Tag: brings

  • The team behind the experience

    The team behind the experience

    Last month I talked about how the customer experience should be at the heart of what your business strives to achieve.

    But what delivers that experience? Your employees and colleagues of course. You could order the finest meal in the world, but if it was thrown at you from the kitchen by the waiting staff, I doubt you would even be able (or want) to eat it even if it tasted amazing.
    I believe there are four key elements that make up an outstanding team and I would like to spend some time looking at each.

    Common purpose and goal

    Every member of the team should be working towards a common goal which is clearly identifiable. Ideally these should not be aspirational. Let’s use the example of a sports team. It’s very easy to say “We want to be the best team in the world”, but what does that actually look like?
    Setting goals which are SMART is a great place to start:

    Specific
    To win trophies/tournaments

    Measurable
    To win X number of trophies/tournaments

    Achievable
    The above is reflective of the team’s ability

    Relevant
    Aligns with long-terms goals and values (to be the best in the world)

    Time bound
    To win them within a set number of games or seasons

    You can see how easily this allows the long-term goal to be broken down. Within your business you might already do this via your annual budget or longer term business plans, but are these shared with your wider team to ensure that everyone understands and is invested in the common purpose and goal?
    I recently attended the Elite Business Live 2024 conference, and many of the speakers referred to sharing equity with their wider team. When they all have a tangible financial interest in the business, this brings unity to a team as they can all benefit from the business reaching its short, medium and long-term goals. In my working life I have seen this happen first hand. My employer, insurance group Howden, is in fact the 5th largest employee-owned business in the UK. Employees can go from good to exceptional when they become part of the ownership structure.

    Celebrate differences

    “Great things in business are never done by one person. They’re done by a team of people.”
    Steve Jobs is credited with the above quote and it’s true of every team, but this doesn’t mean that everyone needs to be the same for the team to succeed. Most sporting teams will have different people with different skills, even if primarily from a physiological rather than psychological perspective, unlike perhaps in a business setting.
    There have been numerous studies on this and one of my favourites is by Dr Meredith Belbin. Belbin believes that there are nine team roles that need to be fulfilled. Whilst these roles are quite defined, no one person will necessarily fit fully into one role, rather they might be a hybrid of at least two and perhaps more roles.
    It’s important for a team’s manager to understand which role elements are present within their team, as this could identify why the team is not meeting its goals. Role identification is achieved by asking team members to each complete a questionnaire in which they assign points (1 low to 10 high) against a set of statements that best describe their individual behaviour.
    It is of course also important to understand what role the manager of the team is fulfilling, because the manager may need to adapt their role to fill gaps if these cannot be resourced. If you work within a large organisation, you will often be part of a team within an even larger team. This could mean that in the team you manage (for example the ‘London Sales Team’), you are the ‘Shaper’ or ‘Implementer’, according to Belbin. But perhaps within your wider team (for example the ‘UK Sales Team’) you could need to be the ‘Monitor Evaluator’ blended with ‘Team Worker’ within that team.
    Take some time to understand what roles your team members each fulfil, as without at least some attention being paid to each type of role, your team may struggle to succeed or be critically weak in a certain area. Returning to sports, a rugby union team without a prop forwards would struggle in the scrum for example.
    Whilst Belbin talks about individuals in a psychological sense, it can be useful to also consider other differences which might be present, such as religion or home life. These differences can all have an impact on an individual’s role within a team. A person observing a religious holiday, or that has a new baby within their home for example, could require additional support from the team and for a while might need to slot into a different role type for a period of time.

    Accountability

    Generally, the performance of a team will be defined by the individual performances that stem from within it. Having performance goals (sub-budgets) as well as personal ones for each team member can serve as motivators and also ways for a manager to judge an employee’s performance.
    I watched Sir David Brailsford, British cycling coach and performance director, interviewed on Sky documentary ‘Secrets of Success’ and he said that he let the Great Britain cycling team set their own rules for accountability which resulted in the team members being far harder on themselves than they would have been under team rules and goals set by the coaches. This resulted in a much more aligned and disciplined team that generated significant results.

    Review and reset

    Finally, when you conclude each time period for your SMART goals, it’s vitally important to review performance and results during that period, enabling you to make appropriate adjustments to the team to bring it back on track if required.
    The GROW model can be useful at all stages. It is mainly used in coaching models, but I think it has a useful wider application:

    Goal
    What’s our goal? What do we want to improve on?

    Reality
    What’s our current position in respect of that goal? How close are we to it?

    Options
    What are we going to do about it? What counts as progress?

    Way Forward
    What are we going to do? When will it be done by?

    Conclusion

    Your team is the customer experience delivery point. Getting that team to function at the highest it possibly can, will increase your customer base and allow your business to succeed. But that doesn’t mean doing the same thing all the time for years on end.
    Next month I’ll be talking about this further in respect of business evolution rather than revolution.

  • Will overregulation mean Poland and Europe miss out on crypto?

    Will overregulation mean Poland and Europe miss out on crypto?

    The cryptocurrency industry is growing fastest in Asia, and with Donald Trump’s second term, the US has joined the race. Meanwhile, Europe has focused on regulating this new sector of the economy. What does this mean for businesses and customers?

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    Cryptocurrencies have been gaining popularity for several years. The most valuable cryptocurrency, Bitcoin, has been around since 2009. During this time, the value of one bitcoin has risen from a few cents to around $120 000 (more than €100 000).
    Cryptocurrencies originated as an alternative to state-controlled currencies and financial systems, but these innovative financial products have hit the mainstream – attracting the interest of investors, financial institutions and legislators.

    MiCA. European directive on cryptocurrencies

    In the European Union, the status of cryptocurrencies has been regulated by the MiCA (Markets in Crypto-Assets Regulation) directive, which introduces, among other things, mandatory wallet segregation for cryptocurrency exchanges, i.e. the separation of cryptocurrencies belonging to customers from those belonging to the company, as well as mandatory audits, registration fees for companies in the industry and the so-called travel rule, a system that allows the sender and recipient of a cryptocurrency transfer to be verified. All this, experts say, brings cryptocurrencies closer to the banking world.

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    “The MiCA was created over a five-year consultation process between representatives of regulators, governments and business. These are well-designed regulations,” said Przemyslaw Kral, CEO of crypto exchange Zondacrypto. As he points out, the recently passed laws regulating cryptocurrencies in the US are also largely modelled on the MiCA Directive.
    “This proves that European regulation is not a bad thing, it is not over-regulation. Our industry needs to be regulated, it just needs to be done sensibly and efficiently. We are applying for a MiCA-compliant licence in Estonia and Cyprus. In Poland, we cannot, because there is still no law, only a draft,” he added.
    The lack of a law, or at the same time the inability of a cryptocurrency company to register its operations in Poland, is not the only problem highlighted by the industry and experts. The proposed draft Polish law is stricter than the European directive.

    “The implementation of the MiCA regulation in Poland is a textbook example of overregulation and gold plating. The proposed draft carries the risk of stifling innovative young Polish fintech companies,” believes Piotr Palutkiewicz, vice president of the think tank Warsaw Enterprise Institute.

    Related

    Should European banks consider holding cryptocurrencies like Bitcoin as a reserve asset?

    In his opinion, the Polish draft introduces fees that are too high, based on the value of the issue, which will make some areas of the cryptocurrency business unprofitable.
    “Companies planning their growth on stablecoin issuance will simply close down their operations in Poland, while others will move abroad, de facto offering their services to Polish consumers in the grey market, but outside the Polish legal order and supervision.

    “If there are to be fees, they should be linked to real profits. The length of the transition period is another objection. The current 4-9 months is not enough for companies to adjust,” Palutkiewicz said.
    An example of a company with Polish roots that has decided to expand in another EU country is Zondacrypto, one of Europe’s largest cryptocurrency exchanges, popular in Italy, Romania and Bulgaria, among others. Although 80 per cent of the company’s 200 employees are Polish, and Poland remains its largest market, the business is registered in Estonia.

    Related

    Estonia used to be a crypto pioneer but is now clamping down on crypto licenses. This is why

    “In Estonia, the red carpet has been rolled out in front of us, and in Poland we are being thrown a curveball. Cryptocurrencies could become a Polish export commodity, but the political will is lacking. The problem is a lack of knowledge and willingness to educate, politicians prefer to rely on harmful stereotypes about the crypto industry. The Polish regulator, unfortunately, sees cryptocurrencies as a threat rather than an opportunity,” said Kral.
    “Meanwhile, we have a society that is very open to cryptocurrencies, we have great specialists. And it will end up that these companies will move out of Poland under the jurisdiction of other regulators and pay taxes in other countries,” he added.
    Zondacrypto in Estonia has already paid more than €6 million in VAT. “I think Poland is missing a big development opportunity,” Kral said.

    Will Europe lose out in the cryptocurrency race?

    Kral believes cryptocurrencies are currently growing fastest in Asia, with the US recently imposing a big pace. But the industry is also growing in Europe, and in a very steady way.
    EU regulations were supposed to make the entire European market a coherent universe, but it turned out that there are countries such as Poland and Belgium that are delaying the implementation of the common law. Different countries also have different approaches to the European directive. As a result, barriers still exist in the common European market.
    “As we have applied for MiCA licences in Estonia and Cyprus, we are now in a transition period and can operate as before. There are already companies in Europe with a licence issued.
    “This mainly concerns entities registered in Malta, which has become a bit of a ‘McDonald’s of licences’. Personally, I find it hard to believe that the Maltese authorities are regulating this market exactly as the MiCA regulations require. We have taken the harder route, because for the long-term development of the business we prefer to clash with a more meticulous and restrictive regulator right from the start,” Kral said.
    He added, however, that, in the absence of an enacted law, there is no indication of a Polish regulator in the foreseeable future.