The most powerful word in business

This doesn't mean accepting any old idea that comes your way, he told ANZ's Matt Boss on video, but making sure new and different ideas are given every chance to succeed.

" I think what happens a lot of the time is we're presented with an idea… and if it's slightly scary or out of the box, or its new, we get to 'No' way too quickly."
Russel Howcroft, Network Ten executive general manager and advertising guru

“The most powerful word in business is no," Howcroft said. “Once it's said, that's it, it's all over. I think what happens a lot of the time is we're presented with an idea… and if it's slightly scary or slightly out of the box, or its new, we really get to 'No' way too quickly.

“What I would suggest… is saying, 'Why do you think that's a good idea? Let's talk about it a little more and convince me, persuade me'."

Howcroft said businesses need to not be afraid of failing in the right way: finding out what went wrong and learning from it.

“I think a lot of business culture is around fear," he said. “That doesn't create an atmosphere where people feel comfortable owning failure."

“[Staff will] try hard to avoid the tough conversations… because they'll get labelled as the person who failed on that one. We should go the other way."

Meanwhile, as social media continues to rise as a powerful marketing tool, Howcroft warned marketers may have overcommitted to digital advertising and a correction could follow.

“I think there's been an overindex into digital," he said. “I think what's happened is the digital world has done a brilliant job at selling… and the broadcast world has done a terrible job. I do think there'll be a bit of a correction."

He also touched on his attitude toward flexible working. Watch the video above for more.