Sherie Griffiths

July 1, 2011

‘So what’s stopping you? – too much thinking is really bad for business!

Last Thursday’s radio show was the last in the series (just for the time being) of ‘So what’s stopping you?’ with Steve Dickinson of Dickinson Coaching. This time, we were talking about over-thinking.

We’ve all heard the expression, ‘Failing to plan is planning to fail’, haven’t we? In fact, we hear it so often it’s become a bit of a cliché. Like all clichés, there’s a lot of truth in it, especially in business. Running headlong into a project just because it excites us as individuals is no guarantee of success. Other people might not share our enthusiasm; there might be a lot of competition in the particular market – and if there isn’t, that might be because there’s no money in it. These issues would probably have come to light if we’d done a bit of planning – and we may even have found ways around them.

There is a real danger, though, at the other end of the spectrum, of potentially great ideas being strangled at birth by too much thinking. Listening to other people – especially those with more experience – is vital; but too much advice – and too much reliance on it – is as dangerous as not enough.

Then there’s the more personal kind of over-thinking which can destroy our own confidence – the kind that can start with, ‘I don’t think I’m very good at…’ and end with, ‘I can’t do…’

If you’re a thinker by nature – someone who likes to plan everything down to the last detail – you might well believe that’s just how you are and you can’t change. I know that because I’ve done it myself; but very recently, I broke the habit of a lifetime – had an idea and made it happen within a week. For the first time ever, I’m working on the basis that ‘done is better than perfect’ and I have enough business experience now to fine-tune the project as I go. Yes, I could have spent six months meticulously planning and refining. The control freak in me would have found a certain satisfaction in that; but this project is far more use to me – and my clients – out in the big bad world than it is on the drawing board.

Oddly enough, doing live radio has helped me to become less of a control freak. When everything is pre-recorded, there’s a real temptation to go on re-recording or re-editing indefinitely, in search of absolute perfection; but in a live situation, all you can do is make sure you’ve thought enough (but not too much) beforehand. Once it’s out there, it’s out there. I can illustrate that from very recent experience.

Aside from the interview with Steve, I did last week’s show on my own – without my regular colleague, Alison, who was on holiday. The whole three hours was live – no pre-recorded ‘packages’ to give me breathing space. There were several things in there which I had to do for the first time, like the weather forecast (which has to be fitted into thirteen seconds just before the news kicks in automatically), travel updates (which obviously have to be delivered clearly and logically – because people listening on the move aren’t giving you their full attention and the information you’re delivering could change the whole shape of their day) – and an interview which I didn’t know was happening until ten minutes before it went out.

Now, I interview for a living. At the moment, it’s the major part of my programme-making; but normally, I talk to the interviewee in advance, we prepare the questions together etc. This time, there was no such luxury. All I had beforehand was the girl’s name, where she was from – and the fact that she wanted to talk about ‘fish pedicures’! Still, I’m told I pulled it off.

The weather was interesting. Before the first forecast, I rehearsed it aloud three times –but the mouth went into reverse almost as soon as the mic was up. The next three were done without rehearsal – and went smoothly and to time.

The show as a whole wasn’t perfect – but what really mattered was that it got better as it went along, the feedback afterwards was great – and I learnt so much from the experience.

Steve’s parting shot last week was, ‘If there’s something you really want to do, just go for it.’ I’ll second that. Yes, do some planning and preparation. If you’re very passionate about an idea, it’s quite useful to make yourself step back a bit and try to look at it more objectively, to see it in the wider context of the market you want to go into, the trends and so on. Failing to plan without that knowledge really is planning to fail – but don’t plan it to death. If circumstances allow – if it doesn’t need too much investment to get started – there’s nothing wrong with testing the water by jumping in. Very few people ever learnt to swim by sitting on the side and watching.

 

I’m taking a couple of weeks off from the programme.  It all starts again on 14th July, with a brand new series: ‘The only way is enterprise’ – looking at the influence of the TV show ‘The Only Way is Essex’ on local business – should be fun!

June 17, 2009

Glossary of International Trade Terms – A

As promised yesterday, here’s more from the latest newsletter from Ray at International Trade Financial Solutions – http://www.inttradefinsolns.co.uk.

 

Today, Ray starts his glossary of common international trading terms.

 

Over the course of the next few issues, I thought that it may be useful to include some of the terms that are often seen in International Trade and a brief explanation.  I cannot promise to include every one – we’d be here for ages but I will try to incorporate some that, from personal experience, I know have caught out both importers and exporters.  I’ll also try to keep things alphabetical, so if anyone wants help on a particular term or expression and I have passed that point in the alphabet, let me know, and I’ll include it in the next available newsletter.

Here goes…..

 

A.

 

Acceptance.

(See yesterday’s post). When applied to Bills of Exchange, it is the act of the buyer [the Drawee] accepting  that the amount quoted on the bill is correct and is a valid sum due from them to the Drawer.  Acceptance is achieved by signing the bill - usually in the form ‘Accepted, for and on behalf of XYZ Ltd, [plus signature & designation]‘.

 

Accepting Bank.

The bank specifically mentioned in a Letter of Credit as being the one upon whom any required  Bill of Exchange is to be drawn.

 

Ad valorem.

Literally, according to value.  Included here since some banks still levy a sliding scale of charges [ad valorem] to some of their International services.  Also important to be aware of minimum/maximum fee levels when comparing the offers of different providers.

 

Advising Bank.

Within the confines of Letter of Credit operations, a  bank, located in the exporter’s Country that handles the Letter of Credit, advising it to the exporter.  Should future

amendments, etc. be needed, these will also usually come through the advising bank.  Note, however, that the advising bank is not necessarily responsible for payment

nor may you be limited to only dealing with this bank when you come to present documents and seek payment.

 

AirWay bill. 

The shipping document used when goods are transported by air.  Unlike a Bill of Lading, it is not a document of title.  AWB’s are issued in multiple copies; it is usually copy 3 that is the one passed to the buyer and which he or his agent needs to present to obtain the goods in the destination Country.

 

Aval, avalisation.

Applies to Bills of Exchange.  Unlike cheques, which are a form of Bill of Exchange, all parties to a Bill have to sign/endorse the Bill.  Where someone whose name does not appear on a bill signs it, they are said to have added their aval or avalised it.  The effect of doing this makes then liable should the bill be unpaid by the other parties.  Often requested of banks by holders of the bill.  A bank avalised bill is almost as good as cash and can be sold to obtain funds and help cashflow.  Often overlooked by sellers.

 

OK, that’s enough.  B’s next time……..

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