailey has announced 25% reduction in journalist jobs, 41% plunge in profits. I would not wish to be personal but this is from a person who said decline in print classified revenue was cyclical and would return - still good to see that at the same time she has awarded herself a performance related pay rise of £676,000. Nice work if you can get it.
Thursday, 17 June 2010
Wednesday, 2 June 2010
Motivation and the Business Owner
A rare moment of self analysis and honesty - we set up OME 4 years ago and we are doing very well at the moment but....
1. My own personal motivation is not quite what it has been - it just does not feel very exciting at the moment
2. We weathered storm of 2009 and did fine and have come out of it very healthily - so also lack the best motivator of them all - sheer terror that you will lose everything and the shame of failure (always found this to be my chief driver!)
3. We have a team in place who can do all the things i do but actually are better at doing what they promise to do - so don't feel the whole thing would fall down without me. In fact can absolutely say the whole thing wont fall down without me
4. Plenty of medium/long term things i should be doing but due to factors above - cant quite get round to doing them - this is chiefly around topic of business strategy and potential investment
Now apologies for navel gazing - and i know i will snap out of it soon and this is not exactly a major problem but as Arsene Wenger once said (probably) " who motivates the motivators"
1. My own personal motivation is not quite what it has been - it just does not feel very exciting at the moment
2. We weathered storm of 2009 and did fine and have come out of it very healthily - so also lack the best motivator of them all - sheer terror that you will lose everything and the shame of failure (always found this to be my chief driver!)
3. We have a team in place who can do all the things i do but actually are better at doing what they promise to do - so don't feel the whole thing would fall down without me. In fact can absolutely say the whole thing wont fall down without me
4. Plenty of medium/long term things i should be doing but due to factors above - cant quite get round to doing them - this is chiefly around topic of business strategy and potential investment
Now apologies for navel gazing - and i know i will snap out of it soon and this is not exactly a major problem but as Arsene Wenger once said (probably) " who motivates the motivators"
Friday, 14 May 2010
Unintended Revenue Streams
I was reviewing 2010 figures this week and we seemed to have made done a lot of work in LinkedIn Consultancy this year so far. I am of course aware that we are out there helping our clients use the power of Linkedin but had not comprehended how much of a rev stream it had become. and you know what - i am actually a little uncomfortable with some of the work we have doen/are doing. I am not getting all precious about it - its just that our most popular service in this area is helping recruiters upload their profiles effectively, populate it well and show them how to network, join/set up forums and search for users.
Now the fact is much of this is freely available ( even we do downloadable 1 pagers on it) and ultimately - some of the work becomes sitting with someone while they upload their CV - which i am not sure ever appeared in the OME business plan.
Anyway i will shut up now and find some other new and welcome revenue streams
Now the fact is much of this is freely available ( even we do downloadable 1 pagers on it) and ultimately - some of the work becomes sitting with someone while they upload their CV - which i am not sure ever appeared in the OME business plan.
Anyway i will shut up now and find some other new and welcome revenue streams
Friday, 30 April 2010
seminars and debates
Ran the latest breakfast briefings this week and its amazing how far they/we/industry has come in last 2 years since we started these. As ever - i stated the fact that we love job boards - great ROI - good execution will get excellent results but the reality is there is very little interesting to present on the topic at moment (so covered it in 30 seconds). I maybe also try and keep it fresh for myself too and dont like presenting the same old stuff. Its more of a compliment i think to the sector - everyone gets it now.
I also retired a slide that i originally ripped off tim and alastair ex of Enhance which maps IAB/PwC market value of digital vs national press/trade press/business pres. The West has been won - digital is dominant - its now about how best to exploit a complex ever changing sector.
Feedback and dialogue were at a really high level during and partic after event - and it was a pleasure to run.
Tenuous link to last night leaders'debate - but we try not to patronise and talk to audience like a 10 year old as the politicians are advised. I am not going to get involved in political views (did have a bit of a twitter exchange last night though) but the biggest thing it reconfirmed to me is that there is no absolute truth - just individual perspective. I watched it and was fairly convinced by who came out well and who did really badly. I find the opposite reported on TV and newspapers. Are they right or me? did i just convince myself as i wanted a certain output that this view was the most compelling argument.
I also retired a slide that i originally ripped off tim and alastair ex of Enhance which maps IAB/PwC market value of digital vs national press/trade press/business pres. The West has been won - digital is dominant - its now about how best to exploit a complex ever changing sector.
Feedback and dialogue were at a really high level during and partic after event - and it was a pleasure to run.
Tenuous link to last night leaders'debate - but we try not to patronise and talk to audience like a 10 year old as the politicians are advised. I am not going to get involved in political views (did have a bit of a twitter exchange last night though) but the biggest thing it reconfirmed to me is that there is no absolute truth - just individual perspective. I watched it and was fairly convinced by who came out well and who did really badly. I find the opposite reported on TV and newspapers. Are they right or me? did i just convince myself as i wanted a certain output that this view was the most compelling argument.
Tuesday, 13 April 2010
April 2010 - Nobody has a clue
Met with two ex colleagues this week and both have started (or about to start) new ventures -
Ex boss 1 - was in a corporate "trad" publisher charged with maintaining some print revenues and cutting costs and turning round some distressed web sites.
Ex employee 2 - is in a 2nd year start up which had such a complex (game changing) offering that i still don't really get it after it being explained to me twice.
Now normally i would form a very quick view on the prospects of these ventures but i had the humbling realisation that we are again at such a massive turning (tipping!!) point in our industry, economy, society that i have no idea which of these or both or neither has greater chance of success.
Think i should keep my eyes on the OME shop - and let others fight their own battles
Ex boss 1 - was in a corporate "trad" publisher charged with maintaining some print revenues and cutting costs and turning round some distressed web sites.
Ex employee 2 - is in a 2nd year start up which had such a complex (game changing) offering that i still don't really get it after it being explained to me twice.
Now normally i would form a very quick view on the prospects of these ventures but i had the humbling realisation that we are again at such a massive turning (tipping!!) point in our industry, economy, society that i have no idea which of these or both or neither has greater chance of success.
Think i should keep my eyes on the OME shop - and let others fight their own battles
Monday, 15 March 2010
Running a Rec Ad Biz - Part 2
I wrote the last post when buzzing one morning - this one is at 5pm on a slowish Monday - i wonder if this will affect my tone
Its my attempt to summarise how we do it here at OME (as we near 4th anniversary) and is as near a personal statement (can't bear to insert the word mission in here) as i am ever likely to come up with
- pay your bills - i once worked for a company who paid everyone late or not at all if they could help it. It was horrible when you make a creative wait 90 days for his money or having to persuade media to take your booking as you promised "cheque was in post" etc. We wanted to have a good rep and good media and supplier relationships from Day 1 - i think we achieved that
- if someone seems like a bullshit artist - they absolutely are going to be a bullshit artist. This applies to suppliers (and clients!) but most particularly any staff or business development outsourcing you want to do. You and your senior team are the best people to sell and market your business
- If you can avoid it - don't do tenders (this is may not be good advice). They may be written by people who don't understand the questions they are asking - who if they are looking at costs and commission - are asking completely the wrong questions in a digital recruitment world. So why put yourself through it. Having said that - i just did a well written tender last week that we were invited on (small shortlist etc) and managed not to win that either - so it may just be us!
- Be good to people and stay in touch if they are out of work etc. Two reasons - 1. they will appreciate what you have done and may help you in future and 2. BECAUSE ITS THE RIGHT THING TO DO!
- and finally - keep your confidence up - many people will question your business model, you as individuals, your name/logo/offices etc. People are bitchy - its just life. Don't second guess yourself - and if your confidence is down - just fake it - it will be OK
Its my attempt to summarise how we do it here at OME (as we near 4th anniversary) and is as near a personal statement (can't bear to insert the word mission in here) as i am ever likely to come up with
- pay your bills - i once worked for a company who paid everyone late or not at all if they could help it. It was horrible when you make a creative wait 90 days for his money or having to persuade media to take your booking as you promised "cheque was in post" etc. We wanted to have a good rep and good media and supplier relationships from Day 1 - i think we achieved that
- if someone seems like a bullshit artist - they absolutely are going to be a bullshit artist. This applies to suppliers (and clients!) but most particularly any staff or business development outsourcing you want to do. You and your senior team are the best people to sell and market your business
- If you can avoid it - don't do tenders (this is may not be good advice). They may be written by people who don't understand the questions they are asking - who if they are looking at costs and commission - are asking completely the wrong questions in a digital recruitment world. So why put yourself through it. Having said that - i just did a well written tender last week that we were invited on (small shortlist etc) and managed not to win that either - so it may just be us!
- Be good to people and stay in touch if they are out of work etc. Two reasons - 1. they will appreciate what you have done and may help you in future and 2. BECAUSE ITS THE RIGHT THING TO DO!
- and finally - keep your confidence up - many people will question your business model, you as individuals, your name/logo/offices etc. People are bitchy - its just life. Don't second guess yourself - and if your confidence is down - just fake it - it will be OK
Tuesday, 9 March 2010
Launching and Running an Ad Business - Part 1
As we steam towards OME's 4th anniversary (May 2010) i thought i would jot down my thoughts on the lessons i have learned along the way.
NB this mail is written in warm glow of a good first quarter and a certainty that we have survived the recession and are in a position to flourish so more positive than i sometimes feel. But we have made and continue to make plenty of mistakes - so this is not - "how clever am I" - its more "have a look at some of the pitfalls and also things that went well"
1. Pick your Partner/key personnel carefully
Most people go into business with a partner for lots of different reason but primarily as it can be pretty lonely, scary and occasionally miserable when you start out. I admire those who go completely alone - but know that i could not possibly have done it. It is a form of marriage and the same fault lines will appear as in any close personal relationship. The same things you initially liked about them - may well be the things that make you want to smash their face in after a few years (its an analogy - not a real example...i think). I should take this opportunity to thank my business partner Mr Sean Paterson - who is better than me at most things but quieter about it. We have sort of complimentary skills which is cool but essentially i trust him completely which is good as he looks after the money (that decision took about 5 seconds)
2. Get your idea and execute it violently
Inspiration probably won't come - you won't come up with such an amazing idea that will have people flocking to your door.(if you do come up with something new - it will be copied by 5 people very very quickly). So just work out what your product/service is - check that some people may want to buy it - and then just do it. talk any one and everyone through what you do - once you have done that - find more people or same people again and repeat the sales pitch. Try to never stop doing this.
3. Be brilliant at what you do (or at least try very hard to be)
Your best source of business will be recommendation - so don't be a bullshit artist who does all the above in point 2 and then fails to deliver. It will kill you stone dead. People bought into us in first 2 years as they believed as a small business we would work hard for them and they believed in us as individuals that we knew our stuff and would apply our expertise to help them. I believe we repaid that in spades.
4. Core Business or Diversification
I fundamentally believe that you need to be focused on your core business - but my advice is to be flexible about the definition of that core business. I would say in Years 1 and 2 - we were digital media agency and now we are a digital recruitment business. Not a quantum leap - merely a natural evolution.
5. Focus on stuff that clients will actually pay for
this is very much linked to digital recruitment media world - there have always been fascinating developments in the last 4 years and it has always been possible to have 2.5 hour conversations with clients and suppliers about them but ultimately most of the proposals which resulted were never and would never get signed off. Social engagement stuff in 2008 did not get signed off, Myspace + Secondlife proposals never got off the flip chart.
If your business model depends on the cutting edge make sure your pricing model reflects the time put in. Or concentrate your efforts on things that can and will deliver quantifiable results/business.
6. Take time off - don't work too many weekends - be nice to your family
Launching and running a biz is incredibly important but its also not as important as life. You probably went alone to free yourself from being in the grip of the corporate world - shite bosses etc - and hopefully earning better ££. Don't just recreate that corp world in your own business and if the work is taking all your free time too - you are either doing it wrong or pricing it wrong. Go and do something else.
Anyway - Part 2 to follow soon - would love to have any comments on any of this
NB this mail is written in warm glow of a good first quarter and a certainty that we have survived the recession and are in a position to flourish so more positive than i sometimes feel. But we have made and continue to make plenty of mistakes - so this is not - "how clever am I" - its more "have a look at some of the pitfalls and also things that went well"
1. Pick your Partner/key personnel carefully
Most people go into business with a partner for lots of different reason but primarily as it can be pretty lonely, scary and occasionally miserable when you start out. I admire those who go completely alone - but know that i could not possibly have done it. It is a form of marriage and the same fault lines will appear as in any close personal relationship. The same things you initially liked about them - may well be the things that make you want to smash their face in after a few years (its an analogy - not a real example...i think). I should take this opportunity to thank my business partner Mr Sean Paterson - who is better than me at most things but quieter about it. We have sort of complimentary skills which is cool but essentially i trust him completely which is good as he looks after the money (that decision took about 5 seconds)
2. Get your idea and execute it violently
Inspiration probably won't come - you won't come up with such an amazing idea that will have people flocking to your door.(if you do come up with something new - it will be copied by 5 people very very quickly). So just work out what your product/service is - check that some people may want to buy it - and then just do it. talk any one and everyone through what you do - once you have done that - find more people or same people again and repeat the sales pitch. Try to never stop doing this.
3. Be brilliant at what you do (or at least try very hard to be)
Your best source of business will be recommendation - so don't be a bullshit artist who does all the above in point 2 and then fails to deliver. It will kill you stone dead. People bought into us in first 2 years as they believed as a small business we would work hard for them and they believed in us as individuals that we knew our stuff and would apply our expertise to help them. I believe we repaid that in spades.
4. Core Business or Diversification
I fundamentally believe that you need to be focused on your core business - but my advice is to be flexible about the definition of that core business. I would say in Years 1 and 2 - we were digital media agency and now we are a digital recruitment business. Not a quantum leap - merely a natural evolution.
5. Focus on stuff that clients will actually pay for
this is very much linked to digital recruitment media world - there have always been fascinating developments in the last 4 years and it has always been possible to have 2.5 hour conversations with clients and suppliers about them but ultimately most of the proposals which resulted were never and would never get signed off. Social engagement stuff in 2008 did not get signed off, Myspace + Secondlife proposals never got off the flip chart.
If your business model depends on the cutting edge make sure your pricing model reflects the time put in. Or concentrate your efforts on things that can and will deliver quantifiable results/business.
6. Take time off - don't work too many weekends - be nice to your family
Launching and running a biz is incredibly important but its also not as important as life. You probably went alone to free yourself from being in the grip of the corporate world - shite bosses etc - and hopefully earning better ££. Don't just recreate that corp world in your own business and if the work is taking all your free time too - you are either doing it wrong or pricing it wrong. Go and do something else.
Anyway - Part 2 to follow soon - would love to have any comments on any of this
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