Future Imperfect Leadership challenges in a disrupted industry
What’s on offer today • A snapshot of where the media industry is globally and how we fit in • Provoke some thoughts about how what the media is going through today may effect industries or businesses you’re in • The particular challenges facing leaders in the media industry • Some reflections on my own experiences • Share some of principles of leadership which inspire me
Death on the tracks • Tucson Citizen • Rocky Mountain News • Baltimore Examiner • Kentucky Post • Cincinnati Post • King County Journal • Union City Register-Tribune • Halifax Daily News • Albuquerque Tribune • South Idaho Press • San Juan Star • Honolulu Advertiser See more at: http://newspaperdeathwatch.com/#sthash.5b1qoLe6.dpuf
Random facts • Lloyd’s List, started in 1734, claims to the world’s oldest newspaper is going out of print this year and will be only digital • Amazon founder Geoff Bizos earlier this year bought Washington Post for $250m • Red Sox owner John Henry buys the Boston Globe for $70m • In SA Sondag has already gone to the wall • Magazines closing almost every other week
Seer of Omaha “Newspapers continue to reign supreme, however, in the delivery of local news. If you want to know what’s going on in your town – whether the news is about the mayor or taxes or high school football – there is no substitute for a local newspaper that is doing its job. ... “Wherever there is a pervasive sense of community, a paper that serves the special informational needs of that community will remain indispensable to a significant portion of its residents.” – Warren Buffet, explaining why he’s invested $300m in local papers
Media Leadership challenge • Do you take the Buffet approach? Return to basics? • Do you retool from the ground up for the media business of tomorrow? • Do you try and do both of these at once? • Any path requires visionary, courageous leadership
Media Leadership challenge • What worked before doesn’t necessarily work any more • Technology/consumption patterns leads massive disruption • Traditional skills become less important • Massive culture and often process changes • Bottom line: It’s not business as usual
Customers Shareholders Employees Institutional #1 Survival $ Business Framework Internal External Focus Stakeholders Expand - Grow in areas we believe to be right. Sustained Competitive Edge Strategy React to most urgent needs Problem Ignores the external environment, vulnerable to external changes. Doing more and more with less and less; high job stress, little investment. • Requires a double shift: • in mindset • in skills • and very effective leadership.
Customers Shareholders Employees • Different frameworks require different behaviors. • If you want to be in the business framework, you need to understand the requirements. Institutional #1 Survival $ Business These profiles apply to everyone. Where is your business? Where are you?
Strategic Direction Competitive Advantage • Customers • Products • Markets • Service OrganisationCapability Individual Capability • Experience • Skills • Mindset • Perspective • Structure • Job Design • Processes • Power • Staffing • Culture All three sides of this triangle must be in alignment for a business to sustain a competitive advantage.
Lead for results • Cicero spoke – and people marvelled • Ceasar spoke – and people marched! • “No one yet has figured out how to manage people effectively into battle; they must be led” – John Kotter. “IF YOU WANT OPTIMUM COMMITMENT, YOU NEED TO TOUCH A HEART” – Brand Pretorius
The EI factory • Self-awareness • Self-regulation • Motivation • Empathy • Social skill
Peter Drucker’s 8 attributes • “What needs to be done?” • “What is right for the enterprise?” • Develop action plans. • Take responsibility for decisions. • Take responsibility for communicating. • Focused on opportunities rather than problems.
A leadership approach • Leaders look to the future • “Change is the price of survival” • Strategy + knowledge is nothing without leadership • Create passion • Inspirational leaders create passionate people • Values are more important than policy
Management vs Leadership • Lead to inspire • Manage to ensure effective execution • Vision-led and values-driven = a powerful formula for success
A formula • VISION + OBJECTIVES + VALUES + SERVING YOUR PEOPLE • Creates a culture which eats the competition for breakfast