We coach small business owners to uncover the things they cannot see, and implement systems and processes that help them live their business on purpose
442: Is Your Business Ready For A HUGE Boost In Revenue?
Is your business ready for a huge boost in revenue?
Are you drowning in opportunity? Frustrated thinking that if you could just get your head above water, everything would stabilize? Well, that’s a great place to dig in for a bit today. Happy Monday y’all, Thomas Joyner with Business on Purpose.
One of my favorite shows to watch with my wife is Shark Tank. Not only do you see some amazing new products, but I love the dialogue between the Sharks and the business owners. It’s a back and forth as they figure out a valuation and then agree upon what to do moving forward.
I bet 1 out of 3 businesses that come on the show is frustrated because they can’t effectively manage inventory. They need cash to fulfill orders and are, as Mark Cuban likes to say, “Drowning in Opportunity.” When the orders are manageable, they can fulfill them and keep customers happy. But, when they make it big and the wal-marts or the Krogers of the world start putting in PO’s for thousands and hundreds of thousands of units, they have no way to finance the order and quite literally go under because they can’t fulfill the order.
It’s something I saw last week...live, in person!
I got a call from a client last week in a panic. We just got offered a $500,000 contract. What do we do!?!? Now, 500k may not seem like a lot to you. Or it may seem like more than you ever imagined from a revenue standpoint. But this would bump his business up about 30% overnight. That’s substantial. As we spoke, it was fascinating to look back on how far his business has come in working together for the past 6 mos.
Had this opportunity come about 6 mos ago, he would have had to say no. He had no clue what the margins were on his jobs, no clue how much cash he had to work with. Hiring? Nope, not right now.
But with months of hard work, he’s locked in on his margins, he knows to the penny how much cash profit is in his business, because it’s sitting in an account (not on some spreadsheet somewhere), and he’s ready to hire to make this happen.
That is liberation from chaos! Gah, I get so pumped up just talking about him because I’m so proud of him. He’s put in the hard work to get his head above water and be able to make sound decisions from a position of thriving instead of just surviving. That’s what is going to keep his business growing. Continuing to build the foundation and make wise decisions for growth instead of just winging it and risking it all.
So...where are you in your business today?
If that opportunity presented itself, could you take advantage of it? Seriously, ask yourself what would be a life-changing contract for your business to receive. Name the number right now. Then ask yourself, if I’m honest, could I handle it and would I know what to do?
I hope the answer is yes. I hope your business is in a place of strength and can take advantage of these kinds of opportunities because they don’t happen very often.
If the answer is no, don’t beat yourself up. We work with businesses every day that answered no to that question just a few weeks and months ago. But the difference with them is they made the tough decision to start working ON their businesses and never looked back. They got help from people who know how to get them there.
If you’re curious, here are the 3 things I see holding businesses back from being able to take advantage of opportunity.
They are in a poor cash position in their business. They are either over-leveraged, or just don’t know the margins, so they can’t make an educated decision on how best to grow. Their teams are poorly trained and rarely held accountable. This happens all the time when a business owner can’t delegate and effectively equip their teams to do the work they’re asked to do. It limits the ceiling and holds you back from ever growing to your potential. Not getting pers
441: How To Find And Hire The Right Person For The Right Job
How To Find And Hire The Right Person For The Right Job
This is a monumental week for us, today our team welcomes a new team member, and tomorrow is the six-year anniversary for our business.
To give you some context, we spend our days liberating business owners from chaos so they can make time for what matters most. We do that with powerful business coaching that helps business owners and key leaders build systems, processes, and purpose using the Business On Purpose Roadmap and then graduate onto the Business On Purpose Compass.
Business coaching is nuanced and requires a unique skill set that requires intuition and is hard to replicate. That is why we are a team of four coaches instead of forty at this stage of the game.
How did we find and hire the right person for the right job?
What I am about to share is simply the play that we have called when the game situation calls for bringing a new team member in. There are many ways to proceed... this is ours.
We will do well to remember that hiring and leading a team is not the equivalent to a primary care nurse checking vitals prior to a visit with a physician. Of course, vitals are a part of it; prior skill set, past employment, complimentary personality, etc.
Hiring should be thoughtfully intrusive and investigative. Not in a weird CSI television kind of way, but in a thoughtful, well processed, well-intentioned, goal-focused direction. Hiring an employee is more metaphorically aligned with marriage than it is with dating. We are not inviting someone to a job, we are inviting them to a mission, a calling, and we need their help to get there.
An in-human way of hiring is how most hiring is achieved; check for a pulse, make sure they are not too bazaar for what you are comfortable with, see when they can start, and send over the paperwork.
An incredible human way of hiring is slowing the process down. Not starting at the minimum requirements (experience, degrees, certificates, etc.), but instead walking them through the mission and the role with check in along the way.
We have eight steps that we thoughtfully walk a new team member through over an extended period of time in order both to make sure we are aligned with that person and that they are aligned with our mission.
Step one is pre-recruiting. Before we ever reach out to someone we check off five pre-recruiting items:
Define the gap: what is the gap in the business for which we need to bring another team member in to fill? Define the role: what role do we need that person to play in order to fill the gap? Define the budget: what compensation will be appropriate for this role based on the revenue that will be generated or supported because this role exists. Ask for internal candidates: larger businesses should look around internally to see if there are any “homegrown” candidates for the role. Share the role with key stakeholders: prior to traditional posting of your new role in the job search databases Step two to finding and hiring the right person for the right role is the initial phone or Zoom interview. It is intentionally distant and has a goal of simply reading the situation by asking general questions of background, experience, desire, and motivation.
Step three is the first in-person interview (if applicable to location). In this interview, we do not share anything about role specifics or compensation. Before you get married your biggest questions are not regarding future financial goals and or roles within the home. They are important to discuss prior to marriage certainly, but out of the gate, it is important to make sure there is a simple motivational fit.
We want to make sure this new candidate is aligned with our vision, mission, values, and culture. We spend the entire time reviewing those written cultural and purpose-centered documents along with our Org Chart
440: Does Your Business Rely On You... Or Your System?
Does your business rely on you... or your system?
Employee-dependent businesses, lack of trust for employees, and never taking the time to systematize... so many things to get to this morning. Happy Friday friends I hope it’s been a great week. Thomas Joyner here with Business on Purpose.
We do a business owner lunch about once a quarter or so with businesses we have zero connection to. It’s so much fun as there’s really no expectation other than to invest back into some new businesses and make some new connections.
Yesterday I sat down with about 8 business owners and we began to talk all about Delegation... the goods, the bads, and the uglies associated with it. It was powerful and they left with some practical ways to own delegation in their businesses and left with multiple tasks to systematize and train on after they choose to delegate.
We were moving until we hit a roadblock. One of the business owners brought up the frustration of feeling like there were several things that he couldn’t delegate. “What do you mean by that?” I kind of asked him to go a little further in-depth.
“Well, estimating is probably 80% of my job. There are so many variables. So many things you have to know and things I can’t really train on to get this off my plate.”
I agreed with him for a minute but then asked this question.
“So what happens if something happens to you?”
You see, that’s what we have to think about. When we are the business, we’re severely limiting the ceiling we can achieve. Severely holding our business back from reaching its potential. But, what happens if something happens to us and we can’t estimate for two weeks, a month, 6 most? Does this business just stop estimating? Especially in times of COVID... we have to think these things through.
“The challenge,” I said, “is to get people to buy into your system, not buy into you.” Salespeople want to sell themselves first and foremost. Because oftentimes they view sales as someone’s not buying what I’m selling, they’re buying me.
While that sells a ton at first... you’re basically selling your time at that and becoming incredibly vulnerable as a business. But... when you can create a system that people are buying into, a customer experience that is a competitive advantage, then people aren’t coming to you for you, they’re coming to you for your system. Which, in turn, sets others up to help carry the load of estimating, bidding, coaching, and whatever complicated operations you may have.
It’s no different from when I started here at BOP. Scott was the face of this business for 7 years. When you called for business coaching you wanted Scott. And he is AMAZING at it. But think about this…
Think there aren’t a ton of different variables in our business? We coach businesses all across the country and world, in every different industry (in a time of pandemic I might add) and there’s problem-solving that goes into every coaching session. It’s a training nightmare getting me up to speed.
But here’s the thing Scott saw a while back. He doesn’t have to train me on 5,000 different variables, he just has to train me on our system. He put the time in to create a system that works industry-wide and then pushed me to focus on learning and implementing our system.
And the verbiage changes right. No longer is it…” Hey, come to me for coaching and we’ll get you straightened out.” It’s, “Hey, we have to get you in our roadmap to get you moving the right direction.”
You see the beauty and the power and the secret sauce, if you will, should be your system. That’s what unlocks almost unlimited growth. So now, it almost doesn’t matter who the coach is, the system is intact and the coach walks you through our system.
So, here’s the challenge for you. How do you build that system where you currently are?
Interview with Cameron Herold
Cameron Herold Interview
Founder | Head Coach
Business On Purpose
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439: Is Your Success in Spite of You?
Is your success in spite of you?
So often there are so many variables linked to success, so how do we know which ones were the real reason behind it all? Well, that’s what we’re going to talk about this morning. Happy Monday y’all, Thomas Joyner with business on Purpose here.
I love meeting with new businesses and asking them what they attribute their success to. A couple of weeks ago I was meeting with a friend who ran a mortgage office and he said something that struck me.
We were talking about the Mortgage business and how on fire it has been recently. Clearly, he had a great year and originated a record number of loans for his branch. I started asking him what was behind that. He said a few things I expected like, “Well the rates were so low, people’s buying power jumped this year,” or, “so many people moved south due to the pandemic and needed a lender”, or even, “everyone and their brother decided to refinance their homes this year to lower their rate.”
All that stuff was predictable. But, what I appreciated was what he said next. He said, “Thomas, if you didn’t succeed in the mortgage industry this year, you probably can’t make it. It was almost too easy. This year we succeeded IN SPITE of ourselves, but the true measure is going to be next year where we have to succeed BECAUSE of ourselves.”
Now that’s a heck of an observation. You see, he realized that this year’s performance had very little to do with the effectiveness of his business. It didn’t have to do with the processes or workflow or even the customer service. Sure, that stuff helped, but the waterfall of business was flowing so strongly, that they didn’t have to be great at what they did in order to succeed.
But next year, when the pipeline is a little less strong, when the refinance market slows down and everyone has the rate they are after, the competition really kicks in. The playing field is narrowed so to succeed, it has to be ON PURPOSE!
I thought about that in the context of this pandemic. Are you ready for the year after the pandemic? Have you been living in chaos mode so long that you’ve lost your advantage? So when the pipeline starts to slow down a bit, your processes aren’t ready to keep the sales moving forward?
You see this is why we’re so passionate about systems and processes. They are tested in the midst of the fire, but they are perfected in the calm. Their worth is truly realized when there is nothing else to fall back on.
So, before it’s too late, where are the holes in your processes? Where do you need to take some time to work ON your business, so that your business is ready to handle what this year will inevitably throw at you?
You have to have a plan!
I loved what my friend said. They weren’t just expecting this year to go off without at hitch but were going back to customers and asking how they can improve by sending surveys. They were poking holes in the customer experience to make sure that, this year, they succeeded because of their systems and processes.
One thing we say around here all the time is, “There’s no competition for a well-run business.” And we truly believe that. The day you commit to that is the day you stop succeeding in spite of yourself and truly build a competitive advantage that keeps you in front for the long haul.
If that doesn’t make sense, reach out... let’s have a conversation. We want you to succeed because of yourself. To build a business free of the chaos! One that you can be proud of and not have to worry as much about the external factors blowing your business around.
Hope you guys have a great week! Make sure to follow my business on purpose on YouTube and subscribe to our podcast. Man, there’s so much good stuff on there.
Take Care guys.
438: Four Tools To Help Resolve Conflict At Work
Four Tools To Help Resolve Conflict At Work
It was silly; grown adults yelling and screaming at an umpire for a bad call... at a tee-ball game.
Why? Why do we lose our minds and create conflict?
Conflict is literally to strike together.
Think about metal grinding together... conflict... parks... explosion.
We are people with emotions. We are people with opinions. We are people with varying perspectives, worldviews, tendencies, and biases.
It is only logical then if you put two people together in an emotional situation where opinions can be expressed, or biases can surface; explosion may not be far behind.
My first manager at Pfizer Skip Clarkson used to say, “speak to people the way they wish to be spoken to.”
That mindset is our foundational rally cry when discussing the importance and power of the DISC profile. Understanding where a person is on the DISC graph gives you incredible empathy and intelligence when having the right conversations with the right people.
It is not our nature to think about another person when responding or reacting to a situation. We are bent to be me-first thinkers. What is in it for me? What does this mean for me?
It is not surprising that when two, me-first people connect, an explosion is imminent.
But what happens when explosion is the outcome? What happens when the tension of conflict gets red hot. How do we cool that tension, and repair any fractures or brokenness that comes?
We always say, life and business necessarily intersect. You can’t have something happen at work and then successfully “leave it at work” in the same way that home-things follow you straight to work.
John Ussery, who oversees business development at Shoreline Construction in South Carolina, said this recently in one of our coaching meetings, “You can’t change someone’s mind. But you can build rapport, offer empathy, and give them new information so they can change their own mind.”
In other words, the goal is not to try harder, yell louder, talk faster, cry harder, withdraw sooner, or demand more for less.
Instead, your goal is to be a stage-builder.
Stage-builders set a stage for which others have the opportunity to perform.
Stage-builders get very specific instructions from the performers quietly and behind the scenes so they can create the right atmosphere for the show to wow the crowd.
It is impossible for the stage-builder to win if the performer does not win. But if the performer wins, the stage-builder automatically wins every time.
The entire goal of a stage-builder is to, again as Ussery put it, “de-escalate a combustible scenario.” In other words, set the stage so the performer is in position to wow the crowd... then we all win.
In conflict resolution, being right is not the goal, instead, setting the right stage is the aim.
There are four tools to discover that we will equip you with to stock your emotional and relational toolbelt that will allow you to minimize the pain and discomfort of conflict, and instead build relationships that bring mutual joy and value.
The first of these four tools is listening.
Chris Voss in his book Never Split The Difference says, “it all starts with the universally applicable premise that people want to be understood and accepted. Listening is the cheapest, yet most effective concession we can make to get there.”
Listening is discovering, finding out new bits of insight, information, and perspective.
Listening is not thinking while the other person is talking and missing everything they are saying or having your arms crossed and eyes down like a six-year-old. Listening is not, showing apathy, having an attitude of “it’s fine”, or being selective in what you hear.
Active listening requires you to use your EARS...
Eye contact & Nonverbal Responses Ask GENUINE questions Repeat & Drill