Michael Hill - Toughen Up: What Ive Learned About Surviving Tough Times

On our wedding day at Paihia church, Bay of Islands, 1965.

I set up a rival shop, and thus began the extraordinary adventure that would redefine my life.

Within seven years, we owned seven shops. After seven more years, that number had grown to 70. Now, we have more than 250 outlets across New Zealand, Australia, Canada and the United States of America, and our company is renowned as a world leader in efficient and innovative business. Having transformed both the jewellery business and the wider retail environment, we are now preparing to launch into a new chapter of our marvellous journey.

Along the way, I have spent a great deal of time reading and thinking about the path Im on, and watching closely the experiences of the businesses around me. Ive watched tycoons rise and fall, competitors enter and leave the market, staff grow and develop. Ive made big mistakes, been ripped off, misjudged situations and people and I have learned from it all. Everything that has happened, good and bad, has been part of my education. And all those lessons have distilled into a fairly simple philosophy of business and life.

It has worked for me. I believe it can work for you.

The international economy is in crisis. Businesses are failing. Unemployment is rising. Governments, not surprisingly, are alternating between practicality and panic.

But I believe the looming meltdown can be a good thing for businesses and entrepreneurs. It is possible to succeed in a downturn in fact it is the perfect situation in which to perfect a business. Instead of fearing the side-effects of recession, wallowing in gloom and convincing ourselves the only safe haven is at home under the blankets, entrepreneurs can use this period to their advantage. With the right attitude, you can not only survive, but emerge from the crunch with a new feeling of prosperity and strength.

Here, in summary, are the ingredients of my philosophy. There are no secret herbs and spices. It is not a magic recipe it is just a collection of solid ideas, firmly grounded in reality. All these concepts are remarkable only because they make common sense but youd be amazed how rarely I see them fully understood and embraced in the business world.

Dont panic

Hard times are good for you

Never be afraid of change

Hunt the right people and help them become better

Get down to the coalface

Embrace mistakes

Work is the wrong word

Keep an eye on the underdog

Visualise

Business and sentiment dont mix

Start at the bottom

Present yourself perfectly

Keep your balance

Give back and you shall receive

Find your point of difference

Money is just a yardstick

In the following chapters, I will explain each of these concepts in detail. I will tell you how my own experiences have coloured how I think about business, and share my ideas on the essential elements of a healthy organisation. With the right mental framework, you too can look forward with enthusiasm and energy to the adventure ahead.

Do not be afraid of
growing slowly, be afraid
only of standing still.

Chinese proverb