Daily Brief

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B2B isn’t necessarily so different from B2C, but today let’s talk about selling in the business-to-business space. One major distinction between B2C and B2B is the sales cycle and the need for relationship building. B2B is usually far less transactional than B2C. It takes longer to close the deal. There may be many more influencers involved in the decision. It’s usually more relationship-oriented, to boot.

B2B sales cycles can be extremely long, requiring patience and lots of follow-ups (and follow-through). There are tons of sales experts you can follow. Many of them are quite good. I especially enjoy the work of Jeffrey Gitomer, whose work I’ve followed for the last 30 plus years. Did I tell you about the time I ran into him at the Sky-Harbor Airport in Phoenix? I was about to board a plane as he was just arriving. I approached him telling him how much I had enjoyed his work. And I told him (truth) that his book, “Customer Satisfaction is Worthless, Customer Loyalty is Priceless,” was easily the book I gifted most. That’s still true, too. I have no idea how many copies of that book I’ve purchased and given away! We swapped business cards and were on our separate ways. Two days later a FedEx package arrived to my office. It was an autographed copy of Jeffrey’s most recent book at the time. The man is prolific, but he long ago told the world the secret to his ability to crank out books. While the rest of the world is becoming an expert at whatever popular TV show may be airing…he’s writing. But the point is that Jeffrey, while in Arizona had his office send me a copy of his most recent book via FedEx. He’s a man who isn’t driven by transactions, even though buying a book is very transactional. It’s why I love him and his work. 

I hate transactional selling. I used to hate it because I wasn’t suited for it, but through the years I’ve learned to hate it because it reeks of selfishness.

Old school sales guys taught me early all the well-known (and some not so well-known) tactics of the day. I grew up in retail, taught by merchants. Real merchants. Operators. But old-school guys leveraged something over all the tactics and strategies. Standing on their word. Past all the embellishment, exaggeration and other sales tactics was a real where-the-rubber-meets-the-road honesty. If they stood toe to toe with you and shook your hand, you could trust it. As a teenager, it was puzzling to me because it didn’t quite fit. One minute they’re telling a prospect things that weren’t quite accurate, but at the end of the deal, they were also shaking the customer’s hand telling them how they’d stand behind it. And they would. It’s like there were two stages of the sales process for them. First, say what you need to do get them to buy. Second, guarantee you’ll take care of them. And mean it. 

I quickly adapted to altering the first tactic to fit my personal beliefs. I’d ask questions to figure out what they needed to know in order to buy. Looking for hot buttons. Points of interest. Features they wanted and were willing to pay for. The word that always trumped it all for me was congruency. I wanted the customer to buy what best fit their needs and desires. It didn’t matter what I wanted. That made that second tactic super easy – standing behind it. Within a year of selling I had figured out so many things, chief among them – a sales isn’t a sale if it doesn’t stick. I didn’t want any returns. Or complaints. 

Today, nothing has changed. Apply those tactics in the B2B spaces and I’m prone to always (that’s right, always) add another component. Evangelism. 

Many years ago I studied call reluctance. Largely because I suffered it. I’ve even done some call reluctance coaching, but I’m not your man if you’re looking for specific sales coaching (even though I’ve done it for more than 30 years). Call reluctance is a booger bear made even more difficult when people don’t really like or believe in what they’re selling. My solution for call reluctance in such cases is to quit. Find something you love and believe in. 

This is where evangelism makes the difference. And where today’s culture is so much better than when my career started. Sharing stories is the way the world works today! It’s attractive. And gets attention. Largely because there are so many services and products today that didn’t exist 18 months ago. As we chase the technology we have to be open to learning more and more about new things. Things we had no prior knowledge of. 

But I don’t care if you’re selling something unsexy and traditional, or something bleeding edge. Every product and service is benefited by an evangelist thrilled to find out how their thing can change your life. 

Evangelism starts with questions. Where is the prospect right now? What problems do they have? What solutions are they desperate to find? What do they like? What do they hate? It’s not an interrogation, but it’s a conversation with an aim. A purpose. To put the prospect at the forefront of everything. It’s not about you. It’s about them. 

Questions make that clear. 

Think of the stereotypical blind date where the guy is sitting across the table talking about himself. And more about himself. He’s not asking the girl a single question. How do you suppose that’s working out for him? You know. It’s not. 

Take the same couple and flip things. The guy is asking questions to find out more about her. He’s listening. Responding to her answers. His interest and curiosity in her is apparent. It’s a completely different experience for both of them. Better in every way.

You think it doesn’t roll that way with your prospects? It does. And I’ll go you one better. It separates you from the hucksters who live by the idiotic mantra, “Always Be Closing.” You may as well adopt the philosophy, “Always Be Chasing Your Prospects Away.”

Evangelism is driven by a few key things. 

One, belief. Belief in the service or product. An intense belief that the thing can dramatically help the customer. Maybe it’s life-changing in a small way. Maybe in a big way. The Peer Advantage by Bula Network is a new endeavor I’m pursuing. I’m working to build two online, virtual peer groups of small business owners from around the United States. 14 people are going to experience life-changing benefits. I have a very strong belief in it. I know it will be perhaps the most important investment these business owners will make in themselves and their ability to take their companies to whole new levels of accomplishment. Why do it, if I don’t believe it that strongly? Ditto for whatever you’re selling.

Two, value. My belief is driven by the same thing that drives all belief. If there’s no value, then how can you believe in it? Sure, you can believe in the compensation you’ll get for talking somebody into something, but that’s not true value. I’m not focused on the return or revenue I can get from launching The Peer Advantage by Bula Network. It’s important, but only in the sense that I need to be able to serve and keep on serving. That means I need proper resources to deliver the value. You need it, too. First you need to provide extraordinary value to your customers. 

Three, curiosity (interest in the prospect). Without curiosity to learn and understand the prospect, sales evangelism-style, can’t happen. This is closely aligned with point two of value. Both are focused on the prospect (and eventually, the customer). They’re just the opposite of traditional transactional selling.

Questions are the tool. They display interest. Genuine interest. And they help you understand. Not with preconceived answers, but with honest understanding. 

Four, education. It’s show ‘n tell. Once we have a more clear understanding of our prospect we can then extend the courtesy to share with them our answers and solutions to their problems. Not with an effort to close the deal, but with an effort to supply prospects with sufficient information so they can better decide for themselves. When we properly teach our prospects, we can serve them well even if they don’t buy from us. Education empowers prospects to do what I constanly urge you to do, figure it out for themselves. The alternative is to manipulate. Manipulation is where I win, you lose. Evangelism is where we both win. 

Fifth, blatant honesty. I employ the adjective “blatant” because it works. Granted, it comes easily to me. I can get to that third element – curiosity – and within a few questions answered feel like I’m not the right guy for the task. I don’t hesitate to tell some prospects that. In bold terms. It’s not a tactic. It’s just the truth. But part of my blatant honesty flows into the last element.

Sixth, respect the prospect. They can decide for themselves. You’re putting entirely too much pressure on yourself to assume the sale will happen if you control things…and you’ll lose it if you don’t. Surrender the power of choice to the prospect. When you really feel respect for the prospect they’ll feel it. They won’t feel pressured. They’ll relax and be better able to decide what’s best for them, as they see it. You can disagree with them all you want (quietly or openly) and it doesn’t matter. It’s their life. They want what they want. They need what they need. Respect them enough to accept their decision, whatever it may be. 

Be well. Do good. Grow great!

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Watch or read almost any biography of high achievers and you’re going to hear a story of somebody in their life who expressed extraordinary confidence in them. And not the stereotypical parents who tell their child, “You can do this.” Something more precise. More powerful. 

John McEnroe was recently on Joe Buck’s TV show, Undeniable With Joe Buck. As a teenager, a reporter saw him play and wrote that within 5 years he’d be the number 1 player. Here was somebody, not a close friend or family, who saw something McEnroe admitted he didn’t even see in himself. But you can tell it fueled within him possibilities he may have not fully understood. It speaks to the power of somebody else believing in us.

I’m not discounting generic parental encouragement. But…there’s something remarkable about somebody else – a person who we know has a different perspective – perhaps a person we know is more objective (or more of an expert), encourages us. Directly or indirectly. McEnroe was encouraged not by what was said to him, but what was said about him. 

The “who,” the “what” and the “when” of the encouragement matter.

Think about your own life. Reflect on the people who have served you in one way or another. Was there something somebody said about you that made a major impact on you?

Who were they? What did they say? When did they say it?

All three matter. 

Who. We’ve all learned the truth of the phrase, “Consider the source.” We most often use it whenever we’re talking somebody off the ledge about some unjust criticism they feel they’ve suffered. We listen. We console them and we say, “Consider the source.” Meaning, their opinion doesn’t matter. 

Sometimes people get lots of compliments and encouragements, but there’s somebody they’re not getting it from. Somebody who’s encouragement would mean more than all the others combined. I’ve seen it all my life. Especially among younger people who have an older mentor not as forthcoming with praise as peers. Now that I’m older, I have a clear understanding of it. I don’t necessarily have a clear knowledge of how to best execute it, but I’ve got some ideas. 

The older mentor sees all the praise and adoration lavished on the young person and fears too much will create a swelled head. As you grow older it’s easy to understand because through the years we’ve seen it happen. Somebody with excellent skills receives many compliments. We can feel like we’re throwing gasoline on a fire that won’t serve them well. Instead, we fear it will make them overly confident, even arrogant. I’ve seen it happen many, many times. So I get it. I understand the reluctance. 

The source of the encouragement determines the weight of it. When a mom tells her daughter what a great singer she is, that’s cool. But when Simon Cowell tells her, that’s epic. He’s an expert. Mom can’t really help her daughter’s career by recognizing her talent. Simon can. Because what Simon says matters more.

What is said matters. McEnroe read that a tennis reporter declared he’d be number 1. It seems John didn’t think of himself at a scale that large. It’s hard to separate the what from the when. At least in John’s case. When this was said he hadn’t yet formed the dream to be great at that scale. Perhaps that remark fired within him the determination that he could compete at the highest levels possible. Not merely being an NCAA champion. Or a regional Queens New York phenom. 

The specifics matter. Simon Cowell can tell the girl she’s got a pretty voice, but she won’t ever make a living singing. That’s not the same as telling her she’s spectacular and she’ll be advancing on the show. What he says and what he doesn’t say matter to her. 

When is our third major component. When the girl is trying to make it onto a TV talent show with Simon Cowell, she needs confidence if she’s got real talent. She’s likely on a stage this size for the first time. She’s inexperienced. Without much knowledge, if she’s got the right stuff or not. Thinking you do isn’t the same as hearing somebody who knows more than you express their belief in you. At this moment, what Simon says matters. Timing matters. To us. When it’s about us.

Let’s go back to your life and your memory of somebody with high credibility who encouraged you. Be detailed in your recall of it. Who was it? What exactly did they say? When did they say it? Think for a few minutes about the power of it. Maybe it was so pivotal it made all the difference in the world. Maybe it was more subtle but just as powerful. No matter, it was outside expert confirmation that you were able. That expression of belief in you was critical. 

Now, here’s the real point of today’s show. Your leadership. Your influence. Your power. Your encouragement.

Recognition is a big deal, but that’s more reward. This is encouragement. This is the expression of belief in something not yet fully realized. It’s not the reward for having already accomplished it. It’s encouragement for the person to keep pressing in order to achieve the accomplishment. 

Look around. Do you have people in your sphere of leadership who show signs of true greatness? You see something in them – some capacity – that you’re unsure they see in themselves. Don’t sit on that belief. Share it with them. Do that however suits you best. Yes, you guessed it – you’ll figure it out. 

You’re not off the hook with the exclamation that you’re just not that type of leader. If you can’t encourage, you can’t lead. Period. Leadership is serving people. People need and deserve encouragement. It’s been said that great leaders see the future first. Let’s apply that to the people in your life. What future do you see in them? Is it bright? Do you see a potential that’s not yet realized? Then say so. Share it. Be specific about what you see. Be specific about how they might be able to achieve it, and what you’re willing to do to help them. 

I hear these stories of high achievers like John McEnroe who got some encouragement out of the blue at the right time and I wonder what might have happened if it had never happened. The fact that somebody saw him being the number 1 player propelled him toward believing it was possible. What if you sit on that encouragement and it never happens? They might not pursue it. They might give up. They may never achieve the things they could. All because you’re reluctant to encourage them in a timely, fitting, specific and appropriate way. Be the encouraging leader. Few things will provide a higher ROI to that person. Their success is your success. 

Be well. Do good. Grow great!

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Two interconnected topics have been the focal point of most of my conversations – culture and leadership. 

People, communication, emotional intelligence. These are at the heart of “soft skills.” 

I was speaking with a young leader about some of his challenges. After half an hour or so he blurted out, “I don’t know they’re called ‘soft’ ’cause they’re anything, but.”

Soft skills are hard because the focus is people. Namely, OTHER people. And for quite a few folks, other people are difficult. 

There’s an awful lot of conversation today about the multi-generational workplace and the impact it’s having on culture. In many organizations, there are people in their 20’s, 30’s, 40’s, 50’s and 60’s. Just think about the difference in the world in 1950 versus 2000. That’s 50 years, but arguably the most disruptive, technologically advanced span of time in human history. It has an impact because each generation has a point of view. That’s always been true, but the technological advancements of recent years have likely widened the gap even more. 

Heart is at the heart of soft skills. Empathy is seeking understanding or actual understanding. It’s a focus on others. There are no technological advancements required. Or even allowed. People are people.

Personality fuels our behavior. Much of it is innate, it’s simply who we are. Some of it is experiential or our environment and surrounding. 

It begins in our heart. And how determined we are, how curious we are to really understand others. Without it, softs skills aren’t just hard…they’re impossible. Situational recognition – the ability to read people in a variety of circumstances – doesn’t exist in equal measure to all of us. That doesn’t mean it can’t be improved upon.

The major reason soft skills are so hard is because selfishness is so easy. We’re prone toward self-interest. It’s manifested in casual conversation where we’re not listening to the other person because we’re busy rehearsing in our head what we want to say next. It’s manifested in our desire to make sure we’re in the most favorable position possible. 27/7/365 we’re living with ourselves, wanting what we want. It’s about us. 

Another reason soft skills are so hard is because we get better reading people and situations with repeated experiences. The more we see something, or hear it, or have to deal with it…the more we figure it out. But in a business environment, we’re often experiencing things for the first time. Situations we’ve never seen before. These co-workers are brand new to us. The people and the circumstances are all unique. Until we’ve seen them and experienced them, we’re often unsure of how to make sense of them. Or read them accurately.

But today’s show title – Why are soft skills so hard? – isn’t the real point. The main point is how we can improve them, and make them less hard.

I’ve just given you two reasons why they’re hard: 1) selfishness is so easy and 2) inexperience precedes experience. One of my favorite quotes hits that second one in strong fashion…

Everything is hard until it’s easy.

Here are just 2 things everybody can do to improve their soft skills.

One, focus on the other person or people. There are some crucial elements to help us do this effectively. First, incorporate grace. Be willing to extend grace to others. Consider conversations and points of view not as right or wrong, but simply as perspectives worthy of being understood. Next, incorporate gratitude. Be grateful for your blessings. Be grateful to experience other people and the situations you’re in. Then, incorporate patience. Listen to understand instead of listening to respond, or argue. Observe to understand instead of judging to condemn, or to fix. 

Two, bring value to people, not your cause. When our concentration is on how we can bring greater value to our organization and those in it, we’re nudged to put people in their proper order. First. 

Think of the people who have been most valuable to you. They weren’t people bent on an agenda, willing to ride roughshod over your ideas or feelings. They were interested in helping you become better. Maybe it was manifested in teaching you something. Or correcting something they saw that was hurting you. You were the focal point of their service. You knew it. If you’ll bring value to people and make sure that’s your honest intention, it’ll change your approach (and your words, too). 

It’s a vast topic. I hope as we begin this new week I’ve provoked you to consider how you can make yourself more expert in soft skills. If you’ll put in the work and achieve greater competence in the soft skills, you’ll make yourself invaluable. Companies, organizations and entire nations are desperately needing people who can contribute to making a culture great. 

Be well. Do good. Grow great!

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Happy Friday the 13th!

Are you superstitious? You believe stuff just because?

Today is a great day to take an inventory and re-evaluate your superstitions if you have any. I’ll tell you why it’s important — because you’ve got some assumptions, too. They’re not classified as superstitions, but they’re just as dangerous. Or more so. 

Some years ago (March 2006) a couple of my favorite business authors – Jeffrey Pfeffer and Robert Sutton – wrote a book entitled, “HARD FACTS, DANGEROUS HALF-TRUTHS AND TOTAL NONSENSE: Profiting from Evidence-Based Management.” Most of us claim to be fond of evidence-based management and leadership. And we claim to practice it. But do we really? 

Sometimes our assumptions, like superstitions, are formed without merit. I’m sure way back somewhere there was some reason for them. We’ve probably long forgotten about what it was. We just wrapped our arms around it, adopted it and have been living with it close to our heart ever since.

Superstitions are defined as “widely held but unjustified beliefs in supernatural causation leading to certain consequences of an action or event, or a practice based on such beliefs.” Synonyms would be myths, delusions or illusions. What CEO or business owner wants to admit they embrace any of those? None of us. But we’ll all have to admit – if we’re honest – that we hold assumptions. The problem is some of our assumptions are better classified as myths, delusions or illusions. 

It’s not all bad.

All of us operate from some base of assumptions. I don’t know what yours are so I’ll share a few of mine. 

I assume that most people want to do good work. And that they’re honest. I realized many years ago while operating luxury retailing companies that I had an obligation to employees to remove (as much as possible) the temptation to steal from the company. Even honest people can succumb to the temptation if it’s easy. So I always put systems in place to make it hard. Dishonest people who want to steal will find a way. I focused on helping good people remain good. 

I assume that we’re living in the greatest era the planet has ever known. The advantages we have are downright extraordinary. In every area of our life. 

I’ve got business friends and acquaintances who don’t share those assumptions. They assume people won’t do good work without lots of micromanagement. And that things are pretty dreadful, and growing increasingly worse. 

Here’s the things about these assumptions. They’re our beliefs. That means they fuel our behaviors and actions. As a result, daily we prove them to be true. I prove mine. You prove yours. 

It doesn’t matter if they’re total nonsense to somebody else. Or if they’re half-truths, or even completely untrue. That word Pfeffer and Sutton used is important – dangerous. They can be, and often are — dangerous. 

Here on Friday the 13th let’s challenge our assumptions. Let’s do it from a drone point of view rather than getting down in the weeds or the details. We’ll just look at them from 2 points of view: optimism or pessimism and fully accountable or excuse-making. 

Which is it going to be? Optimism or pessimism? 

Look at your assumptions through this lens. Determine which one fits. Then ask yourself if that lens – that viewpoint – helps you grow great, or if it hinders you. 

The hard part is knowing when or if we’re deluded. I’m not a neuroscientist, but I’ve long been fascinated with the power of our mind. I’ve read plenty and continue to study it as a bit of a hobby project. To help myself and my clients. There’s a wonderfully magical fact about our brains, our minds – we can decide whatever we want. We get to choose. And we can do it in an instant. 

Consider forgiveness, a topic that comes up quite often with everybody. We’ve all been wronged by others, or felt like we were. Retaliation is a choice. Bitterness, too. So is forgiveness. Maybe it’s a difficult choice, but remember we’re looking through the lens of asking if our choice – our assumptions – serve us well, or hinder us. Forgiveness serves us well. The other choices don’t. 

You may be more prone toward one versus the other. Hence, the labels “optimist” or “pessimist.” But you’re not forever stuck with that. You can change it. Optimism serves you. Pessimism hinders you. You can argue that all you want, but it’s true. Every Psych 101 college class learns about self-fulfilling prophecies. It’s basic. And very real. 

Think the worst things will happen and your behavior and choices will drive the results you most fear. It’s not magic or miraculous. It’s real. It’s a basic formula that our beliefs drive our behaviors which give us our results. 

Rather than embrace pessimism, choose optimism. Devote yourself to really believing it. Study it. Read about it. Figure it out (I know I tell you that almost daily, but I do it because we’re entrepreneurs and CEOs…it’s what we do). 

Which is it going to be? Fully accountable or excuse-making?

Most entrepreneurs and CEOs I know readily say they embrace fully accountable. But on deeper examination, they embrace it when it comes to their team members, or partners, or suppliers. Bringing it closer to home is harder. We’re talking about YOU. Oh, I know you want to be in full control, but this isn’t about control. It’s about accountability. Being responsible. 

You’re the top dog. You can embrace the viewpoint that you’re surrounded by people who can be blamed. Or you can embrace the viewpoint that you’re alone, and there is absolutely nobody you can blame. For anything! 

Let’s put it to the test. Which one will drive your growth toward greatness? 

The blame game never benefits us. It will always hinder us.

Accepting accountability and responsibility is empowering. And it fosters growth. It also fosters some other things that serve our growth. Things like gratitude, empathy, forgiveness and grace. Blaming others fosters none of those things. Instead it fosters selfishness, anger, seeking pity and bitterness. 

Again, you get to choose. You can make up your mind which one you want to have in your life. 

You also get to choose whether you’ll grow great or not, too. Make this Friday the 13th memorable. Make it the day you decide to challenge your assumptions. Realize they may be dangerous!

Be well. Do good. Grow great!

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Benjamin Franklin is quoted to have said: “Early to bed and early to rise, makes a man healthy, wealthy, and wise.” Did Ben mention these in order of importance? Or was it merely alphabetical? I don’t know. But I do know health is primary because, without it, wealth (at least the financial kind) is fairly useless. To be fair, wealth can be used to help us regain health (maybe). But every wealthy person I know in ill health would trade their wealth for better health.

Let’s talk about the importance of your health. Don’t worry. I’m not going to preach. You’re a business owner. You make your own decisions. And I’m not going to start judging you. I’m just going to share some things I hope will provoke you to think. Maybe they’ll prompt you to make decisions to do some things. Just don’t tune me out. 

It was almost 20 years ago. Not quite. My wife and I went to a hospital to visit an aging friend. He had been in ill health for as long as we could remember. Not necessarily due to anything he had done, or neglected to do. His wife had taken care of him all this time. He was in and out of the hospital quite often. 

On this day we walked out to the parking lot after a nice visit, seeing him in the hospital. My wife was driving. As we settled into the car I turned to my wife while fastening my seat belt and said, “I don’t think I can do that to you.” I wasn’t intending it to sound so judgmental of our sick friend. But that’s what I said. And it’s what I meant. I meant I didn’t want to do anything that would potentially put my wife in a position to have to care for me and risk wrecking her own health in the process – something else we’ve seen with older friends through the years. 

Within just a few days I was sitting in a local gym signing up for a 3-year prepaid membership. It was about $700 as I recall, and included half a dozen personal training sessions. The added bonus was I’d be able to renew each year, starting in year 4, for less than $100 a year. My membership is still intact. I just renewed it at the beginning of this month. I share those details because I was committed. I had flipped some switch in my head and now I had some big money on the line, along with a long-term commitment. I was IN.

It was my fitness and health epiphany. Maybe you’ve had your own. Email me if you’d like to share it. I’d love to hear it. 

If you haven’t had yours yet, maybe this show will provide it for you. 

Going to the gym 5-7 days a week allows me to see lots of different folks. In all kinds of shapes. And all ages. Just the other day an elderly man with a cane was feebly trying to make his way to a treadmill. Stepping up on the treadmill was difficult. I approached him and asked, “Sir, may I help you?” He gratefully accepted, took my arm and I helped him up to the treadmill. Of course, as I went back to what I was doing I feared I may have just helped him to his death, but I reflected on my decision made years ago. And I watched this man slowly walk on the treadmill while holding both sides and wondered about his past. He didn’t’ get into this shape overnight. None of us do. Sometimes our past (or our genetic makeup, or our bad habits) catch up with us. 

What investment are you making in your health and fitness? I’m unable to separate them because fitness is just what it says, our fitness to perform. In our case, it incorporates our fitness to operate our businesses. 

We could think about the high cost of health care, but that’s not why this is important.

We could talk about the people we love, but we often neglect and behave poorly toward them even though we love them. 

We could talk about feeling better, but it feels pretty good to eat a great steak. Or whatever favorite delectable you choose. 

We could think about elevating our energy, but what difference does that make? We muscle through every day no matter what.

The reality of health and fitness is just like all our other realities. We do what we decide to do. It boils down to us making up our mind. I can’t do it for you. And plenty of smarter people have shared with you tons of reasons why it’s important. Your doctor may be at the top of that list of smart folks. But still you pay it little or no attention. You’ve got every excuse there is. Not enough time. It’s too hard. It’s too late for you. It’s too early (you’ve got plenty of time to get around to it). It’s too inconvenient. Blah, blah, blah. The list of excuses is neverending. 

Question: Do you ever think of potential business problems ahead of time? Or do you just wait until the shoe falls, then address them?

Smart business people are proactive to a fault. They anticipate. Prepare. Plan. You’re smart. I know. Because you’re listening to this podcast. 😉 

Do you have a clue what you’ll do if you go to the office this morning and your right-hand person hands you their resignation? Daily you face a barrage of challenges. You face them. You keep going. Some days you win, some days you don’t. No matter…you know the game is long and one day doesn’t a success or failure make. 

How is your health and fitness any different? It’s a problem just like your other problems. You can either proactively prepare to conquer it, or you can ignore it until you’re forced to face it. Fram oil filters used to run a TV spot advocating the value of changing your car’s oil and filter. The mechanic told us about how expensive it would be to neglect it. He ended the spot with this statement, “You can pay me now or pay me later.” You could have him change your oil and filter for a nominal amount or you could pay him big money later to rebuild your engine. Your health and fitness works exactly the same way. 

Today, I’m challenging you to just do two things. They’re the two most important things.

One, make up your mind. Decide that your health and fitness are going to be important. Instantly you can decide. Just do it. Right now.

Two, carve out just 15 minutes once a day to take a walk. Don’t focus on what you have give up, or how you need to make some BIG change. Forget that. 15 minutes a day. That’s it. Every single day. That’s less than 2 hours a week. You gotta start somewhere. And that’s such a short time investment you’re without excuse to make it. 

Okay, let me add just a few closing thoughts. You’ll thank me later. Assuming you do those 2 things I just mentioned. Don’t talk on the phone. Don’t text. Don’t fool with email. Unplug or listen to this podcast. Or music. Or an audiobook. Don’t do anything interactive though. Walk and listen. Either to digital content or nature. Or the city sounds. Give yourself permission to chill for 15 minutes while you walk. 

Keep it up for about 10 days straight. I’m begging you to make an investment of 2.5 hours. That’s what it’ll be over the course of 10 days. 

From there, see what happens. You’re smart. You’ll figure it out. Now you know why my sign off begins as it does. 

Be well. Do good. Grow great!

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Bootstraping. You take no debt and fund it all yourself. Some way. Some how.

Family and friends. You take on debt from the people closest to you. The people who believe in you and are willing to help you.

Angels. They’ve got money to invest and are willing to bet on you, or your idea because they hope to get a good return.

VC’s. Venture capitalists are in the business of making bets on founders, or the idea of a founder. They’re willing to invest much more than typical angels, and they’re likely looking for an exit strategy within 5 years or so. 

Loans. Whether SBA, banks or some other source, many business owners get financing for a variety of things.

Money has been plentiful in the last few years. Lots of companies have succeeded in raising multiple rounds of funding, especially tech companies. 

I’m not about to take a deep dive into all the options out there. For starters, I’m not qualified. And this is a daily, under 10-minutes podcast. Besides, I have no way of knowing your specific situation. I’m not a fan of brainiacs who preach absolutes. “You must” or “You should” aren’t optimal ways to start any sentence in a conversation with business owners. We tend to bristle at such things. But the world is filled with experts who enjoy telling us all exactly what we should do. The only thing I know that we all should do is figure it out for ourselves. Yes, I’m a big fan of surrounding ourselves with others who will help us do it, but we each have our own path. It’s one aspect of business building that’s exciting. 

We have to find money to fuel our growth. That much is certain. And depending on the stage and size of your company, that can look very different for each of us. There are some basic principles that never grow old or obsolete though. 

Traction, which is something we all want because without it we don’t get growth, can be hard to achieve. Business is fundamentally about working hard to get momentum, then working even harder to stay in the momentum for as long as possible. 

I’ll confess my bias right up front. I’m not a fan of debt. I’m not a fan of taking outside investors. But I’m not working toward an IPO or some exit strategy either. And you may be. Power to you. This is why we all have to follow our path and figure it out. But in spite of my bias, some things about business building are basic, but too frequently overlooked as business owners try to make things more difficult than necessary. I’m surprised at how complicated some of us try to make things versus how few of us seem to just aim toward keeping things as simple as possible. Or maybe I’m just not that bright! (don’t comment on that)

Runway. We all need it. It doesn’t matter how long you’ve been in business. You still need runway. You’ll always need it. Money is a resource. One of our strongest resources because it provides runway while we grow toward profitability…or greater profitability. 

Maybe you’re just starting. This is really important. Where you put your money will mean everything to the runway. Spend the money on fancy stuff and you’ll shorten the runway. Be super practical and put every dollar on trial for its life, and you’ll extend the runway. It’s not that hard. The hard part is the decision you need to make to avoid trying to impress people who don’t matter. Care more about the company and what you’re trying to achieve. If impressing people who don’t matter is important, just delay it as long as possible. By then you’ll hopefully be so successful that those people who don’t matter will really be impressed by whatever fancy you throw in their face. 

Don’t justify spending money by conning yourself that you “need” something. At the beginning, middle or even after your company may be getting long in the tooth, be real and practical. Always. One thing every experienced business owner has experienced is going over the financial to “find some money.” When we’re under the gun to find some money, it’s amazing how much money we can find. “We’re spending how much on paper?” 

As a young man I learned the art of putting dollars (even nickels) on trial for their life. I’m frugal, but not tight. Tight is stingy and I’m not stingy. Not by a long shot. But I am frugal. And willing to shop. Even more willing to negotiate. It never hurts to ask. And as long as it’s done with mutual respect, it can build even stronger business relationships. Don’t be hateful, rude or obnoxious, but don’t be bashful. You can be perfectly polite and firm in what you’d like. Doesn’t mean you’ll get it, but you’ll improve your situation. Maybe a little. Maybe a lot. But you will improve it. Guaranteed. 

Growth sometimes needs fuel because we get lazy. Complacent. Satisfied. 

Things roll along just fine. Until they don’t. Maybe it’s not a big dip, but over time a trend becomes visible. It’s not favorable. Then our attention gets diverted back where it should have likely been all along. On growth. Remember, where you are and what you’re listening to – GROW GREAT. 

It’s amazing what we find when we’re really looking. Today, that’s the main point. I want to encourage you to form a search party for the missing money that could be used to fuel the growth you need. If you’re growing, great. Grow more. When momentum is achieved, it’s all the more important to shove more chips into the middle of the table because we’re already winning. That’s why it’s important to avoid the trap of thinking “we did that go find the money exercise back when we needed to, and now we don’t need to.” We often hear sports teams who are winning encourage each other to play as though they’re behind. Why do they do that? Because they know the competition is working feverishly to come back and try to avoid the loss. Teams that are leading don’t often achieve greatness by sitting on the lead. The great teams keep playing as though they’re losing. That’s what I’m urging you to do. 

Step 1 – get your search party engaged today to find money. Pour over the financial line by line. And don’t be shocked if you find some really stupid stuff. Most of us always do. Don’t be shocked if you find some questionable stuff. The times I’ve engaged in forming a serious search party I’ve almost always discovered some questionable expenditures. Success tends to foster laziness and bad habits. But it can also foster unethical and corrupt behaviors, too. Be on guard.

Step 2 – put every expense on trial for its life. Surround yourself with people who can provide alternative perspectives. The people who claim they “need” it aren’t the best folks to rely on for the final decision (which is always going to rest with you anyway). Maybe they’re right. Maybe they aren’t. It’s highly likely they’re too close to it to see any alternatives. Besides, innovation often stems from forcing people to be more creative with less. I’m not encouraging cruelty, but I am encouraging you to consider if the current expenses are necessary, and if they are…to question the returns. 

Step 3 – determine your sacred cows, if you have any. Most companies do have sacred cows. That’s up to you. I lean toward not having any. But if you want to have some, then do it. For example, I know business owners who drive certain cars on a company lease. It’s important to them. Fine. Just be willing to admit it’s a sacred cow and you want it. You own the joint, so it’s fine. Only you can figure out if you have them, and if you want to keep them. Just know they have a price tag. 

Step 4 – calculate the value of the dollars and the time. Retail car sales and car leasing companies make tons of money because people don’t care about time. They care about the payment. Make the payment cheap enough, and they’ll sign the paperwork. No matter how unfavorable it may be to their financial health. Be wise. Think about the time element. 

Sometimes we make a gamble. The other day I had to either re-sign with an energy provider (my previous contract was expiring) or find a new one. So I went shopping. Rates are all over the place. Energy costs have gone up since my last contract. Some contracts were for 36 months. Hardly any were for 12. Do I sign one for 36 months thinking rates will just keep going up? Do I sign one for a lower term thinking we’re likely to experience an economic downturn in the next 24 months? I choose the later course because I think we’re poised to experience a dip in the next 18 months or so. Do I know for sure? Of course not. No idea if I’ll be right or wrong. But if I’m wrong, then I’ll have put myself in a position to pay a higher rate for 12 months that I could have had a lower rate — if only I had signed a 36 month contract instead of a 24 month one. That’s a  chance I’m willing to take. Just a really simple example of how we have to think about time, not just the dollars. 

How long before you recoup the investment? How long before (fill in the blank)? — those are worthwhile questions to debate while you put money on trial for its life. 

Step 5 – make this an ongoing practice. To ensure that you’re always able to fund growth, keep this up. You don’t have to be a CPA or financial wizard to get really good at it. Surround yourself with professionals who can help you understand what you don’t. Do not be bashful to ask any question. Do not be bashful to admit you don’t understand something. Build this habit into your weekly schedule. A little bit consistently over time trumps devoting hours and hours to it occasionally. Treat it like gym work. Put in the work frequently to grow stronger.

Step 6 – be and remain curious. Few things will help you more in finding the money you need for growth. Ask why. And ask it often. Not only will it help you find more money, but it’ll help your company find more innovative solutions, too. Never lose your curiosity. It’s the magic behind growing great. 

Be well. Do good. Grow great!

Subscribe to the podcast

To subscribe, please use the links below:

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If you have a chance, please leave me an honest rating and review on iTunes by clicking Review on iTunes. It’ll help the show rank better in iTunes.

Thank you!