Are You Chasing Money Or Is Money Chasing You?

I had an epiphany ten years ago. I realized after a business reversal that I was chasing money. For a variety of reasons, I believed financial security resulted from a singular focus on that which I needed the most and thought to be necessary. At the time, that was the simple five-letter word money.

But, I had my priorities wrong. I was putting my focus on the wrong five-letter word. The word I learned to focus on was value. I learned that when I created significant value for my customers, I didn’t have to chase money. Money would chase me.

During the coronavirus crisis, are you chasing money, or is money chasing you? Is your focus primarily on revenue, preserving your cash, keeping your doors open, and surviving? If it is, that’s completely understandable.

I want to ask you this question, though. What happens to your relationships with customers, employees, stakeholders, or business partners when your primary focus is on money and not on creating value? 

When chasing money is the primary objective, creating value becomes a secondary objective. Based on my own experience, this scenario negatively impacts the quality of our important relationships.

I met someone this week who is not chasing money, but who is in the position of having money chase him. His name is Corey, and he’s a plumber.

Corey replaced a leaky faucet of ours and walked away with $280.00 for 35 minutes’ worth of work. I’m glad our faucet works, but being Scottish, I asked about his schedule and how busy he was. Corey said he works 50 hours a week and earns on average $250 an hour. That’s $625,000 before expenses. 

Corey is not chasing money. Money is chasing Corey. He doesn’t spend a dime on marketing. He doesn’t need to build a website or do social media advertising. He needs to do high-quality work that is valuable to a customer, and in turn, referrals keep him busy fifty hours a week. And busy he is.

What can we learn from Corey? While not an extensive list, here are three things I learned from Corey.

1. Even during a worldwide pandemic, there are sectors of our economy doing well. Technology and plumbing are two examples. 

2. Getting referrals remains the best way to grow a business. I’m happy that 87% of our business comes from referrals and or repeat customers. 

3. Provide high-value and money will chase you. Even when revenue is down, and you are uncertain as to the long-term future of your business or organization, a ruthless focus on creating value for your ideal customer is the primary catalyst for a prosperous future. 

Think of your business in five areas—strategy, execution, talent, mindset, and leadership. Ask yourself the following five questions. Choose one question that is most directly linked to the current state of affairs in your business and brainstorm one action to improve your effectiveness in that area. 

1. Strategy: Do you have a defined market that has the long-term potential to grow at 5-7% per year and where your value is distinctively attractive to the market’s top customers? If not, how will you differentiate yourself in the marketplace?

2. Execution: Have you innovated a new product or service in the last 90-180 days that delights your customer? Have your competitors? What does that mean for your business?

3. Talent: Have your employees willingly raised the bar on their performance without being prompted by management? Have you raised the bar on your performance? If not, is it a surprise an employee hasn’t?

4. Mindset: Are your employees playing to win versus playing not to lose? Are you?

5. Leadership: Amidst the current crisis, are you role-modeling passion, innovation, and growth? Do your customers see employees as passionate, innovative thinkers, and focused on growth? What are the implications for your answers?

I want to help you rise above the current demands of your day and to believe in and work toward living and working abundantly even during times of crisis. If you would like a copy of my Strategic Quarterly Review Questionnaire or to schedule 30 minutes to work through these questions, drop me a note at hugh@clarisconsulting.net, and we’ll schedule a call.

The Sales Code Podcast Episode #36: What Makes A Great Sales Leader

I was a special guest on The Sales Code Podcast with Kevin Thiele, and we discussed how sales is rooted in more about people skills than technical skills. You can take a listen here! tinyurl.com/237b832j

And remember to live boldly!

The Leadership Podcast Episode #302: Your Mindset Is Way More Important Than Your Strategic Plan

I was a special guest on The Leadership Podcast with Jim Vaselopulos and Jan Rutherford, and we discussed the 7 Principles for Transformational Leadership. You can take a listen here! https://bit.ly/TLP-302.

And remember to live boldly!

Hugh’s Words of Wisdom Wednesday: What’s currently not true for you that you want to be true in 2021?

Hello, everyone. Hugh's Words of Wisdom for Wednesday.

This week I want to start by asking you a question. What's currently not true for you that you want to be true in 2021?

We're sneaking up on 2021, and last week we talked about the Identity Inventory in the Self Talk video. But, this week, I want to ask a question that connects with our identity and can lead to a beneficial insight. The question is:

Is something about your personal, professional, faith or community life that is currently not true for you and that you want to be true in 2021?

Now, this video is not merely about suggesting a resolution of sorts, but more about getting clear about the most important aspect of your life that needs your time and attention.

Over the last three weeks, you've hopefully come up with your gratitude list, you've developed a performance statement, and you have an I Am list. Now by asking what's not true currently, link all of the previous videos and insights into a declarative statement of what you want to be true in 2021.

I've found that by reading my gratitude list, my I Am list, and my performance statement daily, the things I'm excited about creating are foundational to exert the effort necessary to accomplish what's important.

My hope for you is that 2021 is not another year of surviving but rather a flourishing year. It has been incredibly hard in 2020 for many people. This week identify the one thing you want to be different next year. Look at the last three weeks of videos and decide what needs to be tweaked, revisited, or read daily.

If you need help making any of the suggestions real for you, do not hesitate to ask.

Thanks, everyone. I'll talk to you next week.

And remember to live boldly!

Hugh’s Words of Wisdom Wednesday: Let’s Talk About Your Self Talk

Hello, everyone.

Today, I want to talk to you about self-talk. One of the things that I know from a performance improvement perspective is how we speak to ourselves dictates and shapes how we perform. And this week, I want to give you a short exercise to help you create what is called in the sports psychology world, a performance statement.

A performance statement is a statement you repeat before you perform a particular activity. For example, before you engage in a competition, a sales conversation, or a client meeting. These statements direct our attention to one or two things that will allow us to be as successful as possible.

Here's the activity. I want you to imagine you're going into the biggest game of your life, and you have an executive coach, someone you respect and who cares for you and wants the very best for you.

They walk up to you, look you square in the eye, and say, "remember to focus on these two things." Or maybe they say, "focus on this one thing. If you do, you'll be successful."

Whatever endeavor you're pursuing, what are the one or two things your coach or the person you respect the most would say to you? They may say, "be in the moment and create value." Being in the moment and creating value is an example of a performance statement from my professional life. I work to do both in every conversation.

What are the two things for you? What's the one thing?

Any time you engage in an important or high impact activity, repeat your performance statement. When you do, it removes any negative thoughts and focuses you only on the two ideas that will help you be successful. You're not going to worry about the result you're pursuing because you're focused on the process aspects of being successful. You'll be in the moment. 

If you need additional help with this, please feel free to reach out to me.

That's the performance statement. I wish you the very best and remember to live boldly.