You run a growing social business and
things are going well. But you soon realise that with a little extra business
knowledge and global connections, your business could be so much more
So, you decide to take some time to
study your MBA.
But what happens to the business? You
think, ‘surely there will be plenty of time to run my business remotely, it’s
the 21st Century for goodness sake, it’ll be like I’m practically in
the office with all this technology at my fingertips’!
Well, sadly, most of the time this is where our Oxford MBAs can quickly get overwhelmed. In their hopes to do both, get an Oxford degree and run a successful business from 5,000 miles away, only one will prevail in the end.
So, what can we learn from those who
have come before?
Mohsin Mustafa, Oxford MBA, Weidenfeld-Hoffmann Scholar, and Skoll Scholar 2018-19, offers some handy advice for any prospective MBA looking to keep their business ticking over whilst they take a year out to study.
I run a healthcare business in Pakistan. We have pediatrics Clinics and we run those clinics in partnership with schools where we provide preventative care services. My enterprise Clinic5 is three years old and we have a team of 15 people. One of the biggest concerns I had when I was leaving for the Oxford MBA was what would happen to the business in my absence. So, I would like to share with you my experience and what worked. For advice on this aspect I would really like to credit Sidhya Senani, MBA 2017-18 who faced a similar dilemma as I did whose advice was crucial in helping me plan my transition this past year.
What to DO:
Have a lead in place
Having one person to contact while you’re
away makes it much easier for you to administratively manage affairs in your
enterprise. Also having one second in command makes it easier for your other
stakeholders (suppliers, clients, rest of the team) to know whom to contact in
case they want an issue to be solved.
Pilot not going to the office for at least
This pilot helps everyone in the team see how things happen in your absence. If you’re the cofounder, its quite possible that you were always available, both in person and with your time, now that you would be gone for a year, the gap would be felt so it’s always better to first give a feeler to the team and troubleshoot the issues that come up. Trust me this will come!
Set aside dedicated time for a weekly
This is very important. Face time with the team every week makes them see you still care about the work. It’s quite likely that the ownership you feel towards the business is much higher than anyone else. Feed the team with that energy every week. Additionally, during these calls, keep negative feedback to a minimum. Primarily serve as the motivational speaker or the cushion for their stressors. Let them speak. At your end reiterate the achievements during the year and how much longer the team must go before you join them and what’s waiting in store for the team after you join. Sharing the vision goes a long way.
You will get a few calls from your primary
point of contact every now and then. Prioritize that call. Important for your
primary point of contact (your lead) to feel that you have their back.
Also, if other team members call, try and
route them through your primary lead. If there’s a call, document it
immediately through an email so that everyone in the team is aware of what was
discussed. This practice reduces the chance of misunderstandings. This year
will be a real challenge of your business leadership skills.
Set aside cash flows so that your
business operation does not suffer.
It’s possible you might get cancelled clients, it’s possible that your business development plans for this year do not work out. The cushioning of cash flows for your business should be greater than what you keep. You need not share the exact level of cushioning with your team. It’s more as a safety net for rainy days.
What NOT to do:
Don’t intervene in operational matters.
Let the team on the ground deal with them
and TRUST their decision even if you think you would’ve done things differently
let it be. Unless and until you think a certain decision is an existential
threat, resist the temptation to intervene. This is essential to empowering
Don’t get involved in office politics
Some will happen inevitably. When that
happens try not to take sides
Don’t give negative feedback over a
Call if you must do it, do It one on one
Don’t plan to scale your work this year.
It exerts immense pressure on the team
A year later, I could safely say, things
went by quite smoothly for Clinic5. I would give this credit to my brilliant
team: Dr. Taha Sabri, Dr. Selina Hasan, Muhammad Irfan and Syed Kareem.
Additionally, my father kept an oversight on financial matters which took a lot
of stress off me, so thank you Abbu!
This time away might have been a blessing
in disguise since people took up more leadership responsibilities within my
organization and now when I go back, I can really focus on scaling.
If you’re taking part in the Oxford MBA this
coming year, brace yourself for an intense and exciting year.