Inspired!

For details of our Steps to Success Summer programme see here

Ann, thanks for an excellent evening last night.  An interesting speaker, a bit of business done and lots of good company.  Chris really excelled himself with the food too!  Adrian Chaffey  www.epitomelaw.co.uk

The fourth Step to Success is about finding and using the knowledge, skills and expertise of others to help you to achieve your goals.

Listening to Dr Michael Sanderson describe how he created a successful, profitable company from a failing enterprise was a thrilling example of just how exciting business can be.

In 2001 Mike was offered a job as managing Director of Laser-Scan at a very large salary to help turn the ailing 30 year old company around. The company employed 120 people had a £10m turnover, and had just showed a loss of £4m.

Mike saw that there was a bigger opportunity than a job with a big salary and operating from the thought “If I do just one thing ….” decided his task was to create a company that made a difference to people’s lives. The first lesson Mike explained is to be clear about your own needs and wants. What Mike wanted was to organise a Management Buy Out of the company and that is the only reason he took the job.

He quickly discovered that the company operated with a blame culture and one of his first actions was to replace most of the directors and start to build a team of people who shared his vision. After a few false starts, including turning down the offer to buy the company (and its liabilities) for £1, the company went into administration and a bailiff appeared to evict the employees and secure the assets.

By using contacts in the Cambridge Network, Mike was able to secure a restraining order on the bailiff while he and his team got together the funds to buy the assets. As this happened on a Saturday, this involved most of them scurrying around Cambridge drawing personal funds from ATM machines! In negotiations with the Administrators they managed to secure the the equipment needed to trade and saved the jobs of 49 people. Mike described the significance of everyone coming together with borrowed vans and help from family and friends as they made the move from the Cambridge Science Park to the Business Park to start afresh.

With the new management team in place, the first task was to change the culture and get everyone working as a team towards achieving the same goal. The second task was to deliver a product and service at a price that would make a profit. In a very short space of time, the software package that they previously had trouble selling for £10k was selling for £50k. Since then, revenues have tripled and the company has grown by acquiring five additional companies in five years. In 2006 the company’s branding was strong enough to change its name to 1Spatial.

Managing the team is Mike’s main role – he believes that most effective teams have a 2-3 year lifespan and has no hesitation in changing team members to achieve the goals. Team members generally don’t leave the company but move into other roles.

Mike’s significant learning points are:
Take account of the needs and wants of team members
Delegate the detail
Belief is all important
Risks need to be taken but also managed
Don’t get boxed in
Create the culture for success

Significantly, what came across most in Mike’s talk about this achievement was his use of the word ‘we’ thoughout. He is not a natural leader but the strength of his vision and the humanity of his approach meant that he inspired people and, in helping to achieve the team goals, their own needs and wants were met. In an industry known more for its exploitation of ideas and talent than for a culture of helping people to achieve their potential this is the mark of a remarkable man.

+++++++++++++++++++++++++++++++++++

For details of our next event “How to Outwit the Six Ghosts of Fear” on August 19th see our Inspired Events Page.

We are also running a Steps to Success Summer programme  throughout August using the power of  peer groups to create new solutions to business problems and sending you into the autumn with great ideas to achieve your goals. For info see here.