So what’s it really like to be a managing director? Here Hilton Freund, MD of payday loan provider Wizzcash, talks about the lessons he’s learnt since moving to the boardroom.
Recently I took a big step in my career: I became managing director of payday loans company Wizzcash. It’s been a lot of things: enlightening, eye-opening, challenging, demanding, rewarding. To name just a few. I thought it’d be good to put some thoughts down as to what the experience has taught me.
Lesson 1
Forget about job titles, rank or seniority.
I really don’t think it matters what job title someone has, how senior they are, or whether they’ve been with your company 10 years, 10 days or 10 months. I’ve learnt that too much focus is put on things like what job title someone has or how senior they’re viewed as being in the company.
And I mean that not just in the context of office politics but in the world of business decisions, creativity and ideas. Part of my role as managing director of Wizzcash is about listening to people. And I’ve learnt that good ideas, concepts, tricks, plans and out-of-the-box stuff can come from anywhere and anyone. Wizzcash, for example, wanted to do some research into the Millennial generation. One of our interns came up with the idea of looking at how Millennials compare to other generations and developed the idea of ‘generation debt’. That actually became an interactive resource that got us some good promotion.
So it really doesn’t matter what job title someone has. They matter, everyone matters, irrespective of their position, and their ideas should be listened to.
Lesson 2
Actually listen to people. Remember. Look them in the eyes.
Read any blog about leadership and listening will probably be listed as an important attribute. I couldn’t agree more, I really couldn’t. But all too often, I’m not sure if people who say they pay attention actually do.
So listening to people, actually listening to them and making note of what they say, is, I think, quite rare. As a result, it’s a powerful and important tool for an MD. We see it a lot with politicians. They say things like: ‘I’ll listen to what you have to say.’ But do they?
I’m not so sure. As managing director of Wizzcash, I’ve made listening a really big thing. I make notes of conversations I’ve had with people and, where I think it’s worthwhile, ensured we’ve had follow-up conversations and actioned things. Eye contact is important too. It helps you form a strong connection with someone. Next time you see them, they’ll remember you. And you’ll remember them.
Lesson 3
Be prepared for long weeks, early starts, late finishes and weekends at work.
If you’re going to be managing director of a company, I think you need to be realistic about what your workload will be. Now, I’m a strong advocate for a good work-life balance, but a degree of honesty is needed if you’re going to succeed at a senior level of a company. I think it’s safe to say you can say goodbye to the Monday-to-Friday 9-to-5.
I’ve had some pretty busy weeks, let’s put it that way. Early starts, late frantic finishes, the odd weekend spent doing business development or forward planning. But it’s pretty much crucial if you’re going to approach your role in a dedicated, organised manner. That’s not to say I don’t have a life outside of work. I do. Last week I spent a sunny afternoon in a park in London with family. But when I need to work, I realise that I need to work and I get on with it.
Lesson 4
It’s not all about money, you know.
Not all of it, anyway. I’m not disagreeing with the notion that the primary aim of a business is to make profit, because of course it is. A company not making money will fail.
The bit I disagree with is the idea that money is the ‘main’ goal. I think other things are important too. And I think focusing too much on making money is detrimental, because it takes you away from something that’s really important: helping your customer.
By putting your focus on the customer – coming up with ways to make their experience better, ways to improve your products, innovate, learn and develop – you will indirectly contribute to your profit goals. Because if the customer experience is enjoyable and seamless, you really shouldn’t have a problem getting them through the door.
