Stories from the Trenches

Stories from the Trenches

Transforming the Fortunes of Professional Practices?

Improving Professional practices.

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Michaels help and insights have helped propel my company to new heights and success.

1 key takeaway is managing my company so I can gain new business without working in the business to then sell my business and I'm now on track to achive my goals

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Blogs

The Paradox of Ambition: Why Even High Achievers Resist the BHAG

by NM128978 • 21 April 2025

It's a curious paradox, isn't it? As a business coach, I've observed a recurring pattern among even the most accomplished entrepreneurs: a reluctance, a hesitation, when it comes to embracing the Big Hairy Audacious Goal (BHAG). They intellectually grasp the power of a compelling, long-term vision to propel them forward, yet something holds them back. What's the underlying mechanism at play here? Is it simply a fear of failure, magnified by the potential scale of the BHAG? Or perhaps a more subtle cognitive bias – a subconscious anchoring to past successes, making the leap to a truly audacious future seem, well, unrealistic ? We know from research in behavioural economics that loss aversion can be a powerful force, even among those who have consistently demonstrated a capacity for risk. Could it be that the potential downside of not achieving a BHAG looms larger in their minds than the potential upside of transformative success? The implications are profound. A well-defined BHAG can act as a forcing function, driving innovation, fostering resilience, and ultimately unlocking levels of performance that would otherwise remain untapped. So, how do we dismantle this psychological barrier? I suspect the answer lies in a multi-faceted approach: Embracing the Growth Mindset: Cultivating a deep-seated belief that abilities and intelligence can be developed through dedication and hard work, as Carol Dweck has so eloquently argued. Deconstructing Complexity: Breaking down the BHAG into a series of smaller, testable hypotheses, allowing for iterative learning and adaptation. Reframing "Failure" as Data: Recognizing that setbacks are not indicators of inherent limitations, but rather valuable sources of information that can inform future strategies. The challenge, as always, is to translate these insights into actionable strategies. What are your thoughts? Have you encountered this resistance to BHAGs in your own experience? Let's explore this fascinating intersection of psychology and performance in the comments.

Is there a clever way to ensure the success of a new Partner?

by NM128978 • 21 April 2025

Succession planning. Too often, it's treated as a mere formality, a box-ticking exercise to appease stakeholders. But this is a dangerous delusion. Drawing on insights from both strategic management and the principles of "Black Box Thinking" (as championed by Matthew Syed), true succession planning is about creating a culture of continuous improvement, where failures are seen as opportunities for learning and growth. It's about unlocking marginal gains, one small improvement at a time, to build a truly resilient and high-performing organization. Beyond "Potential": Embracing the Growth Mindset and Deliberate Practice: The traditional focus on "high-potential" individuals is often misleading. As Carol Dweck's research on the "growth mindset" demonstrates, innate talent is less important than a willingness to learn and adapt. We need to cultivate a culture of deliberate practice, where individuals are encouraged to push themselves beyond their comfort zones, seek feedback, and continuously refine their skills. Drawing on the work of Anders Ericsson ("Peak: Secrets from the New Science of Expertise"), we must create opportunities for individuals to engage in focused, purposeful practice that leads to measurable improvements in performance. Mentorship programs should be structured around this principle, providing individuals with the support and guidance they need to develop their expertise. Transition as a "Black Box": Learning from Mistakes and Embracing Transparency: Partner retirements are rarely smooth. Mistakes will inevitably be made. The key is to create a culture where these mistakes are seen as opportunities for learning, not as sources of blame. Drawing on the principles of "Black Box Thinking," we need to embrace transparency, encourage open communication, and conduct thorough post-mortems to identify the root causes of failures. This requires a willingness to challenge existing assumptions, question established practices, and experiment with new approaches. Knowledge management systems should be designed to capture not only successes but also failures, creating a valuable repository of organisational learning. Culture as a "Complex Adaptive System": Fostering Emergent Leadership and Innovation: A strong firm culture is not something that can be imposed from the top down; it emerges from the interactions of individuals within the organisation. Drawing on the principles of complexity theory, we need to view the firm as a "complex adaptive system," where emergent leadership and innovation can arise from unexpected sources. This requires creating an environment where individuals feel empowered to take risks, challenge the status quo, and contribute their unique perspectives. Diversity and inclusion are not just ethical imperatives; they are essential for fostering creativity and innovation. A homogenous firm is a fragile firm, vulnerable to groupthink and blind spots. Succession planning, viewed through the lens of Business School thought and "Black Box Thinking," is not a defensive manoeuvre; it's a strategic imperative. It's about building a learning organization that can adapt to change, leverage its intellectual capital, and create a sustainable competitive advantage. Let's move beyond the traditional checklist and embrace a more sophisticated, evidence-based approach to leadership development and organisational resilience. Let's unlock those marginal gains. #leadership #successionplanning #lawfirms #legalindustry #blackboxthinking #growthmindset #complexadaptivesystems

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