Being humble means knowing you have more to learn.
Matthew McConaughey
As capital costs rise, the value of growth relative to the value of margin improvement changes significantly.
Michael Mankins
Benchmarks for Private Company Compensation – CEO, COO, CFO, VP Sales, etc
What are other firms, small and mid-market, paying their CEO, COO, CFO, VP Sales, Marketing, etc. This comprehensive report by Chief Executive magazine details compensation by position for various size firms and industries so you can get a sense of what it will cost to upgrade your executive team. For more information and to purchase.
When Capital Costs Are High, Focus on Productivity Improvement
This HBR article details how it’s critical when capital costs rise (from 6% to 10%) to switch from investing in growing revenue to growing margin. Read that again!! It’s why Netflix has announced they are not focusing on growing their subscriber base but focusing on profitability. Invest in ways that increase productivity!! Please, please, please take 2 minutes to read this article and then re-evaluate your strategies for 2023. Did I say please? Thank you, Steve Hall, for pointing me to this article.
How to Access Cash to Play Offense
This additional HBR article authored by friend Dick Price details how mid-market firms can access capital to go on the offensive. Cash is king, which you can use to acquire firms that give you economies of scale and access to technologies that drive productivity. Price shares three ways mid-market firms can hunt for funds and how to maximize your chance of getting some.
Loneliness Hugely Impacts Business Outcomes
Loneliness affects one in two in the U.S. and that’s hurting your business. Fortune’s Brainstorm Health hosted Dr. Vivek Murthy, the U.S. Surgeon General who noted:
…when people feel a greater sense of connection to each other in the workplace, it positively impacts their creativity, their productivity, and actually their engagement in the workplace, which has downstream impacts on retention.
This Fortune article further details how working hybrid allows people to connect with both co-workers and family. And it notes that just because people are in the office doesn’t guarantee they are creating connections with each other. Biz leaders need to make connections happen.
Hiring Friends, Quarterly Themes, Good News Sharing
Scaling Up’s tools/ techniques greatly improve these connections – starting with the most important 5 minutes of the week where team members share good news both personally and professionally in their weekly 4D Meeting. Setting Quarterly Themes leading to celebrations and gatherings; the Daily Huddle allowing team members to share their struggles and constraints verbally (vs. via text); and encouraging employees to refer friends are additional ways to create connections. The #1 determinant of employee engagement -- if someone has a good friend at work. Find ways to make these connections – it matters greatly!
Risk of Premature Death High When Lonely – Comparable to Smoking
Business leaders have a fiduciary responsibility for the wellness of their team which drives the wellness of their firm. Note’s Dr. Murthy:
…when you actually look at the risk of premature death related to loneliness, it’s comparable to the increased risk of premature death due to smoking 15 cigarettes a day, and it is greater than the risk associated with obesity…And it’s extraordinarily common. Around one in two Americans are experiencing loneliness.
Please become more aware of who in your organization is lonely. Firms used to host sports teams after work. The weekly bar-b-ques at HP were legendary. The longer monthly gathering of leaders where you spend close to a day with each other learning and taking breaks together is important.
Supporting a Charity – Powerful Way to Bond Your Team
Does your firm support a charity? I was a presenter for Petra Coaches’ virtual Summit yesterday. A Scaling Up Coaching partner, they opened with a presentation by the leader of the charity they support, Tiny Heroes. Having a common charity that engages your team in giving to others is powerful on many levels, especially if team members volunteer together to serve. Charities are also a great way to connect with influencers in your community. Just do it!!!
Scaling Up with Verne – Kuala Lumpur, Tokyo, Barcelona, Virtual
EO in Tokyo sold out their two-day Scaling Up workshop with me June 2 – 3 – over 240 leaders. Barcelona is a gig with the Harvard of Europe, IESE. Kuala Lumpur has some seats May 30 – 31. And join me virtually for 6 hours (3 hours each day) June 7 – 8. Invest in outlearning your competition. Review the fundamentals. Bring new people up to speed. Re-energize our tools/techniques in your firm to drive a significant increase in valuation and productivity.
Order a box of 20 Scaling Up and Mastering the Rockefeller Habits books
Want to save 50% over the price on Amazon? Get the box of 20 Scaling Up books here and the box of 20 MRH books here for less!
Become an Authority and Reduce Your Marketing Investment
Top leaders know that branding is not a luxury, it’s a necessity. Becoming an authority means you and your brand are synonymous with trust and confidence. Growing brand equity translates to greater pricing power and the ability to reduce marketing costs. If you’re interested in proven strategies to help outflank your competition and grow your audience, request a free copy of Authority Marketing.
TECHNOLOGY:
Scaling Up 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.
EDUCATION:
Growth Institute Online Executive Education:
Master of Business Dynamics
Scaling Up Master Business Course
Exponential Organizations Master Business Course
Topgrading Master Business Course
Have you considered becoming a Certified Scaling Up Coach?
Learn more about what it takes to certify and what being a coach is like. Pop into our Coach Office Hours to talk with our coach certification coordinator and a certified Scaling Up Coach. Learn More & Register for Office Hours here >
Planning to Exit – Critical Whitepaper
Selling your firm, for its maximum value, is the most important negotiation in which a business owner will participate. You are typically negotiating with 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, stealing tens of millions from you. Seeking help, owners discover 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). Email me to get a whitepaper on how to maximize your valuation and avoid the psychological games buyers play [email protected].
COACHING:
Does it feel as if your business has hit a wall? If you don't see a clear path forward, it's a good time to bring in a coach. All of our Scaling Up Certified Coaches™ are masters at guiding you and your leadership team through the implementation of the Scaling Up Performance. Our promise is a custom diagnostic approach from Day 1, including how we match you with a coach. We even have a team member dedicated to helping you find the perfect Scaling Up Certified Coach.™ Schedule a complimentary, personal follow-up. Or check out our FAQs. Additional questions can be sent to [email protected]
SCALING UP WORKSHOPS:
Engage your team with interactive workshops to optimize your company’s performance.
(list of workshops below)
Dallas, TX – May 3 & 4, 2023 (2 Day) (In-Person)
Madrid, Spain – May 4, 2023 (Virtual)
Denver, CO – May 10, 2023 (Virtual)
Brisbane, Australia – May 10, 2023 (In-Person)
Toronto, Canada - May 11, 2023 (Virtual)
Sydney, Australia – May 11 & 12, 2023 (2-Day In-Person)
San Francisco, CA - May 12, 2023 (In-Person)
Amsterdam, The Netherlands – May 16, 2023 (In-Person)
Barcelona, Spain – May 18, 2023 (Virtual)
Nashville, TN – May 18, 2023 (In-Person)
Melbourne, Australia - Jun 6, 2023 (In-Person)
Nashville, TN – Jun 8, 2023 (Virtual)
Toronto, Canada – Jun 8, 2023 (Virtual)
Paris/Amsterdam/Warschau - June 13, 2023 (Virtual)
Birmingham, UK – Jun 22, 2023 (In-Person)
Toronto, Canada – Jul 6, 2023 (Virtual)
Houston, TX – Jul 11, 2023 (In-Person)
Sydney, Australia – Jul 20, 2023 (In-Person)
Toronto, Canada – Aug 10, 2023 (Virtual)
Melbourne, Australia - Sep 5, 2023 (In-Person)
Grand Rapids, MI – Sep 12, 2023 (In-Person)
Toronto, Canada – Sep 14, 2023 (Virtual)
Brisbane, Australia – Oct 10, 2023 (In-Person)
Toronto, Canada - Oct 12, 2023 (Virtual)
Sydney, Australia – Nov 2, 2023 (In-Person)
Toronto, Canada - Nov 9, 2023 (Virtual)
Grand Rapids, MI – Nov 9, 2023 (In-Person)
Melbourne, Australia - Nov 14, 2023 (In-Person)
Dallas, TX – Dec 6, 2023 (In-Person)
Toronto, Canada - Dec 7, 2023 (Virtual)
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.
Did you miss previous insights? - read here
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