Podcast

Small Business, Big Impact #4062

According to the U.S. Small Business Administration small business is BIG. Here’s what their website says:

  • The 28 million small businesses in America account for 54% of all U.S. sales.
  • Small businesses provide 55% of all jobs and 66% of all net new jobs since the 1970s.
  • The 600,000 plus franchised small businesses in the U.S. account for 40% of all retail sales and provide jobs for some 8 million people.
  • The small business sector in America occupies 30-50% of all commercial space, an estimated 20-34 billion square feet.
  • The number of small businesses in the United States has increased 49% since 1982.
  • Since 1990, as big business eliminated 4 million jobs, small businesses added 8 million new jobs.

By just about any measurement you care to examine, small business has a big impact in the U.S. I didn’t research the global impact of small business, but I’d imagine it has an equally large, or larger impact in other countries.

Perception Is Not Reality

Yesterday I read that Apple is sitting on over 250 billion in cash! Berkshire Hathaway held their stock holders’ meeting on Saturday (I watch it every year streamed exclusively at Yahoo). It’s very entertaining. Warren Buffett reported they’re sitting on over 90 billion in cash.

Headline grabbing numbers like that focus the attention on major league players, big business. Meanwhile, every morning small business owners are opening their doors, flipping on light switches and starting another day to make their presence felt in the world. Some have no employees. Others have hundreds. Their revenues range from “not nearly enough” to “a whole bunch.” Collectively, there’s no doubt about their impact in the local economy where they reside, or the broader economies they serve.

Because individually they’re not fancy, the perception is that they’re not that important. Or that their work isn’t that significant.

Just yesterday Apple bought a sleep tracking company based in Finland, Beddit. Terms are undisclosed for now, but Beddit is a small business. It’s not Apple’s in house innovation. They bought it by acquiring a small business. Innovation often happens at the hands (and imagination) of a small business owner!

But you don’t care about perception if you’re a small business owner. You already know the reality.

Small Business Owners Make Things Happen. That’s Real.

Whether it’s a local dry cleaning company that does a few hundred thousand dollars annually or a local custom home builder doing a few hundred million dollars annually…small business owners make things happen every day. Partly because they have to and mostly because they want to.

In a world before chain stores and restaurants peppered every community, local businesses ruled Main Street and Maple, along with every other street in town. Gas stations were called “filling stations” and even if they bore a national brand name, the owner was a local guy. That historical DNA hasn’t changed. These were people brave enough, driven enough and crafty enough to make a business come to life. They learned how to operate, make a profit and the most successful ones learned how to grow.

The competition changed. Big business spread nationally, then globally. Small business suffered and thrived, all at the same time. The weak operators fell away. The strong operators just got stronger, finding ways to adapt with speed unmatched by big business.

Nimble. Fast. Adaptable. Those are the strengths of small business. And the competitive edge enjoyed by many small business owners.

Size Matters, But Not Like You Think.

Small business owners may want a larger individual impact. That is, the one-store operator may want to open up a second location. The local small business owner may want to become a regional operator. The regional operator may want to expand nationally.

Every successful small business operator wants to grow and improve. They may be perfectly happy with the overall scope and scale of their enterprise. It’s the individual business owners choice often ignoring the mass cry to “go big or go home.”

Some small business operators confidently lead companies that generate in excess of $200 million. Others may struggle to break the million dollar mark. The size doesn’t necessarily determine smallness, but I rather view the proximity of the owner to the work. Most big businesses are run by executives, professional managers. Most small businesses are run by operators, people who know how to actually get it done.

It doesn’t mean small business owners don’t know how to delegate, but that’s a more common problem in their ranks. Professional managers at the helm of big business know how to operate at scale. That means they understand how to get things done through others. Small business owners can struggle as they learn those lessons. It’s not better or worse. It’s just different.

Every business regardless of size is focused on activities that fit into one or more of the three categories I call “the trifecta of business building” –

  1. Getting new customers
  2. Serving existing customers better
  3. Not going crazy in the process

For nearly a decade I’ve worked mostly one-on-one with business operators to improve all three of these areas. Now it’s time to narrow the focus, but broaden the impact. That’s why I’m launching the Bula Network Owners’ Alliance – a peer advisory group of 7 small business owners from around the U.S. Because I know firsthand the big impact small business has. And I know the impact small business owners can have on each other when they focus their attention on improving and growing their businesses. Nothing works better! Nothing substitutes the impact small business owners have on each other as together they get more focused on growing their businesses. Nothing.

Questions. Answers. Questioning Answers.

Here’s the rub. Sounds simple, but it’s hard.

I typically encounter two types of entrepreneurs. I’ve found it pretty easy to classify business owners into just these two groups: those eager to learn and those resistant to learn. The high achievers are eager to learn. They’re open to close examination of what they do and how they do it. They’re also eager to share it and perhaps defend it. But, they’re also always looking for ways to squeeze more productivity, revenue and profit from the machine. They have high expectations. The thrill of the climb fuels them and their entire team. No matter how high the climb was today, tomorrow’s summit will be higher. These are the business owners I’m always attracted to serve.

The process isn’t complicated, but it’s demands high courage. Questioning your answers requires an intense focused drive to get better. These small business owners do not want to lose. They’re among the most competitive people on the planet. They hate to lose.

Contrast that with those resistant to learn and they’re okay with whatever results come their way. They sound optimistic, but mostly they shrug with modest approval on what results come their way.

Not the high achievers. They’re hacked when the numbers aren’t what they could be. Even maniacal when people falter in performance.

I can begin the conversation asking small business owners to tell me about their sales process and the high achievers will readily share and ask for feedback. The others are immediately in defensive mode, making sure they explain why they do what they do — and how there’s no way it can happen any differently.

Nobody Can Care More Than You Do.

A big part of why I’m launching the Alliance and turning Bula Network into what it was probably always destined to be — a peer advisory company for small business owners — is the realization I made a few years ago.

Because my empathy is so ridiculously high I often have to tap the brakes on my level of caring. It’s a business thing. And I know it. I’ve always known it. Can a person care too much? Absolutely.

Empathy enables me to understand people. So I talk to a business owner or CEO and they find no value in questions, answers or questioning answers. I’m empathetic to them. But earlier in my career I wanted to help people see value where they didn’t or couldn’t see it. Until I realized I was wrong. And learning the truth changed everything.

It’s impossible for me to care more than my customers. 

It wasn’t a customer problem. It was MY problem.

In my younger days I did care more than customers. It’s a hard lesson to learn because it requires empowering people to do what they want. And it required me to walk away respecting their point of view and decision.

Here’s what happened. I started saying no to people. I started having longer conversations with people who cared and wanted to improve. I started having shorter or no conversations with those who didn’t. Suddenly, everybody was winning.

Those owners and CEOs who didn’t want to learn were no longer bothered (not much). Those eager to learn happily engaged, anxious to find out what I might be able to do to help them.

That’s the lesson for you as a small business owner!

I have a friend who helps people with their finances. We were engaged in a bit of a coaching call the other day as I was working to help him with some processes and work flow issues. His work is very focused on helping clients realize they’re losing money in a variety of areas of their life. Some of his prospects are losing lots of money. It’s as though they have holes in their pockets.

But not all of his prospects act as though they care that much. Some do. Many don’t.

Over the course of an hour long phone call I probed and probed. We reviewed the language used to communicate to prospects, the calls to action made and most everything in the front end of the sales funnel. I challenged him to make a few small, but impactful tweaks. Every single adjustment pointed to this one truth: you can’t care more than your prospects or customers.

People who don’t care about how much money they lose aren’t ideal prospects for anybody in the financial services game. Just look at their behavior. They don’t mind losing their own money…why would they want to take time out of their life to get your help? And why would they pay for what you can do for them? Answer: they wouldn’t. So I told him to blow them off more quickly and focus on the prospects who cared more deeply about the money they’re losing.

It always works. Always.

When small business owners start operating with the understanding that their biggest impact is going to be serving people who care more, then higher success follows. In a recent video on selling I talked about getting visibility with people, then helping people understand what we do and why it’s valuable, then ultimately working to achieve an appreciation from the prospect so they’re willing to buy us. You can win the first two stages and still lose because people just don’t appreciate what you have. That speaks directly to this issue of caring more than they do. People won’t buy your stuff if they don’t appreciate as much as you do. And no amount of appreciation on your part will help them appreciate it. No amount of talking with help either. Move on!

Nearly every small business owner I’ve ever served has been searching for better customers. It’s hard to accomplish because it demands seemingly unreasonable courage. The courage to walk away from the less than ideal customer. The courage to stop trying to convince people who won’t appreciate your product or service no matter how much effort you give. Stop caring as much as the people who don’t care enough to appreciate you.

I want your small business to have the biggest impact possible. I don’t want to determine that. That’s your job as the small business owner. My role is to serve those of you who deeply care to climb just as high as you can. Right now, my role is to find those of you who care as much as I do about taking your small business to new heights of success. Right now I’m just looking for 14 of you to fill one peer advisory group that will meet in the morning and one that will meet in the late afternoon. You can find details here. 

And starting now I’m going to dive more deeply into content here and in the podcast aimed at serving you small business owners who care enough to achieve more. TEAM does mean together everybody achieves more. It’s always been true and in the coming years it’s going to prove even more true among leaders and business owners. Our success is always enhanced when we surround ourselves with people who care enough to help us and when we match or exceed  it with our own commitment to ourselves.

Be bold. Be courageous. Let’s find a way to achieve more together!

Subscribe to the podcast

bula network podcast on itunesTo subscribe, please use the links below:

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!

Small Business, Big Impact #4062 Read More »

4061

A Client Phone Conversation About Selling, Manipulation & The Importance Of A Customer Base #4061

4061

It was a 90 minute conversation where I asked to record my side of the conversation for possible publication. The reason? We were discussing sales philosophy and how that might impact strategy, execution and building a business to reach higher levels of success.

Some hi-lights of the conversation and other key points:

Don’t lean toward manipulation. Instead, serve!

Being transaction oriented  and go for short-term profit, or avoid that and look for the long-term play.

You can go all in on trying to manipulate or you can go all in on watching what customers want/need. Pay attention to behavior or try to change behavior — it’s smarter and more profitable to pay attention to it and then react accordingly.

Do right by the customer.

Be good. Improve. Make your offer as good as you can make it, but don’t confuse things thinking if you build a better mousetrap that your sales challenges will be fixed.

Visibility precedes understanding. And after understanding there has to be appreciation. Without appreciation there is no sale.

You have to get known (visibility) first. Then you have to teach or show people so they know what you’re offering (understanding). But that doesn’t mean they’ll see the value (appreciation).

Long-term thinking fosters long-term behavior. It impacts every facet of your business. By doing the right thing now you build experience (and higher determination) to continue to do the right thing.

The competitive edge is patience for the long-term outcome. Sometimes it’s a lack of optimism that causes people to take the short-term payoff.

Bula Network Owners’ Alliance – how I’m approaching selling this

Too many business owners focus solely on the first of my trifecta of business building: getting new customers!

Too few give any attention to the second one: serving existing customers better! And that explains why so many suffer defeat on the 3rd one: not going crazy in the process.

Once we get the customer’s money we then neglect them. I don’t get it.

Customer base is everything! Every business needs a rock solid customer base.

You can’t sell your way out of a problem by merely being transactional. Sometimes it’s a motivation problem — business owners are driven more by their own needs, than the needs of their customers.

The average person on Twitter has 208 followers. My guess was a “few hundred.”

The average person on Linkedin has 930 connections. My guess was 500.

Let me know what you think of today’s show.

Subscribe to the podcast

bula network podcast on itunesTo subscribe, please use the links below:

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!

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National Small Business Week: Why Small Business Matters #4060

National Small Business Week: Why Small Business Matters #4060

National Small Business Week: Why Small Business Matters #4060

We’re smack dab in the middle of it. National Small Business Week. Sure, it’s a PR move to draw attention to an important community that fuels a big chuck of the economy. This event started in 1963 when the business landscape looked very different. But today there are over 28 million businesses around our country. Each one driven by a passionate owner trying to make a difference in their community and among the people they serve.

What is a small business?

It depends on who you ask. According to Wikipedia it’s a manufacturing business with fewer than 500 employees or a non-manufacturing with revenues below $7.5 million. But that’s not right. Not in the spirit of what it means to own and operate a small business.

I know owners running businesses that do in excess of $100 million. Ask them and they’ll happily, proudly tell you they own a small business.

I know owners who operate businesses with fewer than 10 employees, doing just over $1 million a year and they’ll tell you the same thing. “I’m a small business owner.”

It’s less about size and more about heart, involvement of the owner and the flatness of the organization. It’s about a man or woman who so firmly believes in their work that they’ve shoved all their chips into the middle of the table betting on themselves and their idea. And that’s just one reason why it matters. Small business is the heartbeat of a passionate owner willing to fight the battle to launch their idea and make it come true. It’s their individual determination to turn a dream into reality.

Small business matters because it’s not just about the money. It’s more about the freedom to do it the way you think it ought to be done. Among those 28 million small businesses in America, many were started by one-time employees who figured they could do it better. Many of them have. More will follow.

It’s about the freedom to wake up each day putting in the work for yourself instead of for somebody else. But it’s not just a selfish or self-centered activity. It’s wanting to do what you so firmly believe in that you take control of your own destiny. In my office is a boat oar that my sister gave me after putting one of my favorite Jack Welch quotes on it, “Control your own destiny or someone else will.” Small business owners embrace that philosophy with their actions.

They know the risk, reward and value of betting on themselves. It’s not blind faith. It’s a determination that they’re not going to let the opinions of others matter more than their opinions of themselves. They’re not super heroes. Fact is, they’re not heroes at all. They’re mostly ordinary people doing ordinary, but hard things. Things others aren’t willing to do. Willing to take risks not just everybody is willing to take. Willing to gamble mostly on themselves instead of somebody else. Willing to invest in their own ideas and dreams in stead of the ideas and dreams of others.

Small business ownership isn’t for everybody. It’s hip today to be an entrepreneur, but most small business owners will tell you it’s not about being hip. Or cool. Or popular. It’s about making a difference.

Most are less concerned with conquering the world as they are obsessed with making a difference where they live and operate. Scope and scale are less important to most small business owners because impact is what they want. They want to impact their own lives and families with meaningful work in hopes of finding some financial freedom and schedule flexibility that ownership afford – when success is achieved. Many won’t find it. Instead, far too many will find those dreams crushed under the burden of a job they can’t quit. And still they climb. Because they know what Yogi Berra said is right, “It ain’t over ’til it’s over.”

Small business matters because it’s has a powerful impact on the lives of the owners, employees, suppliers, customers and community where it exists. It’s not the same impact as Facebook or Instagram. It doesn’t touch hundreds of millions of people around the globe. It’s more personal. More subtle. Deeper.

It’s the owner and his family of four. It’s the five employees and each of their family of four. It’s the few hundred happy customers who provide their monthly patronage and whose own families are benefits because the owner had the courage to launch and open the doors. It’s the local economy and the tax deposit made monthly by the owner, pumping dollars back into the state and local economy.

It’s not scope and scale, but it is scope and scale. It’s a thousand little touch points of significance that make the wheels turn more smoothly in the lives of the few. By touching the few, more lives are influenced. And impacted. It’s like the story of the little boy walking the beach seeing thousands of star fish washed ashore, dying. He begins to toss them one by one back into the ocean when an old man tells him, “It won’t make much difference.” The little boy’s response is the same response every small owner gives, “It did to that one.”

So here’s my little tribute to all the small business owners out there. Keep opening your doors. Fight the fight to keep your dreams alive and your employees and customers happy.

Bula Network Owners’ Alliance – an online peer advisory serving small business owners by leveraging connection and collaboration for improved performance

Subscribe to the podcast

bula network podcast on itunesTo subscribe, please use the links below:

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!

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Bula! Life Is Good (Why Optimism Is Your Best Choice) - GROW GREAT

Bula! Life Is Good (Why Optimism Is Your Best Choice) #4059

Bula! Life Is Good (Why Optimism Is Your Best Choice) - GROW GREAT

Over 30 years ago I ran across the term – Bula. I don’t remember where. I do remember instant fondness for the term because it carried the connotation that “life is good.” How can you not like that?

I was so smitten with the term that I began to use it as the greeting on internal memos in the company I was operating. Bula!

A single explanation took care of it. After that, everybody instantly remembered the meaning of the word.

Fast forward and here we are about to enter May 2017. I’ve devoted my professional career to selling, marketing, building organizations, creating processes/workflows and leading people in the quest for us all to grow, individually and collectively. There’s been a crazy amount of change through the years as I’ve chased those pursuits. But one thing has remained a constant – people do make all the difference! Well, something else has remained –

the outlook with which we view ourselves and the world serve to largely determine our destiny

High performers are not only driven, but they’re optimistic. Hopeful. Always chasing a better outcome, an improved version of themselves and a place of higher accomplish. In short, the best performers know that growth and improvement are possible, even probable.

They all have another common trait: willingness. They’re willing to do the work. Willing to do what’s necessary to make it happen. Willing to be responsible and practical. Willing to be patient, realizing that growth takes time. Willing to acknowledge the power of compounding, in everything.

But there’s a contradiction because they’re also unwilling. Unwilling to pursue something they don’t believe in. Unwilling to follow every rule. Unwilling to sacrifice their strengths in order to pursue some weakness. Unwilling to let their lives be ruled by dread. Unwilling to let a single day go by without finding reasons to be optimistic.

For over 2 years I’ve been holding out optimism as I noodled with an idea of serving just a few small business owners. Optimistic that I could make a meaningful impact on the lives of perhaps a few dozen small business owners. Not by holding forth, or being the answer-man to all their problems, but knowing — and believing — in the collective power of small groups of peers (other small business owners) who together could wrestle down problems, more closely exam opportunities and enjoy a depth of relationship designed at learning, growth and improvement.

Magical things happen when you put yourself around optimistic people. The reason is simple: optimism is rare. Negativity is the order of the day. Slamming politicians, blaming the government, finger pointing, shouting — those are the habits most often displayed. They wear on us. In time, we join in. Sometimes not even realizing it’s happening. We moan and complain. We find excuses for our failures instead of celebrating them as efforts in an attempt to find out way, and figure it out. It’s wearisome, robbing us of life, much less a good life.

The losers around us don’t help. They quickly provide ample reasons why our optimism is unfounded. Even foolish.

They reason with us about the latest legislation that will certainly be bad for our business. Or the looming disruptive technologies sure to hurt our company. They yearn for how things once were and cheer us on to join their chorus. Sometimes we do. Sometimes we romanticize the past glory we may have once enjoyed. And get lost in our daydreaming of wondering what happened.

Rubbish. It’s all rubbish.

Life is good. Worth celebrating, and even more worth being thankful for.

Add to this list. Go ahead. I know you’ll be able to do it. And quickly, I’ll bet.

Here are just a few things I’m thankful for:

  • Living in the U.S. where we’re free to pursue our dreams with enormous opportunities
  • Living in this era where we have the Internet and all that it affords
  • Health (whatever measure of it you’ve got, but thankful)
  • Family (I’ve got a wife of almost 40 years, 2 grown kids, 2 kids-in-law, 5 grandkids – don’t tell me life ain’t good)
  • Friends (I more than ever value the really close friends who deeply influence my life)
  • Experiences – the work ones and the personal ones (life has afforded me many lessons, some that were painful but priceless)

You get the drift. We’d be here all day and all night if I merely listed them all. The same goes for you. I don’t care how bad you think things are, or how good. We’re all ridiculously blessed. 

Life isn’t fair or equal. It just IS. Build your bridge and get over it.

That doesn’t mean we accept our current state as being our “fate.” Hogwash. No such thing. Fate is what we make it. Henry Ford was right in that notion about whether we think we can, or we think we can’t – either way, we’re right. We don’t like to think that’s so when we’re down and out. We want to think it’s somebody else’s fault. Surely it’s not on us! Yes, it is.

Own It

If one little phrase has permeated my life over the last decade, it’s this one: own it! Not that I’ve always done it, but that I know I need to always do more of it. Optimism helps.

Fact is, optimism helps EVERYTHING. That’s that why I want to focus your attention on it today. And I’m doing it with a purpose…primarily to show you that it may be time to get out of your own head and into a room where you can share experiences, stories, concerns, worries, opportunities and celebrations with others. People who committed to their own quest for optimism. People determined to not stop growing, learning or caring. People who understand they need people.

When I was a boy Barbra Streisand hit the world by storm. In 1964 she performed a monster hit song, People.

It was true in 1964. It’s true in 2017. And if the world stands, it’ll be true 100 years or 1000 years from now. Our lives are made better by people.

We all know this is true yet we somehow remain isolated with our own thoughts and demons. We go it alone when we could so much more easily go it with others. When we do, our optimism soars and it changes everything. Because we surround ourselves with others who believe we feed our own optimism, which in turn feeds the optimism of those we’re hanging with…and together we all find new heights for ourselves.

Have you ever been fascinated by the stories of actors, singers or comedians who talk about their early years? Those years of toil, struggle and hardship. Do you think it’s coincidental that some of the biggest names you’ve heard of in those arenas are people who “came up together” with other big names? No. There’s a method to that madness. For starters, they all had some degree of talent for the game, whichever game it may have been – acting, musicianship, comedy. Secondly, they all were committed to make it. They worked hard, put in long hours, did whatever they could to survive while they were making it. Thirdly, they all endured the grind because they loved what they were doing. Success takes however long it takes. Some took longer than others. That’s life. Fourthly, they maintained the belief – and determination – that they’d make it. Optimistic that eventually, it would be reality.

Barbra Streisand left home before her 18th birthday. She lived like a gypsy and her mother would lament how she was choosing to live. Her mom’s disbelief fueled Barbra’s belief. As the universe grew pessimistic, she grew more optimistic displaying an “I’ll show you” attitude. Her enormous talent wasn’t going to be enough – it never is. It would require people in her life propping her up, encouraging her, helping her. That combination made her a star. And even then it took time. But had she gone it all alone, it may have never happened.

This isn’t restricted to creative endeavors like acting, music or comedy. It’s universal. You’ve seen it in your life and in the lives of people you know.

One person makes an impact. One person willing to be candid with us because they’re helping us – not because they’re judging us. One person willing to encourage us because they believe in us, not in what we’re doing! And if we’re very lucky, more than one person comes along in our life willing to do for us what we can’t do for ourselves.

It’s that belief that has driven me for two years to reach this point – a point where I’m pushing all the chips into the middle of the table to bet my professional future on a belief that I can help put people in a virtual room together so they can find new levels of achievement they’ve not yet experienced. In business. In life. Financial. Emotional. Across all spectrums of our lives because we’re not singularly-focused people. We’re complex and our lives often times seem even more so.

It’s about YOU. Your life. At work. At home. When you goof around, or when you’re at your soberest.

It’s about YOUR BUSINESS. The daily challenges. The special challenges. The constraints and the opportunities.

It’s about belief. Confidence.

Optimism. 

It’s fueled by one foundational idea – that no matter how things are right now, they can be improved. That with the help of others we can reach summits we may have doubted even existed.

Fun. Let’s not overlook a major benefit of optimism. It’s just more fun than being negative. It’s more fun to consider how great things will turn out, than to fret about how awful it may be if they don’t.

I’m currently looking for 14 small business owners who share my beliefs. Fourteen people who know they can grow, learn and achieve more than they’ve ever achieved if only they could be surrounded by 7 other people who were like-minded and willing to put in the work that optimistic people know is required. Fourteen people who aren’t satisfied with being surrounded by people more interested in finding excuses than opportunities to learn and improve. Fourteen courageous people willing to step forward with a commitment to grow their business and to grow their own leadership so they can be a more positive influence in the lives of others.

It’s why I’m basically shutting the doors on all other professional activities – all the coaching and consulting – to go all in on this one big idea I call the Bula Network Owners’ Alliance. At long last the term “network” has found it’s true meaning. What started out as a “network” of professional services, and morphed a bit into a podcast has come around to what it was always intended to be – a network of people helping each other. It’s why you may have noticed the tagline appear some months ago…

leveraging connection & collaboration for improved performance

Believe.

Be optimistic.

What have you got to lose? Nothing but your negativity and those things holding you back from soaring as high as you can.

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Effort & Speed: 2 Things You Can Control - GROW GREAT Podcast

Effort & Speed: 2 Things You Can Control (A Grow Great Quick Hit)

Effort & Speed: 2 Things You Can Control - GROW GREAT Podcast

I don’t care who the President of the U.S. is. I don’t care what the weather is like either. I don’t even care what the economy is doing. You shouldn’t care either because none of those things (and many more) have no impact on the two things you control most in your business. Today’s quick hit is under 9 minutes long. You’ve got time to hear this. You need to hear it.

Subscribe to the podcast

bula network podcast on itunesTo subscribe, please use the links below:

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!

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The Best Decision-Making Tool On The Planet Is Not A Computer #4058

The Best Decision-Making Tool On The Planet Is Not A Computer #4058

The Best Decision-Making Tool On The Planet Is Not A Computer #4058

I’ve now spent over 40 years in the business world. Small business owners are my people. Some operate companies that do under $5 million. Others are at the helm of companies that generate well over $100 million. Every single one of them have paid some prices to be where they are. We all do.

As we’ve grown older in our business careers we’ve often discovered that we were paying a price we didn’t ever consider paying. I was 27 and at the helm of a $14 million retailing company. A wife and two small children…I knew the price I was paying at the time. Forfeiting more dinners than I can count. Cancelled plans. Tardy appointments to social gatherings. Eighty hour weeks. Those were the prices I knew about. Older business people would often tell me, “Stress will kill you.” I was young and I’d chuckle under my breath because the stress gave me adrenaline. It fueled me. I loved the non-stop action of retailing and the blistering pace. Taming chaos was the juice. And I was good at it. It was the price I was paying.

One day an acquaintance who worked for a supplier found himself in the hospital. He was suffering chest pains. He was just a few years older than me. Like me, he was running hard and fast. “Are you kidding me?” I said to the person who called to report the news. We both assumed he’d had a heart attack. Turns out the doctor told him he was lucky. It was an event caused by too much stress. The doctor sent him home to rest and stay away from work for a week. He also gave him some sort of diet to start and some moderate exercise regime. That was only after spending one night and nearly two days in the hospital scared out of his mind.

We were all paying a price in our pursuit. Time rolled on and we all grew older, along with our kids. It wasn’t long before news of a divorce here and there popped up. More and more divorces. And by the time the kids were hitting teen and college years, increasingly there were stories of drug abuse followed by rehab. Sometimes many, many instances of rehab. Every now and again we’d be stunned with news of suicide.

The price we were paying was far higher than any of us imagined. It wasn’t merely a few missed dinner dates. Or a few missed ball games. Or school plays. It was wrecking our marriages. Destroying our kids. Breaking our families. And costing some of us our very lives.

That was then. In the 1980’s.

And things have only grown worse because the pace has picked up steam. The intensity, too. Along with the competition. Owning a small business has always been tough. Doable, but tough.

Lonely. Isolating. Some days filled with anxiety, dread and fear. Mostly, days not knowing any other way to operate. We did what we had to do because it’s all we knew at the time. You go it alone. Nobody wants to hear your problems. You sure don’t want to share your opportunities with anybody. So it’s all piling up on your desk and in your head.

America grew increasingly interested in physical health during this time. Jogging and biking was the rage. Gyms started popping up. We got health conscious. That was good.

But nobody was paying attention to the mental health of the small business owner. Not that we’d have listened. Thankfully, today is a new day. A better day. One where we can leverage technology and relationships. Look at your Linkedin profile and count how many connections you have with people you’ve never met face-to-face. Never before have we been surrounded and connected with so many people yet remained so ridiculously isolated and lonely with our own stuff.

Dump it on your family. That’s hardly fair to burden them with it. Besides, could they really relate? Not likely.

Dump it on your friends. That’s no better. For you, or them.

Dump it on your employees. Well that’s not even an option. That would only make matters worse.

And now you know why I hit the record button today. Mental health of small business owners has been a lifelong interest, but one that I didn’t know to make a contribution to until a few years ago. I began to look at community. And I looked carefully at my natural abilities coupled with my personality. I read. I wrote. I podcasted. I talked with people, often quizzing them about their experiences as small business owners. What I found wasn’t surprising. And it was almost universal.

Except for the most pompous (who simply refused to admit it), the rest of us were yearning for community. Some safe environment where we could get some solid feedback and other perspectives as we navigated our problems — and our opportunities. We wanted to connect with other small business owners, but none of us knew quite how to go about that without involving people we already knew – people we already had relationships with. That wouldn’t work.

It was time to look at the problem in a new way.

Do you like tools? I don’t necessarily mean wrenches or screwdrivers. I mean technology tools like Evernote, Slack, Skype or Basecamp.

We love software and apps. I just looked at my iTunes app storage. I have 251 apps that I’ve downloaded. Thankfully, not all of those are on my phone, but each of them have been — at some point. At this very moment I have almost 70 apps on my iPhone. These apps are tools ranging from Snapchat, Waze, Instagram and Facebook to Shazam and DropBox. Some I use often. Others I hardly ever use.

It’s nice to have so many tools at our fingertips. We’re always finding new ones, too — that we never knew we needed until somebody comes up with one. Then we don’t know how we ever got by without it. Or we don’t know why we’d ever go back to an old tool that isn’t nearly as good. Since Waze, I confess I never use Google Maps.

Small business owners are tasked with doing one thing (mostly)…solving problems.

Sometimes solving the problem means finding the best opportunities. Sometimes it means hiring the best person for the job.

It may mean finding the ideal location for a new store. Or maybe it’s repairing a broken culture that’s killing productivity and creating too much turnover.

Problems, opportunities. It’s all the same. It’s figuring what best course of action to take based on the data at hand.

Business owners rarely get to make a decision with complete, full knowledge. We have to work with confidence, knowing that if we’ve about 70% of the information — then we’re not likely going to have time to ferret out the remaining 30%. Time waits for no owner to get to 100%. It’s just how we live our lives.

What’s your current decision-making tool? 

It’s probably not a tool as much as it’s a process. What does it look like?

I’ll describe mine – at least, the one I’ve used for over 30 years. I won’t bore you with the details. We’ll just take a high elevation look at it.

First, I gather all the real evidence. The data. The numbers. It may be sales, or a price. It may be units, or years. It’s likely got many numbers attached to it. Let’s use a lease as an example. Most owners have negotiated leases or real estate deals. Or at least been the final say in them.

There are terms and conditions that include how many months or years, how much rent, what’s included in the rent, what’s not, common area maintenance costs, taxes and other costs associated with it – the ones you’re responsible for (and the very few that your landlord is responsible for). All kinds of numbers. All kinds of conditions.

It’s important to have them in writing so everybody has a clear understanding of what’s at stake. Part of this evidence gathering is to hire or have a real estate attorney who is an expert. Unless the owner is such an expert, we all rely on somebody else to help us navigate the legal jargon that might otherwise trip us up.

Again, this is all part of getting the known facts down as securely as we can. It’s always my step one. I want to know what’s real before I start entertaining what might be possible, or even probable.

Second, I’m going to involve my team (if they’re not already). We’re going to meet to discuss the pro’s and con’s of this deal. I’m going to encourage team members to debate it openly, with vigor. I want every position challenged. If somebody is in favor, I want somebody who is opposed. Then I may encourage them to switch sides and continue the debate. This is almost always impossible because people want to behave as they think I want them to…not as I really want. Understandable because they’ve got jobs to protect.

At this point, I’ve involved an expert – a real estate attorney – and I’ve involved my team (it could be a few people, or it could be many people). These are people I rely on for input and advice. I need their perspective. Rarely do I get much of a contrary position. And I’m never going to be tested, except perhaps by the attorney.

Third, I’m going to use these human resources to form a strategy for the very next step. These people will have given me suggestions and recommendations. It’s up to me to decide what I’m going to do. This is where the process goes from being people intensive to being very lonely. All along the way people have been involved, but they’ve all got some interest to protect and I’m smart enough to know that impacts what they say and how they say it. They’re always on guard, even if they don’t mean to.

It’s at this stage that I’m likely to huddle alone and think about it some more. If I’m really brave I may reach out to a friend or trusted person in the space (in this case, commercial real estate) to get some perspective that is specific to the issue. It might be a long-time business acquaintance, or a closer friend who deals in commercial real estate.

When I’m done getting their input I’m right back to being Mr. Lonely. What should I do?

Sometimes there’s a clock ticking, some looming deadline. That pressure can mount and make the decision even more dreadful. If we delay too long we may lose the opportunity. Is that a good thing? Or a bad thing? How can I know?

These good people need something from us.

Sure, they need us to make a decision and keep them involved, but they need something else. Something that inadvertently gets in everybody’s way. It’s not intentional, or even conscious. It just IS.

That real estate attorney needs our business. That’s a good thing because hopefully he’s skilled and capable. He’s driven to do a good job for me because he wants me to use him on the next deal. But he can unwittingly handle my business because I’m a client. He needs my business. There are the numbers of the deal, but there’s also the psychology of the deal. He wants to please me, to make me happy. That may alter his strategy depending on how badly I want this deal, or how badly he thinks I want it. As the owner I’m not immune from having preferences. Fact is, I have preferences I make known every single day and my attorney is no different than everybody else around me. He wants to please me. And protect me.

My team is in an even deeper situation. Their jobs and careers hang in the balance. As part of my team they want me to like them, to think they’re smart and capable, and they all want more responsibility and authority. They know that’s the road to bigger salaries and all that goes with it. I know some of them are building resumes to get bigger jobs – jobs I’ll never be able to give them, but that’s okay. I’m proud to have them, and to help them – as long as they do remarkable work for me.

Each of them is affected by this employee/employer relationship. It can’t be helped. They’re beholden to me. They certainly don’t want to get on my bad side. They want me to view them as highly valuable, and that can alter what they say and do. Even if they don’t think it does. Coming to work, side by side, day after day, they grow acclimated to the culture and my preferences. Even contrarians who start out quite contrary, grow more compliant over time. It’s just how things go.

Then there’s the friend or business acquaintance who I reach out to. He’s got a social relationship or a semi-business relationship. He’s not likely to push me in any direction other than the one he senses I most want to go. Unless he thinks I’m making a really colossal mistake, but if I were making a colossal mistake I wouldn’t be reaching out to him at this point. Others would have piped up.

As the owner our toughest decisions don’t normally involve a choice that’s a colossal mistake. It’s usually the decisions that have a much smaller degree of separation — not option A, which is of course the way to go if you want to be safe, or option B if you want to blow the place sky high. Our choices are usually far more subtle than that, which makes them even tougher.

There is nobody else. Or is there?

I never had anybody else. Armed with all these great people around me, involved in the process — they all needed something from me. A job. A client relationship. A social relationship, or a business relationship. Something. And I fostered dissenting opinions, but that’s difficult when people have spent any time with you. It’s only natural for us to communicate with people, and form opinions like the people around us. Especially when they’re in charge. It truly is a case of nobody able (or willing) to tell the Emperor he has no clothes. Even Emperors, or owners who don’t suffer severe bouts of vanity or arrogance, will influence the people around them to be like-minded. Mostly, that’s not a bad thing, but it’s not ideal for the very best decision-making.

I was just a teenager when I first read Napoleon Hill’s Think And Grow Rich. The Internet hadn’t yet been invented. So I had never heard of a “mastermind group” before. It seemed like a terrific idea to me, and I wasn’t even a business guy at the time. I was just a stereo sales guy. But I saw the power of it.

I participated in small groups formed either by industry associations or industry related groups. Those were really enjoyable. It was great to sit around a room with other people in the same industry. I enjoyed hearing what other people were doing about industry specific challenges or problems. Swapping ideas and stories was always worth the time I invested.

When Honda Motorcars arrived in America with the first little bitty car I had a buddy who bought one. It was a lot of fun. Then the Accord arrived. That was a game changer. It took the world by storm and if you wanted one, there was a waiting list. I know because I tried to get one.

Within just a few years Detroit starting making cars that looked just like the Honda Accord. It dawned on me that group think (we didn’t use that term back then) was prevalent in every industry, including mine. It’s why you never saw much innovation. We copy each other. We attend the same conventions. We read the same industry trade magazines. We buy the same inventory. We mostly do what the rest of the industry does. In time, we’d make ourselves feel better about it by calling it “best practices.” I’m not sure it ever was BEST, but it’s what we all did.

Fast forward to my time away from the C-suite. I’m working with a client who is an elder law attorney. I had never heard of elder law, a specific area of law aimed at serving seniors or the children of seniors tasked with protecting their assets and seeing to their needs. It was a noble profession and I had an epiphany – what if I could get a small group of elder law attorneys together virtually in a mastermind group. I’m not an attorney, but I could facilitate helping them each grow their practice by introducing them to each other and having them focus on just one goal — to help each other grow their elder law practice.

Elder law attorneys are geographic specific. They have to practice where they are. They meet clients in person. They’re licensed in the state where they operate. So getting a few of them together using online technology wouldn’t be problematic with them competing against each other. Fact is, they don’t compete against each other. I thought, if I had one elder law attorney here in DFW, one in Houston, a few scattered around California, and others from any state you can name — then we’d have something very powerful to help each of these attorneys grow their practice and improve their business.

I even had a great name for it, Elder Law Elite. This was about 4 years ago.

Sadly, I never got it launched because I could never crack the code to even give my idea a proper test. I found most of them were focused on practicing their area of law, not on their practice. It was understandable, but it didn’t alter my view of how valuable it would be to put a group of birds in the same nest together. It’s trite, but we’ve all heard the African proverb…

If you want to go fast, go alone. If you want to go far, go together.

I had been a longtime fan of the moniker, “Together Everybody Achieves More” – TEAM – and I had used it through the years mostly in coaching kids’ sports. It was more than a moniker. It was completely true.

I still think Elder Law Elite was a great idea, but if the target group can’t see it, I wasn’t terribly interested in pushing water up a hill. So I abandoned the idea, but never gave up on the value of a group of people who could help each other without any agenda other than to help each other grow their business, and their leadership.

I was a bit jealous really. Any time I’d hear people talk about being in a mastermind group that delivered high value I was always envious. I’ve never experienced it. I’ve been invited to be in mastermind groups before, but they never gained traction. Mostly, because they’re tough to assemble, and many people wanted to join one for free. In my experience, they were worth exactly what I paid for them – nothing. And the people trying to assemble these groups seemed mostly clueless about how to organize a group and make it worthwhile.

But the pain of small business owners kept looming over me. I’d see it every week. Listening to the pain in their voices. Hearing the stories of loneliness and defeat. It wasn’t hard to measure. I could call a business owner I’d never met before and ask just one question – “What’s one problem you wish somebody would help you solve right now?” – and then I’d shut up and listen. Some would talk for 20 minutes. Many more would talk for 45. And I was a complete stranger they’d never met before.

It fueled me. Week after week connecting with lonely business owners who had never had anybody ask them that question. Or take the time to actually listen to their answer. Just somebody who cared. And didn’t judge them.

This is the driver behind all my work – to be that guy with whom top leaders can be transparent. It’s a safe space for candid conversation about the issues confronting small business owners. Small, intimate groups are often helpful. People helping people grow as leaders. Owners helping owners overcome the challenges preventing them from being as successful as they might otherwise be.

I know as a business owner we’re accustomed to making decisions with only 70% information (often less; sometimes more). Most have little to no awareness of working with a coach, or relying on a group of peers to help us grow – and to help us grow our companies.

It’s not for everybody. That’s why it’s such high value. It’s extraordinary. Remarkable. Only the remarkable and extraordinary will see the value. It’s a self-selecting kind of a deal. Which is good.

Kinda like explaining Evernote to somebody who has yet to see it. Know what I mean?

Randy

P.S. I’m planning to launch the Bula Network Owners’ Alliance – the first group of just 7 small business owners. Members can be located anywhere in America because this is a virtual, online group. Speed and convenience are key. Are you interested in finding out more? Then visit this page and let’s have a brief phone conversation. No sales pitch. No pressure. Just meaningful conversation to see if we’re ideally suited for each other.

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