Always look for the fool in the deal. If you don’t find one, it’s you.
Mark Cuban
I am not a product of my circumstances. I am a product of my decisions.
Stephen Covey
Feb 02, 2:22pm ET– Making Scaling Simpler
We’re choosing 100 scaleups to participate in a 20-citywide initiative called 20,000 Scaleups in June. Piloted in London and Sydney, it brings the power of the MIT program I founded to your entire leadership team, giving them an opportunity to interact with other CFOs, COOs, VP Sales, HR, IT, etc. If you have aspirations to reach $100 million in revenue or valuation (maybe you’ll exit before) – then sign up and tune-in Feb 02, 2:22pm ET where I’ll explain.
CEO Optimism is High for 2022
Fortune/Deloitte’s latest survey of Fortune 500 CEOs (175 responded) found 65% are expecting growth to be strong or very strong. Top 4 constraints: labor, pandemic, supply chain, inflation.
100x Return on Financial Incentives
This McKinsey article details 7 principles in setting up generous financial incentives to drive maximum benefit during a transformation of the business – in many cases providing a 100x return on the incentives you provide! The article goes on to note: “Compensation is a key reason why people switch jobs and providing financial incentives can help organizations retain their top employees.”
7 Principles for Outlier Performance
Keeping the design of incentives simple; tying to ambitious (not attainable) goals; and encouraging broad participation of the entire company are three of the seven. Please take 2 minutes to scan all 7 principles and then design an incentive plan for 2022 to drive outstanding results. Note, these incentives need to be built on top of a well thought out compensation plan that represents “Fairness not sameness” -- one of our 5 design principles in Scaling Up Compensation. Thank you YPO Israel for hosting me this week for a virtual presentation on the topic of compensation (I’m available to speak to your CEO group as well on this important topic – verne@scalingup.com
Name That Strategy
You don’t have a strategy unless you’ve named it, something Hubert Joly emphasized in his book The Heart of Business (about the turnaround of Best Buy). Scaling Up’s 2022 strategy is called “Blue Ocean’s 22.” What is the code name for your strategy? It’s an important creative decision. No military mission would think to move forward without a name – please name yours for 2022! Then put it on shirts (like my client Mynd has done) and on everything else you print this year. Keep it top of mind.
Firsthand Intel – Airbnb CEO Eating His Own Dog Food
Brian Cheskey, the billionaire ($12 billion) CEO of Airbnb, announced this week he is going to live full-time in Airbnb properties, rotating to a new one every few weeks. Remote work affords many this kind of opportunity and he wants to explore the benefits personally. This Forbes article details his plans. And imagine what he’ll learn, firsthand, about what’s working and not inside his own firm!! All markets and wars are won through intel – what are you doing in 2022 to walk in the shoes of your customers.
Weekend Countdown – 1-Minute of Wisdom
Enjoy this kickoff to your weekend – some bits of wisdom from a fresh set of wise teachers, updated each weekend.
https://vimeo.com/showcase/weekendcountdown
Order a box of 20 Scaling Up books
Want to save 50% over the price on Amazon? Go to this link.
TECHNOLOGY:
ScalingUp Scoreboard
Integrated with Salesforce, Slack, and Zapier (allowing it to connect with 1000s of systems), use Scoreboard to provide your team (working remotely even more important!) a real time visual dashboard of cascading priorities and metrics. Get a personalized tour of Scaling Up Scoreboard to see how you can use it to better implement Scaling Up in your business.
Planning to Exit?
It’s the most critical decision a business owner will make in their lifetime – and over my 40 years of helping firms I’ve seen owners taken advantage of time and time again – leaving tens of millions on the table. You’re up against sophisticated buyers who have done hundreds of acquisitions – whereas this is often your first rodeo. And these buyers have a formula for ripping you off – and it works. Seeking help, owners find the big M&A firms, especially those specializing in your industry, are more beholden to the buyers than the sellers (they will tell you otherwise). They are not your friend in the process, just another transaction. Email me to get a white paper on what to avoid when exiting verne@scalingup.com.
EDUCATION:
Growth Institute Online Executive Education:
Master of Business Dynamics
Scaling Up Master Business Course
Exponential Organizations Master Business Course
Topgrading Master Business Course
We’re still in business coaching and training firms:
Melbourne, Australia – Feb 16, 2022 (In-Person)
Indianapolis, IN– Feb 17, 2022 (Virtual)
San Francisco, CA – Feb 24, 2022 (Virtual)
Dallas, TX - Feb 24, 2022 (In-Person)
Sydney, Australia – March 21 & 22, 2022 (2 Day In-Person Workshop)
Amsterdam – March 22, 2022 (New Cohort starts)
Brisbane, Australia – March 23, 2022 (In-Person)
Auckland, New Zealand – May 11 & 12, 2022 (In-Person 2 Day Master Class)
Melbourne, Australia – June 7, 2022 (In-Person)
Melbourne, Australia – Sep 13, 2022 (In-Person)
Melbourne, Australia – Nov 22, 2022 (In-Person)
Better Book Club –
What's your team reading? Increase your books read per team member. Easy, Proven, and in the Cloud at http://www.BetterBookClub.com.
Write Your Own Book
Whether you want to make it to the bestseller lists or just sell a lot more of your goods or services, with a profound competitive edge over the competition, Book The Business: How to Make BIG Money With Your Book Without Selling a Single Copy is for you! Request your free copy of this ground-breaking book at advantagefamily.com/scalingup.
COACHING:
Ready to scale but looking for guidance?
Work with a Coach! Scaling a company is hard, but you don’t have to go it alone. Our Scaling Up Certified Coaches™ are masters at guiding you and your leadership team through the implementation of the Scaling Up Performance Platform, all with a custom and diagnostic approach to each unique company.
Learn more about what it’s like to work with a Scaling Up Certified Coach™ by scheduling a complimentary, personal follow-up. CLICK HERE! Or check out our FAQ’s. Additional questions can be sent to coaching@scalingup.com.
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