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Don't miss out on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast, where Patrice Miles, BOP Business Coach, along with Liz & Kate from Coastal Shores, dive into the transformative power of SALT Training.
Discover how to empower your team and revolutionize your business with strategic training methods.
Contact information:
Patrice Miles
Business Coach, Business On Purpose
[email protected]
Discovery Call:
https://bit.ly/patricediscoveryCoastal Shores
https://www.facebook.com/coastalshoreslandscape
https://www.instagram.com/coastalshoreslandscapeAre you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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Discover the True Essence of Work
Work isn't just about tasks; it's about purpose, growth, and making a difference. Let's redefine the meaning of work together!
Join the conversation and share what work means to you! Let's inspire each other to thrive in our careers and beyond.
REACH OUT at mybusinessonpurpose.com/contact
#MeaningfulWork #PurposeDriven #CareerJourney #PassionAtWork #WorkLifeBalance #ProfessionalGrowth #MakeADifference #FindYourPurpose
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In today's digital age, it's easy to get lost in the virtual world, but let's not forget the beauty of genuine human connection. By prioritizing face-to-face interactions, acknowledging gratitude, and spending intentional time with loved ones, we can reclaim the joy of being present together. Let's embrace real conversations, notice human inflections, and cherish the gift of each other's presence. It's time to rediscover the true essence of life and celebrate the richness of human experiences.
WATCH HERE to learn more!
https://youtu.be/byFeQZRM5gAAre you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ www.mybusinessonpurpose.com/healthy#PresenceMatters #MentalHealth #WorkLifeBalance
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Don't miss out! Tune in to the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast featuring Patrice Miles, BOP Business Coach, and Sean Supple, Owner at Supple Homes, as they tackle the importance of Team Meetings.
Discover how to boost collaboration, efficiency, and team synergy! 💼✨
Contact information:
Patrice Miles
Business Coach, Business On Purpose
[email protected]
Discovery Call:
https://calendly.com/patricemiles/discovery?back=1&month=2024-03Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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Join Patrice Miles, BOP Business Coach, and Max Meade, CEO & Co-Founder at Alivo, as they discuss the power of AI tools for home service pros on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Learn how to supercharge your business with Alivo and streamline your operations! 💼✨
Contact information:
Patrice Miles
Business Coach, Business On Purpose
[email protected]
Discovery Call:
https://calendly.com/patricemiles/discovery?back=1&month=2024-03Max Meade
CEO & Co Founder, Alivo
Email: [email protected]
Instagram: https://www.instagram.com/alivo.ai/
LinkedIn: https://www.linkedin.com/company/alivoai/
Demo/Strategy Call Link:
https://calendly.com/max-alivo/alivo-demoAre you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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Join Patrice Miles, BOP Business Coach, and Coral Abood, Brand Strategist at Willow Tree Imaging, as they delve into "Brand Identity" on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Discover how to define your brand's identity and make a lasting impact!
Contact information:
Coral Abood
Brand Strategist Willow Tree Imaging
[email protected]
https://www.willowtreeimaging.com/
https://www.instagram.com/willowtreeimaging/
https://www.facebook.com/willowtreeimagingPatrice Miles
Business Coach, Business On Purpose
[email protected]
Discovery Call:
https://calendly.com/patricemiles/discovery?back=1&month=2024-03Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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Hey! Ever feel disconnected from your team? Either you don't feel like you're getting them, or they don't feel like they're getting you, or vice versa.
One of the biggest issues that we see when we're working with business owners, or frankly, just when we're working with people, we're human beings. Whereas tasks don't talk back. There's no emotion there. When we're dealing with people, ourselves. We've got emotions, we've got variations. Things happen in our lives, and it causes us to do different things.
And for years, we at Business On Purpose have been pushing the 1 on 1 Check In. And with this check in, a variety of different elements can come out through these discussions. And one of the biggest pieces of pushback we'll get is this one piece that says, “Yeah, but Scott, we talk all day long, like, we don't need to do this. We're always talking. We're texting, we're talking on the phone. We're looking at different things.”
I ran across a book, and it helped to understand this hunch that we had that individual, 1 on 1, undistracted check ins could be an incredibly powerful tool, not only for leadership, but effective. Just day to day management. So it's in the book called “The Effective Manager”, and it's written by Mark Horstman, Kate Braun, and Sarah Sentes. And you can find it anywhere. Just look it online. The Effective Manager.
What I really like about the book is they actually did statistical research around managerial status and a variety of tools that they leveraged in order to find growth, both in managers and more often in people. And so as it comes to small business, we can learn a lot from this. And so I want you to take this excuse that we get a lot. “Yeah, but Scott, we talk all day long”, and I want you to think about this.
What they found in the book is that the average length of time that managers talked in this what we call non necessary meeting with the directs, that, quote, they talk to all day long. 28 minutes. That's it. 28 minutes. So, when you say that you talk all day long with your team, what you really mean is we spent about 28 minutes together, but it's 30 seconds here, a minute and a half there, three minutes there.
Is that how you want to build a relationship and a connection? Is that how you would build a relationship with the people that you love outside of work, your spouse, your kids? No. No. We've got to have continuity in what we do. And to allow the demon to roar even more. What I found from Cal Newport was the average length of time that we spend checking email is 5.6 hours.
So, this is what the normal week looks like. Most likely, this is what your week looks like. 28 minutes talking all day long, or the average day, 5.68 hours of chat checking email. And if we're really honest, we spend the remaining two-ish hours putting out fires. When do we ever get to work on the business? When do we ever get to lead? Because we're not leading when we're talking all day long. We're not leading when we're checking email. And we're certainly not leading when we're putting out fires.
So, we reoriented to the day and thought about, what is an RPM day look like? You might be thinking, what is RPM? Repetition, Predictability, and Meaning. So, we don't void repetition and predictability out and leave it meaningless? No, we want to bring meaning into that. How do we do that?
What if you replaced your talking all day long with a 1 on 1 check in with your direct reports? What if you replaced 5.6 hours of checking email and replaced it with following your CEO owner scorecard, or your job role and your weekly schedule? What if you replaced putting out fires and instead started to work ON the business, articulating vision, mission values, recasting all of that, building out fiscal dashboards, subdividing bank accounts, long term planning, goal setting, past, present, future financials, all the things that we talk about at Business On Purpose.
What if you replaced putting out fires with working on the business? So, there was a fascinating study put out. So, I want to reinforce the power of the 1 on 1 check in that one little element of 28 minutes a day instead of talking all day long, that you can talk once in a focused atmosphere with your direct report.
So here was the study by Horstman, Braun, and Sentes. And what they did is they put 700 managers in a study and they measured the success of the manager by two things. Number one is their key result for whatever vertical they're in. You know, if you're in sales, close deals, if you're in operations, finished schedules, whatever it might be. So, whatever that key result was, and then number two, was the retention of the team. In fact, they argue in the book that those are really the only two things that matter from a management standpoint, the key result and the retention of the team that produces those results. They put 400 of those managers in what they call the control group. If you got a background in scientific studies, you would understand what this is. The control group, the 400 managers, didn't do anything different. They basically got a placebo pill and they would just continue to operate and to manage as they've always managed. So, they had 300 other managers that were in the test group to where they actually had them do 1 on 1 check ins.
Now, the test was set to run for 30 months. 400 managers not doing 1 on 1 individual check ins with direct reports. 300 managers proactively doing 1 on 1 check ins with their direct reports and only their direct reports. Nobody down from that. After 19 months, they had to stop the study. Why? It's because there was ethical consideration.
See, what they found there were 43 total managers who had received promotion at month 18. Why did they stop the study? Because 42 of those were from the test group. 42 of the 43 managers that had been promoted were in the blinded test group who were actively implementing 1 on 1s. What that meant was there was only one promoted manager who was in the control group not implementing the 1 on 1s.
See, ethically, they were holding people back from promotion because they weren't allowing them to do the 1 on 1s because they were in the control group. And so there was an interesting couple of outlays with this. Number one is the frequency of the 1 on 1 check ins. What does that look like? Well, those that did their 1 on 1 check ins weekly had the largest improvement.
Those who did it biweekly saw a 50-ish percent improvement compared to the weekly. So, they saw a significant improvement. It just wasn't what the weekly were. Now, I want you to look at this. Those who did nothing at all, they were in the control group, saw a slight improvement in results just by taking the placebo pill. They call that the placebo effect.
But this is what really grabbed my attention. Those who did the check ins, so they were in that test group of 300. They did the check ins, but they only did them once a month, actually saw a decrease in results and retention. So, they saw worse performance than the control group, who did nothing at all. So, what it means is that we have not only got to do 1 on 1 check ins where we're not just talking all day long, but we're having meaningful interaction over and over and over again. And then those that scheduled the check ins saw a four times improvement over those who did not schedule the check inside, but still had those there.
So, here's some best practices that I thought to be really, really helpful. Number one, schedule your check ins to go back over there. It's a huge predictor of success versus unscheduled check ins. Hold them weekly, a max of 30 minutes, a minimum of about 20 minutes. This 10/10/10 means the first ten minutes they get to feed you back and I'm going to give you some questions I think will be helpful. The second ten minutes are your time to feed them back and then the remaining ten minutes for anything that you want. Some people would cut that final ten minutes out and really just focus on the first ten and the second ten. And then you meet only with your direct reports. And only your direct reports. Nobody else.
Well, how do I stay close to the others? By leading your direct reports so that they stay close to the others. And then the fifth is what we always say. In fact, it's one of our core values, is to write it down, take written notes. Now, if you're part of the BOP community, you already have these check in questions in this final statement here at the end. Here's what I see, here's what I need from you. But if you're not part of the BOP family, this is a simple set of checking questions that you can go in and begin to ask to get the conversation started. And you can block out 20 to 30 minutes with a direct report, preferably weekly, if not every other weekly. But what we're finding out is monthly actually has an adverse effect.
So, what if you come back and say, “Well, Scott, I don't have time to do this.” I would come back and tell you, as a coach, “I wonder why you don't have time to do this.” It's because you're living in this day to day of where you're talking all day. You're checking the devil of email most of your day, and you're spending the rest of it constantly putting out fires. Well, if you do that, then what you're going to do is subset yourself to chaos. So, let's make sure not to do that. Let's go to mybusinessonpurpose.com/contact. Reach out. We want to help you with this and provide you with resources. That's mybusinessonpurpose.com/contact to see how we might be able to help you at Business On Purpose.
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Join Patrice Miles, BOP Business Coach, and Jessica Vanbrunt of Vanbrunt and Company, as they delve into the power of Debriefs on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Learn how to streamline your operations and elevate your business with Debriefs .
Contact information:
Patrice Miles, Business On Purpose
[email protected]
Discovery Call:
https://calendly.com/patricemiles/discovery?back=1&month=2024-03Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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Join Patrice Miles, BOP Business Coach, and Shawn King, J. Galt, as they discuss "Unlocking Business Credit" on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Learn how to secure low-interest loans without personal guarantees!
Contact information:
Patrice Miles, Business On Purpose
[email protected]
Discovery Call:
https://calendly.com/patricemiles/discovery?back=1&month=2024-03Shawn King, J. Galt
Phone: +1 586-201-5927
Email: [email protected]Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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Join Patrice Miles, BOP Business Coach, and Mike Gandolfo, Real Estate Broker & Owner of RE Solutions, as they delve into the power of 12 Week Plans on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Discover actionable strategies for boosting business productivity and achieving goals efficiently!
Contact Info:
Mike Gandolfo
[email protected]Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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Join Patrice Miles, BOP Business Coach, and Chris Kornman, Entablature Design Build, as they delve into the transformative power of onboarding and training inexperienced yet compatible new hires on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Learn about practical strategies, metrics, and best practices for nurturing talent from scratch.
Contact Info:
Chris Kornman
Entablature Design Build
https://entablature.com/
https://www.facebook.com/EntablatureNOLA/
https://twitter.com/EntablatureNOLA/
https://www.instagram.com/EntablatureNOLA/Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE ➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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We are sobered us to the reality that we will always have to acclimate our climbs with a layover at basecamp; up and down, up and down. Prioritizing personal meaning that happens when we make time to have 1-on-1 check ins. Connectedness is crucial for a meaningful culture.
Realizing the imperfection and meaning of holding themselves to a written hiring process: win or lose.
Revealed thoughtful humanity compelling us to leverage our business in the generosity and service of those we spend time with each day.
Motivational speakers, sideline reporters and news organizations live in a fantasy land of grow, grow, grow so that when an organization has any backwards movement they label it FAILURE.
Trees are not meant to grow in the sky.
Humans are not meant to live on earth forever.
Life and business necessarily intersect and both are a rhythm of climb and descend, climb, descend.
This past week I was walking the coastline at Myrtle Beach while Jax was about to run his first competitive race in a year because of injury. I noticed something…the waves advanced, and receded, advanced, and receded.
We are not designed to sit on the mountaintop full time. Thomas alluded to the fact that an altitude of 8000 feet is considered the death zone.
When a car regularly red lines the RPM’s, it will burn up.
Ironically we’re designed to come back down to base camp often and…
Run another team mtg
Do another check in
Update the delegation roadmap
Review your culture calendar
Add another bank account
Track the dashboard
Update the job role
And review the budget again and again
The mindset of “we’ve already done that” will need to be replaced with a mind of “let’s do it again”.
As owners we cannot be in a constant state of climb and RPM redline.
As a team, we cannot also be in a constant state of sitting comfortably a base camp.
There’s a an imperfect rhythm to find.
On a cars dashboard there are two dominant gauges: the speedometer and RPM gauges. One tracks your speed, the other how many revolutions per minute your engine is spinning.
Let’s say the general speed of our business is 73 miles per hour. Sometimes we must speed up to 80…other times we slow 65 or 70. There is always acceleration of some kind whether the acceleration is summiting up to the 2nd Mountain at 80 miles an hour, or slowing the RPMS’s back down to Basecamp at 70 miles per hour.
We never take our foot off the gas, and yet we modulate the gas pedal to the appropriate revolutions.
A car is not designed to sit idle at 0 RPM’s. It is also not designed to redline constantly at 9,000 RPM’s.
Sometimes business is a rush: the new, the innovative.
Most times? It’s a steady 73 miles an hour at 2000 RPM’s heading to a particular place and a predictable pace: weekly schedule, team meetings, culture calendar, etc.
Dallas Willard, my favorite author, was asked this question, “what must we do to be healthy?” He replied simply and emphatically, “we must ruthlessly eliminate hurry from our lives”.
When asked if there was anything else, he offered kindly, “there is nothing else.”
If I may, I would like to adapt the statement into our BOP vernacular.
We must ruthlessly eliminate chaos from our lives.
How?
Activating ourselves with the oxygen of repetition, predictability and meaning of a rhythmic climb up, and ascent back down. Up to implementation, down to delegation. Up to executive leadership, down to team meetings. Up to legacy planning, down to subdivided bank accounts. Up to tax strategies, down to check ins.
If you went back and audited the coaching notes of the clients that have been in the BOP coaching family for the longest: 7, 8, and 9 years here are the coaching conversations you will find.
An accounting culture calendar.
A new executive job role.
An updated org chart.
A video sales process.
A job tracking sheet on a spreadsheet.
An expansion checklist
Implementing 1-on-1 check ins with regularity
Are these clients failures? No. Business is “the infinite game”...there is always growth, and that growth always requires a down-trek to basecamp where the most basic tools are sharpened.
The best football players in the world show up and…block, tackle, throw, and catch before they ever summit the mountain of complex playbooks.
As we push you as coaches into the four elements of our climb: purpose, people, process, and profit, it is crucial that you buy into the rhythm of climb and descent. Both are needed. Both are valuable. Both will set the stage for life and work of purpose, because life and business necessarily intersect.
You may not know this…the BOP family now has 94 businesses that are currently being coached. One of those received an offer to be purchased for $5mm cash and walk away (that’s rare).
When asked, the owner said, “a year ago I would have taken it because I was a slave to my business.”
Today, “I’m not interested because we’ve built a business I actually enjoy being a part of because it’s a business with meaning.”
This is an owner who still has to do all of the basecamp, first mountain, and second mountain things. $5mm…no thanks.
The second mountain is repetitious.
The second mountain requires built predictability.
The second mountain is more meaningful than a walk-away check for $5mm.
What is one basic, basecamp tool that you need to go back to and ruthlessly implement so you can ruthlessly eliminate hurry from your role and life?
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Join Patrice Miles- BOP Business Coach, and Gerrick Taylor- CEO, Taylor's Landscape Supply, as they delve into the transformative power of Google Docs for running your admin team on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Learn about leveraging Google Docs to manage your team, best practices for optimal use, and insights on choosing the right tools for business communication and organization.
Contact Info:
Gerrick Taylor, CEO
Taylor's Landscape Supply
https://taylorslandscapesupply.com/
https://www.facebook.com/TaylorsLandscapeSupply
https://www.instagram.com/taylorslandscapesupply/
https://www.youtube.com/@TAYLORSQLS
https://twitter.com/taylorsqlsAre you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HER➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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We stumbled across Mike Michalowicz’s Profit First methodology back in 2017 when a friend sent me a sample chapter of the book and I devoured it. We were only a couple of years into our business coaching firm and honestly were looking for a method that would demonstrate a numerical return on the investment our clients were making in themselves by engaging with Business On Purpose.
The premise is basic: subdivide your bank accounts.
Instead lumping all of the money of your business into one, two, or three accounts, begin subdividing each dollar according to where that portion of the dollar is supposed to go.
If your cost of goods sold (COGS) is 30%, then roughly 30 cents of each dollar should be funneled into a COGS account, and so on.
After a year of subdividing our own accounts we realized the massive real and psychological value of subdividing each dollar.
Others started following suit and we even began tracking the weekly balance of our cash into what was a more revealing “cash flow” report than the reports we were pulling from our bookkeeping software.
I am amazed that such a simple method is disdained by so many bourgeois.
Experience has taught us that simple things are often the key to clarity, and in this case, retaining more profit to be used for the things that matter most.
There are four primary reasons we have seen that rob owners of the joy of knowing where their money is going by subdividing their dollars.
First is the barrier of our own mindset. Whether it is the excuse of, “I’ll just do this all on a spreadsheet”, or the abdicating thought of, “it’s too much work”, our minds are the first to put up a fight against simplicity.
Just ask yourself, “am I content and joyful around what I am doing now?”
You might be content, but all of that effort and not much to show for it at the end of the year will leave an owner demoralized and empty.
Subdividing resources is not a novel concept and has worked for thousands of years across thousands of cultural settings.
Barrier number two is the bank who will be happy to add accounts for a fee.
There are plenty of local and remote banks who would love to host your deposits seeing as that money is what allows them to make money.
If your bank insists on charges, then insist on another bank.
Barrier three is a bookkeeper who is emphatic that “all of those transactions are going to take too much time and skyrocket your bookkeeping fees.”
Most of the accounts you add are simple savings accounts that just hold money until it is time to transfer to the government for taxes or to some other account for profit draws. Every quarter your real transactions will only increase by a few and will yield “voodoo”-like results in retained cash in the words of one of my friends who saw a twenty times cash increase in 12 months simply because he was subdividing and watching the money.
Find a bookkeeper who is excited to get you the clarity you need around your finances and retain the profit you have always known you could.
The finally barrier to implementing the subdivision of your bank accounts is your CPA, not all of course, but some. Most CPA’s are tax-first professionals focused on tax returns. There is a growing number of CPA’s who are seeing their role necessarily and beneficial evolve into advising beyond just tax returns.
If your CPA is unwilling to side with you on “all those new accounts”, there are plenty of CPA’s who would love to get you the clarity you need around your finances and retain the profit you have always known you could.
Remember, advisors, coaches, banks and support teams are here to serve you, not the other way around.
Commit to subdivide your bank accounts and begin to track the growth of your actual cash that you can then use for the generosity of your life and those you love and serve.
For more go get Mike’s book “Profit First” and if you are in need of implementing all the systems necessary to grow purpose, people, process, and profit for your business reach out to us at mybusinessonpurpose.com/contact.
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Join Patrice Miles, BOP Business Coach, and Wendy Pace, Owner of Pace Setting Media, as they explore the dynamic world of TikTok on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Unlock the secrets to effectively harnessing TikTok for business growth and marketing success. Gain valuable insights from Wendy's expertise in social media management as they guide you through the steps to elevate your brand's presence on this influential platform.
Contact Info:
Wendy Pace
Owner, Pace Setting Media
[email protected]
770 2404851Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HER➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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At 67 Clark had owned his contracting business for 40 years…he was proud, but tired. The business had given him a chance to live in a good home, send his kids to good schools, and take a trip every now and then. Of course, business didn’t grow while he was gone.
At 67 he reached out to a business broker and asked, “how much can I sell my business for?”
He had always been told his business could be his retirement plan. HE was the value of the business and HE did not want to work anymore.
How do you grow your biz without debt, without expensive software, and yet WITH hope that your business can provide for you long after you have stopped working?
Can you imagine a business that not only runs, but grows without you???
Is that even possible?
What happens to your business if something happens to you?
Did you know that 80% of a biz owners net worth is locked away in their business?
How does an owner grow their number one asset without debt and expensive software?
I’m going to lay out four available next steps for you to choose from in taking meaningful action to be liberated from business chaos and build your biz to run and grow without you…especially if you plan to stay!
First, you must Write The Vision Down. Hope is not a plan, but hope is necessary. I hope to be a race car driver someday. I hope to live in Istanbul for months at a time. I hope my home increases in value. I hope the BOP team continues to build on it’s meaningful culture. Hope is the desire…but vision is the clarification of that hope
Writing a vision down converts hope into existence. Gerber says “if you don’t write it down you don’t own it”. We say, “if you don’t write it down it doesn’t exist”.
Write your vision down over a series of pages describing what you want for your family and freedom, your finances, your product or service, your team, your ideal client, and your culture.
The second tool for growing your business without debt or expensive software is committing to a simple life of spreadsheets.
I got a t-shirt made that says spreadsheets change lives!
What Project Management software is the best? Whichever one you will use.
Don’t try to drive a Stock Car before you’ve driven a Civic. Prove to yourself you will use the digital tools by using the free versions first.
Start any new tracking initiative on a spreadsheet…prove yourself, THEN you can sign up for the big boy stuff.
The third ingredient owners use to grow their biz without debt or expensive software is a culture calendar.
Culture is a science term, not a biz term. Culture is not something that happens to you but it is something that you proactively build.
You must create and invite people into a culture of RPM’s (repetition, predictability, and meaning). What a young generation does not want is a business or process that is glitchy, confused or bottled in your head.
What do they want? Clarity!
Stop Wasting time recreating the wheel. Start building a culture where people wake up and want to do hard things
You will need a tool that build the RPM’s of great culture: repetition, predictability, and meaning
Take a simple spreadsheet and add the weeks of the year along the horizontal bar at the top while adding all of the cultural ingredients you wish to install along the left hand vertical side.
Review this culture calendar in your weekly team meeting and implement. The team will begin to run and grow the business with or without you
The final tool to help you grow your business without debt or expensive software?
Subdivide your bank accounts and stop binge-drinking borrowed money!
Money leaks the fewer bank accounts we have. If we have 1, 2, or 3 accounts then it looks like we have a lot more money than we actually do
A $1 receivable drops down to pennies when we begin removing the cost of doing business. For every dollar of receivable you may realistically only be keep 2 to 4 pennies in CASH!
I’m not talking about your Net Income or P&L statement…that’s what the government and your CPA look at. We look at the cash you have in the bank. Nobody EVER has been able to withdrawal money from the bank using a P&L!
Of course those tools are important, and so is subdividing your cash.
Mike Michalowicz’s book Profit First is the definitive resource on this simple tool.
First, subdivide your bank accounts into at least 6 accounts. Then set percentages on each of those accounts. When receivables come in, subdivide the dollar up and put it in each home.
Don’t overthink this…don’t make excuses…you know what your doing now is not working. Money is creeping in the front door and flying out the back door.
Once you have subdivided, now you can begin tracking your actual cahs every single week and limit your need to borrow money. This is real-life cash flow, not some static report that you pull when you are in trouble.
It’s time to seeing where your money is sneaking
Sales are not your problem.
Marketing is not your problem.
Your process is your problem that free spreadsheets and subdivided bank accounts can empower you to solve.
Today, that 67 year old Clark is now 75 and he rarely leaves his house…he coughs all day. He always said, “when I retire, THEN I’ll…”
This wasn’t what he had planned…and his story can act as a catalyst for you to do something different.
To live NOW…enjoy your business now…enjoy your life NOW…stop allowing chaos to determine your life.
Write your vision down, commit to a life of spreadsheets first, implement the culture you see, and subdivide your bank accounts.
My new audiobook walks through these in details. Go search Let Your Business Burn: Stop Putting Out Fires, Discover Purpose, and Build a Business That Matters.
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Join Patrice Miles, BOP Business Coach, and Austin Lopesilvero, Certified Storybrand Guide at Aspen Studios, as they unravel the power of Storytelling in the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Learn about the art of Storytelling, discover how small business owners can leverage it to transform their operations, and gain valuable insights from Austin's expertise. Don't miss out on this insightful discussion that will empower you on your business journey!
Contact Info:
Austin Lopesilvero
Aspen Studios
[email protected]
growwithaspen.com
growwithaspen.com/storybrandAre you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HER➡️ https://bit.ly/healthypatriceSIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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Join Patrice Miles, BOP Business Coach, and Nicole Piazza, American Paving Design, as they unravel the power of Monday.com on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Learn about the strategic use of Monday.com for small business owners, gain insights from Nicole's firsthand experience, and discover how this tool can revolutionize your business operations.
Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE➡️ https://bit.ly/healthypatriceContact Info:
americanpavingdesign.com
843 706 7283SIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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The Doing Mind vs. The Thinking, Solving, Equipping, Delegating (TSED) Mind
We recently had some heroic clients in discussing their transition from the first mountain into the second mountain. All clients coming into the Business On Purpose coaching experience begin at Basecamp where they are equipped and installed with the base-level tools to begin operating their business on purpose.
These tools systematize four primary areas of priority; purpose, people, process, and profit.
At basecamp, imagine each person is getting fitted with the appropriate business harness and then we begin outfitting them with the tools of a written vision story, master process roadmap, subdivided bank accounts and dashboards, and about 23 other tools that are often either missing, or in partial form.
Upon being outfitted and equipped at basecamp, we begin climbing the business owner's first mountain where each of these tools both for the owners and key leaders are implemented and tested.
After proving to themselves the utility of these tools and enduring a few slips and falls, the owner and key leaders then begin to set their minds on the second mountain. While it takes a few years to become equipped and acclimated; owners on the second mountain climb realize that the equipment and testing they received were necessary for the second mountain climb, and yet no amount of training could prepare them for the mindset shift needed to make the important move from the “doer” to the “thinker/solver”.
While in this recent meeting, I was physically watching our clients wrestle in their minds with the death of their “doer” mind and the awkward adolescent growth of their “thinking and solving” mind.
A phrase we remind our heroic owners often is, “You must move from task-leadership to people-leadership.”
And remember, tasks never talk back. Tasks don’t project emotion. Tasks move when you want them to move, and don’t move when you let them sit.
People are very different.
As we worked through this death and new life scenario we stumbled upon a paradox; the doing loop vs. the thinking/solving/equipping/delegating (TSED) loop.
Here is how it works.
For those caught in the doing loop, more doing will always be their answer to challenges that should require thinking/solving/equipping/delegating (TSED) instead.
The doing then cascades into a death spiral of sorts.
Doing then leads to working too long.
Working too long leads to burnout.
Burnout leads to frustration and perpetual negativity.
The negativity is eased briefly due to an increase in short-term income (because the doing produces more immediate response).
The irritation and money then responds with consumption; consuming food, stuff, or anything that will numb the pain of more doing.
The consumption leads to emptiness which breeds bitterness.
The bitterness will spur one of two responses: more doing (leading to more spiraling) or opting out of the business altogether and doing something else.
The doing loop is endless until it is broken either by brokenness, or broken through a willful desire to begin thinking/solving/equipping/delegating.
When an owner decides to forego the easy solution of “just doing it myself” and instead leans into the thinking/solving/equipping/delegating (TSED) loop, then will then break the cycle and find joy.
How?
Think about a small fire that is burning in your business right now. Just one. You could go put that fire out yourself right now. You get the joy of feeling like a micro-superhero if only for a moment and the problem is solved…for now.
The downside is that you have likely left your team feeling inadequate and certainly ill-equipped to handle the problem in the future which means you have signed yourself up for a lifetime of doing.
Or make a different choice.
The TSED model works like this.
Fire starts burning and instead of you rushing in with all of your gear to put it out, you stop.
You see the problem which invites you to think about a solution.
Once you have documented or recorded the solution, you then equip another person to permanently extinguish that fire every time it flares up in the future.
The delegation comes when you actually prepare the training, trust the other person to execute on the training, and then have a set follow-up to get a report back on progress.
You have now shown dignity, humanity, and leadership to another person while saving yourself hours of time and frustration; both of which cannot be reversed. Once time is lost, it is not recaptured. Once frustration is vented, it is out.
Think. Solve. Equip. Delegate.
We don’t need you to be our superhero; you don’t need to shoulder that additional weight. We need you to make time to think, solve, equip, and delegate.
By walking through the TSED loop you create efficiency and empowerment.
The efficiency and empowerment create margin.
The margin creates a profit of time, money, and connection which snowballs into generosity.
Today, you can make a choice to put on the cape of doing, or you can stay in the firehouse and make time to think, solve, equip, and delegate. One leads to a death spiral of frustration, the other leads to joy and generosity, that becomes a work worth doing and liberates you from chaos to make time for what matters most.
If you are ready to get started on the foundational basecamp equipment go to mybusinessonpurpose.com/book and grab copies of my print book, ebook, or audiobook Let Your Business Burn: Stop Putting Out Fires, Discover Purpose, and Build a Business That Matters.
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Join Patrice Miles, BOP Business Coach, and Sara Gatewood, Covenant Realty as they unravel the power of Canva Pro on the latest episode of Tuesday Tools On Purpose at My Business On Purpose Podcast.
Discover how Sara leverages Canva Pro to revolutionize her real estate endeavors, unravel the strategic insights for small business owners to harness the full potential of this tool, and gain actionable tips for creating visually compelling content that resonates with your audience.
Are you working IN your business or ON your business? Do you have all of the foundational elements that will liberate you from the business chaos? Take the assessment to find out which areas you can grow and improve on.
Take our Healthy Owner Business Assessment HERE➡️ https://bit.ly/healthypatriceContact Info:
Sara Gatewood
Covenant Realty
Instagram @502KYRealEstate
Facebook @502KYRealEstate
www.LiveIn502.com
+1 502-931-4581SIGN UP for our Newsletter HERE ➡️ https://www.boproadmap.com/newsletter
For blogs and updates, visit our site HERE ➡️ https://www.mybusinessonpurpose.com/blog/
LISTEN to the Business On Purpose Podcast HERE ➡️ https://podcasts.apple.com/us/podcast/my-business-on-purpose/id969222210
SUBSCRIBE to our YouTube channel HERE ➡️ https://www.youtube.com/channel/UCbPR8lTHY0ay4c0iqncOztg?sub_confirmation=1
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