X Factor Lessons

The Wow Company’s director, Peter Czapp finds lessons from the reality TV show applying to businesses across the South.

Ok, I admit it. I absolutely love the X Factor. If I am not at home watching it on a Saturday night, I make sure it is the first thing I Sky+ before heading out (not least because my girlfriend would kill me if I missed it)!

I’ve watched the show since those early auditions and laughed and cringed in equal measure as thousands of disillusioned hopefuls attempt to sing in front of the judges. Let’s be honest, this is the best bit of the series. We all love the part when someone who thinks they are the next Michael Jackson or Leona Lewis is told that they actually sound like a deaf cat being strangled underwater. It is the same on Dragons Den (another TV favourite of mine) when someone who thinks they have a brilliant invention that will change the world is told that actually they have wasted the past 5 years of their life (and a whole lot of money) on something that will never get off the ground.

"This is more than just a job. Being a popstar or entrepreneur is not something that you can do 9-5 and then forget about"

Now, giving this sort of straight-talking, no-nonsense advice might seem harsh at the time, but I think it is essential that people face up to these home truths. It is important that the contestants understand the reality of what is required to be a superstar singer or millionaire inventor. And I think the same applies in business.

At Wow, we help entrepreneurs grow their businesses and, just like the X Factor, we see hundreds of talented individuals with dreams of making it big. Our job is to nurture that talent, to advise and guide them through the tricky world of running their businesses and ultimately help them achieve their full potential. Unlike the X Factor though, we don’t have people leaving our offices in tears with their dreams shattered, but we will always be honest with them.

"One of the most rewarding parts of the work we do at Wow is watching a business grow as a result of the guidance that we have given"

Whereas the X Factor judges issue opinion based on what they see and hear, as an accountancy practice Wow are able to issue opinion based on hard evidence - the accounts. And the beauty about the numbers within a business is that they tell you exactly how you are doing – they don’t lie! They give you the perfect insight into whether you are on course to becoming the next singing sensation or will end up doing karaoke in empty bars. And with an uncertain economic outlook ahead of us, now is the time to really get to grips with your numbers and take your business before a panel of experts to find out where you are heading.

One of the most rewarding parts of the work we do at Wow is watching a business grow as a result of the guidance that we have given. That is why we are in business. We get a big kick out of being a small part in our client’s success and work really closely with them to help them hit the high notes and perform when it really matters.

We also try to remind our clients to enjoy the journey along the way. Just like being on the X Factor, running a small business is a rollercoaster of emotional highs and lows. Your entire future is at stake and you want to succeed more than anything. This is more than just a job. Being a popstar or entrepreneur is not something that you can do 9-5 and then forget about. It can consume you, take over your life and, if you are not careful, the lives of those around you. The challenge is to enjoy the experience along the way. When contestants leave the X Factor, they are shown their ‘journey’ on the video screens around the studio. I think it is really important that as business owners we also take time out to reflect on our own journeys, what we have achieved and what we want to do next (although perhaps without the cheesy video montage with tearful backing music)!

For this year's winner Alexandra, the next 12 months will be clearly mapped out: Time in the studio recording their first album will be carefully balanced with numerous promotional engagements and TV appearances. And as businesses here in Hampshire start looking ahead to 2009, planning their own workload and working out what promotion they will be doing, it is great to know that at Wow we will be with them every step of the way. We are really proud to work with some truly superstar businesses every day of the week and play a small part in helping entrepreneurs across Hampshire achieve their dreams (without the need for telephone voting, sing-offs or Louis Walsh)!