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» Business success - it's not about the luck you get, it's what you do with it. : 10 Nov 2011
» Achieving Success in the Business of Fitness - Panel session : 15 Jul 2013


Business success - it's not about the luck you get, it's what you do with it. : 10 Nov 2011

The author of 'Good to Great' and 'Built to Last' (Jim Collins) has now teamed up with Morten Hansen to produce another insightful book, 'Great by Choice'. Apart form being a fan of his earlier work, my reason for mentioning this today is that the idea at its heart correlates with the philosophy behind HealthyPeople.

The premise of 'Great by Choice' is that 'winners and average performers encounter essentially the same number of lucky and unlucky events. The upshot: it's not the luck you get that counts; it's what you do with it ? your return on luck.'

In a recent article Morten Hansen outlined how you can get a high return on luck at work;

1. View life as a flow of luck events. Imagine swimming in a river in which lucky events ? good and bad ? will flow your way and hit you. It's neither good nor bad. It just is. When you start having this "luck flow" mindset, you can start managing those events to your advantage.

2. Prepare for bad-luck events (they will come). Bad luck events will happen; you just don't know when and in what form. The best leaders in our study prepared for bad-luck events by building reserves (e.g., cash on the balance sheet) and running lean operations in good times. Likewise, we can all prepare for bad luck events at work by incorporating safety margins in what we do and building a strong network of people at work.

3. Spot good-luck events when they come. The best leaders in our study had an uncanny ability to spot good-luck events. My guess is that more good-luck events happen to us than we think, small and large. This includes "who" luck events, such as encountering a mentor, getting a new great boss, or meeting a life partner. The problem is that good-luck events often reveal themselves in ambiguous, trivial ways at first, which can make them hard to detect. And it's not enough just to spot a good-luck event; you also need to be prepared to alter your plans to act on it.

4. Execute brilliantly on good-luck events. You must prepare intensively, commit all the resources you can, and be maniacal about execution when the good-luck moments arrive.

This idea of 'management of luck' aligns well with the philosophy of HealthyPeople. Traditional recruitment has strong connections to 'bad luck' events (loss of staff, unexpected costs, time costs) whereas HealthyPeople plays on maximising 'good luck' (notification of great candidates as they arise, controlled recruitment fees, time saving tools).

What are your tactics to get a high return on luck in your business, in particular in recruitment?

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Achieving Success in the Business of Fitness - Panel session : 15 Jul 2013

On Friday August 9th I'll be a part of a panel discussion with Carl Ziebell (Adrenalin Health) and Natasha Holmes (Advance Fitness Clubs/Advance Fitness Marketing).

It's called 'Achieving Success in the Business of Fitness' and it's a part of Victoria's Small Business Festival.

We'll be talking about key challenges and solution strategies for fitness business managers. Details as follows:

Where: Fed Square, Melbourne CBD
When: Friday 9th August from 11.30am to 1.30pm.
Tickets: $25 and space is limited.
To book: Contact Carl on 0411 636 666 or our office on (03) 9038 8616.

 

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