What We Learnt This Week
Who you gonna call?
It is the end of the year, so some looking back and lots of looking forward – even if the media encourage us only to look at the next few weeks, days or even hours. I suggest that as you look into 2022 you can predict this: you will need some help.
When the going gets tough, and maybe you can’t get going – who do you turn to?
I have been reflecting on how I have been helped over the years by a small number of incredibly influential people. Often without payment, on various sometimes tangential themes, and not always with a smile. I have been fortunate enough to have had -and still have – mentors.
Someone who you can trust, rely on, ask questions of, and be asked questions by.
A more formal definition:
“Mentoring is a learning relationship, involving the sharing of skills, knowledge, and expertise between a mentor and mentee through developmental conversations, experience sharing, and role modelling. The relationship may cover a wide variety of contexts and is an inclusive two-way partnership for mutual learning that values differences.” European Mentoring & Coaching Council
Some of my mentors have been very informal: indeed I didn’t even refer to them as mentors, although reflecting on the conversations, that was what was happening. My old friend from Banking days Gary Ames for example. Also my mastermind buddies Julie, Fiona & Tom.
These days I have learned more about mentoring, not least from my time with the charity Mowgli, who introduced me to Ramzi, an entrepreneur in Jordan who I mentored in his start up days.
What differentiates mentoring from coaching is, I feel, the nature of the relationship. Mentoring is a closer: but this does not mean it is all hugs and words of comfort. The words may be hard hitting, but always well meant. The nature of the conversation is different too, and skilled mentors are great listeners first and foremost. The wise words only come once the mentees situation is understood.
2022 will come with many challenges, some of which you can see clearly galloping towards you. Some will come like a bolt from the blue. Not all of them will be solved by a quick google and a bit more data. You will need judgement, subjectivity and purpose.
You may know already who you can turn to. I hope they know that too!
As we reflect on the past year and look ahead, we will all need a bit of support sometimes, and it could be that you will one of those providing the support. Focussing on the quality of the relationship first will help that support be sought or followed much more effectively.
Phil’s Thoughts are not just Financial – we can do more of that next year. For now, think about who you may need to call upon, and who may need to call upon you.
Merry Christmas and Happy, Safe & Prosperous New Year.
Buzzword of the Week – Incremental Budgeting
Definition – “Incremental budgeting is the traditional budgeting method whereby the budget is prepared by taking the current period’s budget or actual performance as a base, with incremental amounts then being added for the new budget period. These incremental amounts will include adjustments for things such as inflation, or planned increases in sales prices and costs. It is a common misapprehension of students that one of the biggest disadvantages of incremental budgeting is that it doesn’t allow for inflation. Of course, it does; by definition, an ‘increment’ is an increase of some kind. The current year’s budget or actual performance is a starting point only.” https://www.accaglobal.com/ie/en/student/exam-support-resources/fundamentals-exams-study-resources/f5/technical-articles/comparing-budgeting-techniques.html
Alternate View – Another common misapprehension: this is the only way of budgeting. But I suggest it is the main method, not least because you can start with last year and just change a few numbers: that makes the process quick and easy, if not necessarily accurate. You may need a fresh approach – see Zero Based Budgeting.
Coming Up…
Christmas and New Year! Feasting, relaxing, and for some keeping on working. I wish you all the best for this season of – I hope – peace and goodwill.
For BIPC Worcestershire I am running another free webinar on Monday 10th January on Personal Productivity. This is designed for people starting up new businesses, and it’s an hour of tips and techniques to help you get more done, or the same done in less time.https://www.eventbrite.co.uk/e/personal-productivity-for-people-starting-their-businesses-registration-214493314277?aff=ebdsoporgprofile
CIPD HR Hot Topics is on Friday January 14th an informal free flowing discussion about what’s hot in HR right now. Free to join – https://www.eventbrite.co.uk/e/online-cipd-cov-warks-hr-hot-topics-networking-meeting-tickets-224223988987?aff=ebdsoporgprofile