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What Michael Hill has learned about surviving tough times
14-Jan-2010
Michael Hill did not become an entrepreneur until he was 40 years of age when
he opened his first jewelry store in 1979. He now owns more than 250 Michael Hill jewelry stores throughout
New Zealand, Australia, Canada and USA.
Here is our summary of what this leading retailer has learned about surviving
tough times in his book “Toughen Up”:
Tough times are good for
you
Struggle and hardship makes you leaner and stronger. It forces you to
streamline and focus. Winston Churchill summed it up best: only fight on
one front at a time. It’s very dangerous to engage in several battles at
once.
The power of visualization
When I started we set a goal of owning 7 stores in 7 years. Later on when
we set the goal of owning 1000 stores by the year 2022, the attitude of the
whole team changed. Now everyone is inspired about where we are going and
a whole new world of opportunities has opened up for them – managing stores,
living abroad and experiencing this crazy journey together.
Never be afraid of
change
If it aint broke, fix it anyway. Complacency is the enemy of progress.
Tough times produce the best opportunities to expand your horizons
Hire the right people
and help them become better
Rising unemployment presents a golden opportunity. It is better to cause
a little turmoil to get the right people in your key positions now - than to
put up with average staff just to avoid disruption. Weak managers employ
staff weaker than themselves, and are often hopeless delegators - trying to do
everything themselves. Managers must seek out people who are better than
them. The key to success is to build a fabulous team, and then become the
coach of that team.
Get down to the coalface
Reading reports, talking about strategy and responding to emails is not the
real business. If you are not prepared to roll your sleeves up at the
coalface where the real work is done, then you are in the wrong business. No
matter how big your company gets, your executives must spend time at the
coalface to understand what customers want and to observe what is really going
on in the business. Everyone in our business needs to know how to sell a
diamond ring – that’s what we are about after all.
Embrace mistakes
If you are not making mistakes, you are being too cautious. It’s fine to make
mistakes, as long as you don’t make the same mistake twice.
It’s nothing personal
Business and sentiment do not mix. If you allow emotion to cloud your
judgment you are in trouble. The bank is not going to be sentimental when it
forecloses on your mortgage. Be honest about what is working, what isn’t
- and do what is best for the business. Eliminate all areas of weakness,
and streamline your product offerings - even when doing so might be emotionally
difficult.
Keep your balance
Health, wealth and happiness only come to those who focus on all three. Take
control of your time. Turn your phone off. You are never going to
forge something brilliant if you are reacting to emails on your blackberry
every minute of the day. If your body is unhealthy, there is no way your
mind can be clear and fresh. Henry Ford said, “The more time you take to
think, the more time you will have.”
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